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Coming up with a down payment is one of the biggest hurdles on the path to homeownership. The good news? You may not have to do it alone. Explore Colorado down payment assistance programs, grants and homebuyer resources that can help make your home purchase more affordable.
Program | Best For | Key Benefit | Assistance Type |
|---|---|---|---|
| CHFA FirstStep Plus | FHA borrowers | Up to $25,000 in assistance | 0% deferred second mortgage |
| CHFA SmartStep Plus | FHA and VA borrowers | Up to $25,000 available | Grant or 0% deferred second mortgage |
| CHFA Preferred Plus | Conventional borrowers | Up to $25,000 in assistance | 0% deferred second mortgage |
| CHFA Schools First | Public school employees | Assistance up to 25% of first mortgage amount | Shared appreciation second mortgage |
| Dearfield Fund | Black or African American first-time homebuyers | Up to $40,000 in assistance | Shared appreciation second mortgage |
| CHAC Statewide Immediate Payback | Buyers needing immediate assistance statewide | Up to 6% of sales price or $12,000 | 3% fixed-rate second mortgage repaid over 30 years |
| CHAC Statewide 5-Year Deferral Payback | Buyers who want repayment flexibility | Up to 6% of sales price or $12,000 | Deferred repayment for 5 years |
| CHAC Broomfield DPA | Homebuyers purchasing in Broomfield | Up to 10% of sales price | 0% deferred second mortgage |
| CHAC Denver DPA | Homebuyers purchasing in Denver | Up to 5% of sales price | 0% deferred second mortgage |
| Local Government Programs | Buyers purchasing in participating Colorado communities | Additional local assistance may be available | Varies by program |
Down payment assistance programs can help qualified homebuyers bridge the gap between saving for a home and purchasing one. Depending on the program, assistance may be provided as a grant, deferred loan, shared appreciation loan or second mortgage. Understanding the differences can help you determine which option may be the best fit for your homeownership goals.
A deferred second mortgage helps cover upfront homebuying costs without requiring monthly payments. Repayment is generally deferred until the home is sold, refinanced, or is no longer the primary residence.
With a shared appreciation loan, repayment may include a portion of the home's future appreciation when the property is sold, refinanced or no longer occupied as their primary residence. This structure allows assistance programs to help future homebuyers.
Some programs provide assistance through a fixed-rate second mortgage with monthly repayment requirements. These programs may offer affordable terms while helping reduce the amount of cash needed at closing.
A grant provides funds toward your down payment or closing costs that typically do not need to be repaid, provided program requirements are met.
Every homebuyer's situation is unique. A Westerra Mortgage Loan Originator can help you compare programs, understand eligibility requirements, and identify opportunities to pair down payment assistance with a Westerra mortgage.
Down payment assistance programs are offered by third-party organizations and are subject to change without notice. Program guidelines, eligibility requirements, income limits, funding availability, and assistance amounts may vary. Information on this page is provided for informational purposes only and should not be considered a guarantee of eligibility or program approval. Contact a Westerra Mortgage Loan Originator or the program administrator to verify current requirements and availability.
