The Colorado Housing Assistance Corporation (CHAC) offers eligible first-time homebuyers a way of financing the down payment and/or closing costs on their mortgage with the CHAC Down Payment Assistance Program. 

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CHAC Down-Payment Assistance Program

Financial Assistance for Homebuyers in Colorado

The Colorado Housing Assistance Corporation (CHAC) offers eligible first-time homebuyers a way of financing the down payment and/or closing costs on their mortgage with the CHAC Down Payment Assistance Program

Available Assistance  
The CHAC Down Payment Assistance Program provides low-interest, flexible second mortgages to low- and moderate-income first-time homebuyers. These assistance funds can be used for the down payment of closing costs on a new home. 

Eligibility Requirements 
To be eligible for the CHAC Down Payment Assistance Program, applicants must be legal residents and first-time homebuyers who have not owned a home in the previous three years. They must disclose their income and assets, and contribute a minimum of $1,000 (minimum contribution for the disability program is $750.00). Gift funds are not permitted to fulfill this requirement. Additionally, the program requires that any home purchased with the down payment assistance funds must serve as the borrower’s primary residence; secondary homes or investment properties may not be purchased. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.    

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.  spacer

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in Colorado

The Colorado Housing Assistance Corporation (CHAC) offers eligible first-time homebuyers a way of financing the down payment and/or closing costs on their mortgage with the CHAC Down Payment Assistance Program. 

The Colorado Housing and Finance Authority offers potential homebuyers the CHFA FirstStep Plus, a down payment assistance program that works in conjunction with the CHFA FirstStep home loan. This program provides individuals with funds to help cover some of the upfront costs associated with a mortgage transaction. 

The CHFS SmartStep Plus program helps homebuyers with down payment and closing cost assistance. The Colorado Housing and Finance Authority (CHFA) offers the program to eligible borrowers who need assistance with paying the high upfront costs of buying a house. 

The Metro Mortgage Assistance Plus Program is an initiative of Denver's Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs.

MetroDPA is a down payment assistance program that helps low- and moderate-income Colorado residents located in and around the Denver Metro Area gain access to safe and affordable housing. 

The Turnkey Mortgage Origination Program offers low- to moderate-income homebuyers in El Paso County a 30-year, fixed-rate mortgage that comes with a down payment assistance grant of 4% of the mortgage amount.

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