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Colorado Down Payment Assistance

Colorado Down Payment Assistance (DPA) Programs

Down payment assistance (DPA) in Colorado is available in the form of loans, grants, and other programs. It is typically reserved for first-time homebuyers only, but repeat buyers may also qualify based on program requirements.

There are multiple options for Colorado homebuyers when it comes to DPA programs. Some of the most popular programs include:

  • Colorado Housing and Finance Authority (CHFA) Down Payment Assistance: This program provides qualified first-time homebuyers with grants equal to the lesser of $25,000 or 3% of the total loan amount and second mortgage loans equal to the lesser of $25,000 or 4% of the total loan amount.
  • MetroDPA Down Payment Assistance: This program offers loans of up to 5% of the purchase price of a home to qualified first-time and repeat homebuyers.

Security First Financial is one of the top-producing down payment assistance lenders in Colorado. We offer a variety of DPA programs to help homebuyers make the dream of homeownership a reality.

If you are interested in learning more about DPA programs in Colorado, please contact us today. We would be happy to answer any questions you may have and help you find the program that is right for you.

 

Click Here To Apply Now

Popular Colorado Down Payment Assistance Programs:

CHFA (Colorado Housing and Finance Authority) Home Loans Click to open answer

 

The following are some of CHFA’s general home purchase and refinance loan program requirements:

  • All borrowers have a mid-credit score of 620 or higher

  • Total borrower income must not exceed CHFA’s income limits

  • Attend a CHFA-approved homebuyer education class (in person or online) prior to loan closing (purchase only)

  • Make a minimum required investment of at least $1,000 toward the purchase of the home

Down payment and/or closing cost assistance options:

  • Down Payment Assistance Grant *
    • Equal to the lesser of $25,000 or 3% of the total loan amount**
    • No repayment required
  • Second Mortgage Loan*
    • Equal to the lesser of $25,000 or 4% of the total loan amount**
    • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.

*First lien interest rates may be higher when using DPA second.
**For a 30-year, fixed-rate loan.

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metroDPA Down Payment Assistance Click to open answer

 

metroDPA is a local program serving Coloradans seeking affordable homeownership along the Front Range.

Down Payment Assistance*:

  • 30-year fixed-rate mortgages to qualified homebuyers and Government Loans:
    • FHA, VA, and USDA
    • Conventional Loans: Government-Sponsored Enterprise (GSE) Programs
  • Assistance up to 5% of the first mortgage loan amount
    • Assistance is in the form of a 3-year forgivable second mortgage
    • 0% interest rate, no repayment anticipated
    • USDA assistance is in the form of a grant

Who can use it?

  • Qualified borrowers with a credit score above 640 (down to 620 in some cases)…
  • Household income below $176,700/year 
  • Buying a home in an approved area
  • Must be primary residence and purchase only
  • No first-time homebuyer requirement
  • No purchase price requirement

*First lien interest rates may be higher when using DPA second. Closing costs and fees may still apply.

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Get help with your down payment today! Contact us to learn more and get started.

Which DPA program are you interested in?
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CHFA Participating Lender

What is CHFA?

 

Colorado Housing and Finance Authority (CHFA) is a state agency that provides affordable housing and community development solutions. CHFA offers a variety of loan programs for homebuyers, including down payment assistance grants and second mortgage loans.

 

CHFA Loan Programs:

  • CHFA Down Payment Assistance Grant
    • Equal to the lesser of $25,000 or 3% of the total loan amount.
  • CHFA Down Payment Assistance Second Mortgage Loan
    • Equal to the lesser of $25,000 or 4% of the total loan amount. The loan is deferred until certain events, such as the payoff of the first mortgage loan, the sale or refinance of the home, or if the home is no longer owner-occupied.

 

CHFA Program Requirements:

 

To qualify for a CHFA loan, borrowers must meet the following requirements:

  • Have a mid-credit score of 620 or higher
  • Total borrower(s) income must not exceed CHFA’s income limits
  • Attend a CHFA-approved home buyer education class
  • Make a minimum required investment of $1,000 toward the purchase of the home

 

 

CHFA Mortgage Programs:

 

CHFA mortgage programs are available to first-time and non-first-time Colorado home buyers. CHFA offers a variety of loan products, including:

  • 30-year, fixed-rate government (FHA) and Conventional mortgage loans to purchase or refinance a home
  • Down payment assistance grants and second mortgage loans for down payment and/or closing cost assistance (purchase only)

 

 

How to Apply for a CHFA Loan:

 

To apply for a CHFA loan, borrowers must contact a CHFA-approved lender such as Security First Financial.

If you are interested in applying for a CHFA loan, contact Security First Financial today or fill out our short and secure online application...

 

Click Here to Apply Now

 

Once you have submitted your application, a Security First Financial loan officer will review your file and contact you to discuss your eligibility.

 

Benefits of CHFA Loans:

 

CHFA loans offer a number of benefits to homebuyers, including:

  • Down payment assistance grants and second mortgage loans
  • Lower interest rates than conventional loans
  • Easier qualification requirements

If you are a first-time or non-first-time homebuyer in Colorado, CHFA loans may be a great option for you.

If you are interested in learning more about CHFA loans, contact Security First Financial, a CHFA-approved lender. We will be happy to answer any questions you have and help you get started on the path to homeownership.

