Colorado homebuyers can access up to $25,000 in down payment assistance through the Colorado Housing and Finance Authority (CHFA). On the state's $537,600 median home price, that covers roughly 23% of a standard 20% down payment.
Primary Program: CHFA SmartStep Plus
maximum assistance
Forgiven after 3 years if you remain in the home as your primary residence.
- Administering Agency
- Colorado Housing and Finance Authority (CHFA)
- Income Limit
- 80% of Area Median Income
- Purchase Price Cap
- $726,200
- Forgiveness Term
- 3 years
How Down Payment Assistance Works
Most state DPA programs are layered on top of a first mortgage — you apply through an approved lender who originates both the primary loan and the DPA second lien at the same closing. The DPA funds reduce the cash you need upfront.
Grants
Free money — no repayment ever. Typically the smallest amounts but highest value.
Forgivable Loans
Balance forgiven after a set period (usually 3–15 years) if you stay in the home. Selling early triggers repayment.
Deferred Loans
No monthly payments. Balance due when you sell, refinance, or pay off your mortgage.
Down Payment Calculator
Down Payment Planner
Colorado median pre-loaded
Your Savings Plan
Timeline
18.0 yrs
saving $500/mo
No PMI at 20% down
20% or more avoids private mortgage insurance entirely.
Estimate only — does not include investment returns on savings.
Full Calculator →Frequently Asked Questions
What down payment assistance is available in Colorado?
Colorado's primary DPA program is the CHFA SmartStep Plus, administered by the Colorado Housing and Finance Authority (CHFA). It provides up to $25,000 as a forgivable loan. Forgiven after 3 years if you remain in the home as your primary residence.
How much down payment do I need in Colorado after using DPA?
On a $537,600 home (Colorado median), a 20% down payment is $107,520. With the CHFA SmartStep Plus covering $25,000, your remaining gap would be $82,520. Many buyers combine DPA with a 3–5% conventional or FHA loan to reduce their cash needed further.
Do I have to repay Colorado down payment assistance?
Forgiven after 3 years if you remain in the home as your primary residence.
Can I combine Colorado DPA with other assistance programs?
Yes — Colorado's DPA programs can generally be combined ("stacked") with local city and county assistance programs, employer homebuyer benefits, and federal programs. Check with an approved lender or HUD-approved counselor to identify all programs you qualify for.
What are the income limits for Colorado down payment assistance?
The CHFA SmartStep Plus requires income at or below 80% of the Area Median Income (AMI) for your county. AMI limits vary by location and household size. Your lender or the Colorado Housing and Finance Authority (CHFA) can confirm the exact limit for your area.
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