Buying a home in Colorado can be challenging, especially with rising housing costs. Fortunately, down payment assistance in Colorado offers crucial support to first-time and income-qualified buyers, helping them achieve their dream of homeownership.
The Colorado Housing and Finance Authority (CHFA) offers several programs, including the FirstGeneration Program, which provides up to $25,000 to eligible buyers. This initiative supports those who are first-generation homeowners or were raised in foster care.
In the Denver metro area, the MetroDPA and MetroDPA Social Equity programs offer interest-free, forgivable loans for down payment and closing costs. Qualified buyers can receive $15,000 to $25,000, depending on eligibility, income, and credit score.
For Boulder residents, the Middle-Income Down Payment Assistance Pilot provides up to $200,000 as a zero-interest second mortgage. This allows buyers to compete in a high-cost market while maintaining long-term affordability through resale restrictions.
Looking ahead, the Local Change Foundation, in partnership with Elevations Credit Union, plans to launch a program offering $10,000 grants to first-time buyers earning 80% or less of the area median income.
Colorado’s Department of Local Affairs (DOLA) also supports homebuyers with targeted assistance for first-time and first-generation buyers, helping reduce upfront costs.
Whether you’re in Denver, Boulder, or a surrounding area, these programs can significantly reduce your financial burden. Explore your options, take a homebuyer education course, and partner with a participating lender to start your journey.