 

*First lien interest rates may be higher when using a DPA second. Closings costs and fees may still apply.

**CHFA down payment assistance can only be used when paired with a first mortgage loan under a CHFA program. Higher interest rates apply. 

metroDPA Down Payment Assistance Logo

What is metroDPA?

metroDPA is a down payment assistance program for low and moderate-income individuals and families located around the Front Range area in Colorado. They offer up to 5% of the loan amount to Colorado home buyers to put towards their down payment and closing costs.

 

Who is eligible for metroDPA?

To be eligible for metroDPA, you must meet the following requirements:

  • Have a minimum credit score of 640 (down to 620 in some cases)
  • Have an income below $176,700 / year
  • Purchase a home in an approved area (Listed below)

 

What are the different types of metroDPA assistance?

There are two types of metroDPA assistance:

  • metroDPA assistance: The metroDPA program provides down payment assistance to homebuyers in the Front Range with up to $176,700 of qualifying income. The program is designed to help homebuyers overcome the financial barrier of a down payment and achieve the dream of homeownership. Here are some of the general program information and requirements:
    • Down payment assistance up to $176,700 of qualifying income.
    • Assistance is a no payment, zero-interest, forgivable loan.
    • Homebuyer education course required - HUD-approved or CHFA
    • FHA, VA, USDA, and Conventional home loans
    • Must be the principal residence
    • No purchase price limits (set by Agency guidelines)
    • Borrowers must meet the following requirements:
      • Minimum credit score of 640
      • Income limit of $176,700
      • Property must be located in a participating area (Listed below)
      • Meet FHA, VA, USDA or Conventional guidelines for a 30-year, fixed rate home loan

 

  • metroDPA Social Equity assistance: The metroDPA Social Equity Program provides up to $25,000 in down payment assistance to Denver residents and descendants of people who lived in redlined neighborhoods, helping to increase homeownership in communities of color that were historically targeted by discriminatory lending practices.
    • Residents and descendants of people who lived in Denver neighborhoods that were redlined between 1938 and 2000 may be eligible for $15,000 or $25,000 toward a down payment on a home.
    • The funds may be used for the purchase of a home anywhere in approved Front Range areas through the metroDPA program.
    • The program is designed to mitigate the generational impacts of gentrification and involuntary displacement from historically redlined neighborhoods.

 

Eligible metroDPA Areas

metroDPA mortgages are available to homebuyers in the City and County of Denver, as well as the incorporated areas of participating cities and towns, and the unincorporated areas of participating counties...

metroDPA Approved Cities and Towns:

  • Arvada, Ault, Aurora, Bennett, Berthoud, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Deer Trail, Denver, Edgewater, Elizabeth, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Frederick, Golden, Greeley, Johnstown, Keenesburg, Lakewood, Littleton, Lochbuie, Lone Tree, Longmont, Loveland, Mead, Northglenn, Parker, Platteville, Sheridan, Superior, Thornton, Timnath, Wellington, Westminster, Wheat Ridge, Windsor

 

metroDPA Approved Counties:
  • Adams County, Arapahoe County, Boulder County, Broomfield County, Denver County, Douglas County, Elbert County, Jefferson County, Larimer County

 

metroDPA Approved Unincorporated Counties:
  • Acequia, Acres Green, Adams City, Allenspark, Altona, Applewood, Aspen Park, Bark Ranch, Bellvue, Bergen Park, Bonanza Mountain Estates, Buckeye, Buffalo Creek, Byers, Campion, Canfield, Caribou, Castle Pines Village, Cherokee Park, Coal Creek Canyon, Columbine, Conifer, Crisman, Deckers, Drake, Dupont, Eastlake, Eldora, Eldorado Springs, Evergreen, Foxton, Franktown, Genesee, Glen Echo, Glen Haven, Glendale (Boulder), Glendevey, Gold Hill, Gooding, Grandview Estates, Greenland, Gunbarrel, Henderson, Hidden Lake, Highlands Ranch, Hygiene, Idledale, Indian Hills, Kelim, Ken Caryl Ranch, Kinikinik, Kittredge, Laporte, Lazy Acres, Leyden, Leyner, Liggett, Livermore, Louviers, Marshall, Masonville, Meridian, Meridian Village, Mountain Meadows, Niwot, Paragon Estates, Perry Park, Pine, Pine Brook Hill, Pinecliffe, Plastic, Red Feather Lakes, Roxborough Park, Rustic, Sedalia, Seven Hills, Shaffer's Crossing, Sierra Ridge, St. Ann Highlands, Stepping Stone, Sterling Ranch, Stonegate, Strasburg, Sugarloaf, Sunshine, Tall Timber, Ted's Place, The Pinery, Valmont, Watkins, Waverly, Westcreek, Wondervu

 

How to Apply for metroDPA

To apply for metroDPA, you must first contact a Security First Financial loan officer. We will help you determine if you are eligible for the program and walk you through the application process. To get started, please click the link below to fill out an online application...

 

Click Here to Apply Now

 

Security First Financial is an approved lender with metroDPA. We can help you get started with the metroDPA program and make your dream of homeownership a reality. Contact us today to learn more.

*First lien interest rates may be higher when using a DPA second. Closing costs and fees may still apply.