Use this eligibility calculator to determine if you qualify for the Colorado Housing and Finance Authority (CHFA) Down Payment Assistance Program.
If you meet the criteria and qualify for CHFA down payment assistance, you could receive up to $25,000 in financial support to help cover the upfront costs of purchasing your home.
This assistance can make homeownership more affordable by covering a significant portion of the down payment or closing costs.
By answering a few simple questions and providing your household income, you can find out if you're eligible for up to $25,000 to help make your dream of homeownership a reality.
If you’re eligible, be sure to take the next steps and begin the application process. Our goal is to help you navigate the journey to homeownership with the resources and support you need.
A targeted area is a specific location identified by CHFA where down payment assistance is more accessible due to community development goals. Being in a targeted area may qualify you for higher income limits, making it easier to qualify for assistance.
Income limits vary based on household size and whether you live in a targeted or non-targeted area.
For households of 1-2 people, the limit is $130,400 for non-targeted areas and $156,480 for targeted areas. For households of 3 or more, it’s $149,960 in non-targeted areas and $182,560 in targeted areas.
A household includes all individuals who will occupy the home as their primary residence, typically including spouses, dependents, and anyone whose income is counted toward qualifying for the loan.
Yes, CHFA down payment assistance generally requires you to be a first-time homebuyer. This means you haven’t owned a home within the last three years, though exceptions may apply for homes in targeted areas.
The assistance must be paired with a CHFA-approved primary loan. CHFA offers several loan programs, including FHA, VA, USDA, and conventional loan options, to meet various homebuying needs.
Yes, to qualify for CHFA down payment assistance, you must complete an approved homebuyer education course. This course provides valuable information on the homebuying process and financial planning for homeownership.
If you receive a CHFA grant, it does not need to be repaid. However, if you opt for a second mortgage as down payment assistance, repayment is deferred until you sell, refinance, or no longer use the home as your primary residence.
Eligible properties include single-family homes, condos, and townhouses that will be used as the buyer’s primary residence. Some multi-unit properties may qualify, but they must meet specific criteria set by CHFA.
Yes, having personal savings does not disqualify you from CHFA assistance. CHFA’s assistance is designed to help make homeownership more attainable, even if you already have some funds saved.
