Are you thinking of buying your first home in Colorado? Would you like detailed information on all of the programs available to help you purchase that first home? If so, read on. The state of Colorado offers many programs for its residents who are first time home buyers and need help with the down payment and closing costs. Additionally, there are still Federal programs available as well as grants from private foundations. In some instances this is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. It will be well worth your time to educate yourself about the programs that are available to you as a resident of Colorado.
The Colorado Housing Housing and Finance Authority has a Downpayment Assistance Program in the form of a tax credit for eligible home buyers who meet specific moderate income limits to help with down payment and/or closing costs. Check and see what is available and if you qualify.
CHFA’s entire organization is focused on helping people and businesses succeed. They’ve seen the positive effects of homeownership and business expansion reverberate throughout communities. One success leads to another, as families become financially stable and companies add more jobs. For CHFA, every happy ending is really a new beginning.
Save money every year with the CHFA tax credit program, the CHFA Mortgage Credit Certificate (CHFA MCC)! Getting a CHFA MCC is like getting up to a 50 percent discount off your mortgage interest rate.
The contact info for the CHFA is:
Colorado Housing and Finance Authority
1981 Blake Street
Denver, Colorado 80202-1272
Phone: 800-877-2432
Other Grants in Colorado
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to grants in Colorado.
Here is the contact information for the HUD office in Colorado:
Denver Regional Office
1670 Broadway
25th Floor
Denver, CO 80202-4801
Phone: (303) 672-5440
Fax: (303) 672-5004
There are also these local programs:
Arapahoe County Home Ownership Program (HOP) (303) 738-8065
“Arapahoe County has teamed with Colorado Housing Assistance Corporation (CHAC) to provide a program to assist low and moderate income families (and individuals) in the purchase of a home in Arapahoe County.
What does the program pay for?
If you qualify for assistance, we can help you pay for the down payment, closing costs and prepaid/escrows up to $10,000. This is called ‘acquisition assistance’ and is in the form of a low interest rate second mortgage.”
Aurora Home Ownership Assistance Program (HOAP) (303) 360-0053
“Aurora’s Home Ownership Assistance Program (HOAP) offers a variety of housing-related counseling services as well as educational seminars and financial assistance to help qualified, first-time homebuyers. Other programs include: commercial and home rehabilitation, emergency repair, handicap accessibility, and various public facilities projects.
Since 1985, HOAP has been dedicated to making home ownership a reality for Aurora’s low and moderate-income families. As a HUD-approved counseling agency, the HOAP program offers free pre-purchase, foreclosure, pre-foreclosure sale, and reverse equity mortgage counseling, as well as financial assistance to homebuyers. The HOAP staff conducts educational seminars to first-time homebuyers (in English and Spanish), which covers the process of buying and owning a home. It is mandatory to attend a HUD-approved homebuyer seminar prior to applying for finanancial downpayment assistance. HOAP staff also acts as a referral service for residents to other service providers within the community.”
Boulder County Down Payment Assistance Program (303) 651-8530
“The Boulder County Down Payment Assistance Program provides down payment and closing cost assistance to first-time homebuyers purchasing a home in Boulder County (outside of the city limits of Boulder). Up to 8.5% of the purchase price (maximum $15,000) may be borrowed. ”
Colorado Housing Assistance Corporation Creating Affordability Now 65% to 80% AMI Down Payment Program (CAN) (303) 572-9445
“This loan program offers financial assistance to help eligible, qualified first-time homebuyers cover their down payment and closing costs. To determine if you qualify and or apply for our mortgage assistance program, have your lender contact CHAC at 303-572-9445. A CHFA approved first-time homebuyer class is required. ”
Colorado Housing Assistance Corporation Creating Affordability Now Below 65% AMI Down Payment Program (CAN) (303) 572-9445
Colorado Housing Assistance Corporation Downpayment Assistance Disability Program (DAP) (303) 572-9445
Colorado Housing Assistance Corporation Federal Home Loan Bank Program (FHLB) (303) 572-9445
Colorado Housing Assistance Corporation Mortgage Assistance Program (MAP) (303) 572-9445
Colorado Springs Affordable Homeownership Program (AHP) (719) 387-6714
“Each of these organizations address different aspects of affordable housing. In many cases, the role of each is not clear to the others. This has led to the concept of this resource guide. This guide will help provide a clearer understanding of the services offered by each entity. This will improve coordination and allow for more collaboration among organizations. Effective partnering and referral is critical to the overall success in meeting the challenges of doing affordable housing. It is the aim of the Internal Affordable Housing Team that this guide will also allow citizens to better understand what forms of assistance are available and what organizations provide programs that best suit their needs.”
Del Norte Neighborhood Development Corporation Savings Plus Individual Development Account Collaborative (IDA) (303) 477-4774
“Savings Plus will provide a three to one match on up to $1,000 saved in the IDA. (If a participant saves $1,000, he/she will receive a grant of $3,000 for their purchase).”
Denver City and County – Newsed Community Development Corporation Barrio Aztlan Homeownership Program (HAP) (303) 534-8342
Denver County Colorado Housing Assistance Corporation (CHAC) Barrio Azatlan Home Ownership Program (BAHOP) (303) 572-9445
Denver Del Norte Neighborhood Development Corporation Barrio Aztlan Home Ownership Program (HOP) (303) 477-4774
“Down payment Assistance
Loans are up to $15,000.
