If you’re a resident of Colorado and worried that coming up with the down payment and closing costs is a hurdle that will keep you from every buying your first home, there’s some great news to be aware of. The Colorado Housing and Finance Authority (CHFA) provides both a down payment assistance program as well as a closing cost assistance program. These programs will help reduce the money you’ll need to purchase your first residence.
never pay it back! With the CHFA DPA Grant, you can grant yourself the freedom to have your own home, thanks to a little help from CHFA. And you never have to pay it back!
how much can I get?
You can get a grant for up to 3 percent of your first mortgage loan* to help cover some of your down payment and/or closing costs.
That would equal up to $5,100 for a $170,000 first mortgage loan!
Talk to a CHFA Participating Lender to find out which CHFA loan
program will give you the most savings!
use it to
- Save money up-front
Use the CHFA DPA Grant to help with your down payment, closing costs, and/or prepaids.
- Keep your savings
Use the CHFA DPA Grant and keep more of your money in savings.
- Improve your new home
Use the CHFA DPA Grant to leave more of your money available to make your home your own.
do you need more help with closing costs?
Let CHFA help you finance the closing costs with our Borrower Premium program, available for either 1 or 2 percent of your first mortgage loan amount. That’s an additional $3,400 for a $170,000 first mortgage amount!
In addition to the two Colorado first time home buyer programs offered by the CHFA, there are also programs offered by the Colorado Housing Assistance Corporation (CHAC), as well as local programs available in various locations throughout the state.