Michael Phillip - Colorado Real Estate

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Down Payment Assistance

We are lucky in Colorado to have a great down payment assistance program offered by the Colorado Housing and Financing Authority, or CHFA, that can allow you to put as little as $1000 down to purchase a home, if you meet their qualifications. These are their two down payment assistance options and their general requirements.

Grant Program

  • Th Grant program will cover up to 3 percent of your first mortgage loan to help cover some of your down payment and/or closing costs
  • You will not have to repay this grant.
  • Higher interest rate on your mortgage then with the Silent Second option.
  • Your total household income and the purchase price must be within their income limits.
  • You must complete a CHFA homebuyer education class (in-person or online) prior to loan closing
  • You must contribute a minimum of $1,000 toward the purchase of a home
  • You must have a mid-credit score of 620 or higher

Silent Second

  • Can use FHA or Conventional first loan
  • This option will provide up to 4% of first mortgage
  • Lower interest rate than the Grant program
  • You must have a mid-credit score of 620 or higher
  • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.
  • Total borrower income must not exceed CHFA’s income limits
  • Clients must take class (in-person or online) prior to loan closing
  • Min $1000 contribution to contract
  • 35 days to close average
  • $510k loan limit (2020)

Click here to view CHFA’s website for more information or to register for the class

Click here to view CHFA’s current income limits


More Programs

There are also many other down payment programs that may work for you and your situation. Here are a few additional resources to help you find other down payment or buyer assistance programs in Colorado:

HSH.com – A state-by-state guide to the available buyer assistance programs

Downpaymentresource.com – A website where you input answers to questions about you and your situation and it will tell you what programs are available for you.


This guide is for informational purposes only and rates, terms, qualifications can change at any time. Please speak with your lender to verify all information and to move forward with the application and approval process. If you do not have a lender, please contact me and I will be more than happy to assist you in finding a great one in your area and that works with the programs you are interested in.

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