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Colorado Down Payment Assistance Programs

What is Colorado Down Payment Assistance (DPA)?

Down payment assistance* in Colorado comes in the form of loans, grants, and other programs. It's 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, and Security First Financial provides a great selection of these popular 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 and assist you with any questions you may have.

 

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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 *
    • Up to 3 percent of your first mortgage**
    • No repayment required
  • Second Mortgage Loan*
    • Up to 4 percent of your first mortgage**
    • 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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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. 

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

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.

Advantages of metroDPA:

  • Up to 5% assistance as a 3-year forgivable, 2nd lien
  • Great low rates
  • Household income limit of $176,700
  • Government and Conventional, 30-year fixed rate loans
  • USDA assistance is in the form of a grant
  • No first-time homebuyer requirement
  • Large program area (List of eligible areas below)

General metroDPA Program Requirements:

  • FHA, VA, USDA, and Conventional home loans
  • Qualified borrowers with a credit score above 640 (down to 620 in some cases)
  • Homebuyer education course required - HUD-approved or CHFA
  • Must be the principal residence
  • No purchase price limits (set by Agency guidelines)
  • Buying a home in an approved area

Eligible metroDPA Areas:

Mortgage loans can only be made within the City and County of Denver and within the incorporated areas of Cities & Towns or the unincorporated areas of participating Counties (listed below):

 

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

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

Security First Financial, A Division of PRMI, is an approved lender with metroDPA.

Customer Reviews

Overall Rating:

2888 Review(s)
4.83
Shanti J June 23, 2022
All the people we worked with during the loan process were kind, helpful, prompt and available. I felt like we threw a lot of questions at each of them as we were trying to learn as much as we could about the financial side of home buying. The guys were always happy to help find the answers for me. Plus, on closing day, we weren’t waiting for funding!
Jason J June 20, 2022
We have used Ryan a few times now. He makes everything quick and easy. We have and will continue to recommend you.
Hyleneekeeo Kaleesa E June 20, 2022
The timing on some of the paperwork was tight but other than that I am happy.
Joshua J June 19, 2022
Nick was very professional and helpful with the loan process
Raudel T June 17, 2022
Things were explained clearly and easy to follow and understand
*First lien interest rates may be higher when using a DPA second. Closing costs and fees may still apply.