Assistance is in the form of a loan with 0% interest deferred due upon sale or transfer of property title. Property must be in Denver County.
Similar assistance is available to homebuyers who are purchasing a property located in Denver, Adams, Arapahoe, Jefferson, Douglas, and Broomfield counties.”
Douglas County Housing Partnership Downpayment Assistance Program (303) 784-7857
“The down payment assistance is in the form of a second mortgage. Borrowers will receive $15,000 and the funds may only be used for down payment, no closing cost assistance.The loan is amortized over 30 years at an interest rate of 3% resulting in a monthly payment of $63.24.”
Eagle County Downpayment Assistance Program (DAP) (970) 328-8775
“In an effort to bring the benefits of homeownership to as many residents as possible, the Housing and Development Department has developed and backed the award winning Down Payment Assistance Program. Completion of a Homebuyer class is a requirement. Some of the topics include home buying readiness, money management, establishing and maintaining good credit, the pros and cons of homeownership, the types of loans available and information about the down payment assistance programs available to the county residents. ”
Eagle County Downpayment Assistance Program (DAP) Monthly Interest Payback (970) 328-8775
Eagle County Downpayment Assistance Program (DAP) Property Appreciation (970) 328-8775
Fort Collins Home Buyer Grants Program (970) 221-6595
“The City of Fort Collins provides loans to income-eligible households to cover a portion of the required down payment and closing costs for buyers who have not been on title to a home for the past three years. The loan is to be paid back in full either when the house is sold, transferred out of the buyer’s name, rented, or if the buyer seeks a second lien (such as a home equity loan). Eligible households can receive a loan of up to 5% of their purchase price (maximum of $10,000) to cover down payment, closing costs or both.”
Glenwood Springs Board of Realtors Affordable Housing Fund (AHF) (970) 945-9762
Grand County Housing Authority Down Payment Assistance Program (970) 725-3071
“Grand County Housing Authority now offers a down payment assistance program for Grand County residents using funds from various governmental and private entities. Low and moderate income home buyers may apply for down payment and closing costs as necessary to obtain home ownership. Down Payment Assistance funds are loaned to the home buyer as a low interest mortgage behind the first mortgage.”
Jefferson County Stride Home Ownership Program (HOP) (303) 275-3450
Larimer County Home Ownership Program (LHOP) (970) 667-3232
“The LHOP program has funds for properties purchased in Larimer County (including Wellington, Berthoud, Estes and unincorporated Loveland. this program does not include inside the city limits of Fort Collins. The max loan amount remains at $10,000 for those areas.) ”
Longmont/Boulder County Down Payment Assistance Program (DPA) (303) 441-3987
“The Boulder County Down Payment Assistance Program provides down payment and closing cost assistance to first-time homebuyers purchasing a home in Boulder County (outside of the city limits of Boulder). Up to 8.5% of the purchase price (maximum $15,000) may be borrowed. ”
Multi Counties West Central Housing Development Organization Regional Ownership Assistance Down Payment Program (ROAD) (970) 874-8204
Multi-Counties Del Norte Neighborhood Development Corporation Savings Plus Individual Development Account (IDA) (303) 477-4774
Northeast Colorado Housing Inc. Homeownership Down Payment Assistance Program (970) 542-0955
Pueblo County HOME Downpayment Assistance Program (HDAP) (719) 584-0817
“Eligible borrowers will receive a deferred forgivable loan with a maximum amount of $5,000, only if needed. These funds can be applied toward the payment of usual and customary closing costs and/or matching up to 50% of the required down payment (this may vary depending on the type of mortgage you select). The borrower must occupy the home as their principal place of residence. Renting the property is not allowed.
The loan is deferred for a period of five years. After this five-year period, the loan is automatically forgiven as long as the homebuyer has met the requirements under the deed and promissory note. If the borrower sells or refinances the property during the five-year period, the loan shall be repaid in full. ”
Pueblo Neighborhood Housing Services Repayable 2nd Mortgage Program (SMP) (719) 544-8078
San Miguel County- San Miguel Regional Housing Authority Down Payment & Closing Cost Assistance Program (DPCC) (970) 728-3034
“Borrowers must be employed within San Miguel County and may not own other real estate at time of closing. The purchased unit must be the borrower’s primary residence while the loan is outstanding. This program is not exclusively for first time buyers; however previous homeowners may be required to demonstrate need.”
Summit County – Town of Dillon Employer Assisted Housing Program (EAHP) (970) 468-2403
Summit County Down Payment Assistance Program (DPA) (970) 453-3557
“Any home located within Summit County; new construction or existing. Present average price for a home in Summit County is over $417,000. Loan amount is based on borrower’s need and availability of down payment assistance.
AMOUNT OF ASSISTANCE
5% of the contract purchase price or $10,000, whichever is less.”
Summit County Employee Housing Assistance Program (EHAP) (970) 453-3404
Summit County Summit Housing Authority Downpayment Assistance Program (970) 453-3557
“There are low-interest or equity-share 2nd mortgage loans to help locals when purchasing a primary residence. Repayment is due if the residence is no longer the borrowers primary residence, the first mortgage loan is refinanced, or the residence is sold. Borrowers can not get any money back at closing.”
Weld County, High Plains Housing Development Corporation Downpayment / Closing Cost Assistance Program (DAP) (970) 352-1551
