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Colorado Down Payment Assistance Programs

 

There are multiple options for Colorado homebuyers when it comes to down payment assistance programs.

 

Security First Financial provides a great selection of popular down payment assistance loan products, including CHFA and metroDPA.

 

As one of the top-producing down payment assistance lenders in Colorado, we're here to help you get started or assist you with any questions you may have.

 

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CHFA Participating Lender

 

What is CHFA?
Colorado Housing and Finance Authority (CHFA) offers affordable home purchase and refinance loans as wells as grants and second mortgage loans for down payment and closing cost assistance through their network of approved Colorado lenders.

 

CHFA Loan Programs

 

CHFA  Down Payment Assistance Grant*

  • Up to 3% of your first mortgage loan amount 
  • No repayment required

 

CHFA Down Payment Assistance Second Mortgage Loan*

  • Up to 4% of your first mortgage loan amount 
  • Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if home no longer owner-occupied

 

CHFA Program Requirements

  • Borrowers must qualify according to our underwriting guidelines and meet these general requirements: 
  • Have a mid-credit score of 620 or higher (based on program requirements) 
  • Total borrower(s) income must not exceed CHFA’s income limits 
  • All borrowers must attend a CHFA-approved home buyer education class (purchase only) 
  • Make a minimum required investment of $1,000 toward the purchase of the home

 

CHFA mortgage programs are available to first-time and non-first-time Colorado home buyers... 

  • 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)

*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 wonderful down payment assistance program for low and moderate-income individuals and families located in and around the Denver Metro Area. They offer up to 6% down payment assistance* to Colorado home buyers.

 

metroDPA Program Requirements

 

metroDPA is a wonderful down payment assistance program for low and moderate-income individuals and families located in and around the Denver Metro Area. They offer up to 6% down payment assistance* to Colorado home buyers...

  • No First-Time buyer requirement 
  • Must be Principal Residence 
  • Must occupy within 60 days of the closing 
  • Household Income Limit: $150,000  
  • Minimum 660 credit score for FHA, USDA, VA (Minimum 640 credit score for Conventional)
  • Required homebuyer education - HUD Approved or CHFA

 

metroDPA Eligible Loan Types

  • FHA, VA, USDA-RD 
  • Freddie Mac HFA Advantage

 

metroDPA Eligible Areas

  • Cities and Towns: Arvada, Aurora, Bennett, Berthoud, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Deer Trail, Denver, Edgewater, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Frederick, Golden, Greeley, Highlands Ranch, Keensburg, Lakewood, Littleton, Lochbuie, Lone Tree, Longmont, Mead, Northglenn, Parker, Platteville, Sheridan, Superior, Thornton, Watkins, Westminster, Wheat Ridge
  • Counties: Adams County, Arapahoe County, Boulder County, Broomfield County, Denver County, Douglas County, Jefferson County, Larimer County

Counties are for the unincorporated area outside of city limits.

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

 

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Security First Financial, A Division of Primary Residential Mortgage, Inc. is an approved lender with CHFA and is one of the top producing CHFA lenders in Colorado