First time home buyers in the state of Colorado are among the nations luckiest due to the sheer number of available programs to help with down payment assistance and low-cost mortgages. Where some states offer one or two programs at the state level and half a dozen local programs in various cities, Colorado offers quite a bit more. In fact, according to HUD there are at least five state programs, 16 county programs, and 19 city programs. Whether or not all of these first time home buyer programs are currently active and accepting applicants is unknown. Your best bet for finding what's available in your area is to contact a real estate agent or housing lender.
Colorado Housing and Finance Authority (CHFA)
The main state entity responsible for homeownership and financing assistance is the Colorado Housing and Finance Authority. The agency was created by an act of state legislation in 1973 in response to a shortage of affordable housing in the state. CHFA's primary mission is to provide low-cost, single-family mortgages to low income families in the state. To date the agency has assisted more than 69,000 families in purchasing their homes.
Although CHFA offers nearly a dozen different mortgage programs, only four of them apply to first time home buyers. Those four programs are known as FirstStep, FirstStep Plus, HomeOpener, and HomeOpener Plus. Both FirstStep programs apply only to houses in targeted areas in the state. The program provides low interest rate mortgages, at a fixed rate for 30 years. The FirstStep Plus program provides the same type of mortgage but also makes assistance available for downpayment and closing costs.
Both HomeOpener programs also serve low to moderate income first time home buyers. They do not have any specific geographical targets, nor are there any purchase price limits on first mortgages. These two programs are a bit harder to qualify for and the mortgages are 30-year, fixed-rate products that carry the same interest rates as a standard loan. The HomeOpener plus program, like FirstStep Plus, provides additional assistance for down payment and closing costs.
All four programs do have certain eligibility requirements including maximum income levels. All four require first time home buyers to attend and complete a new home owners course, occupy the purchased home as a primary residence for a specified amount of time, and contribute at least $1,000 to the purchase at time of closing.
County and Local Programs
Due to the sheer number of county and local programs available in the state of Colorado, it would be nearly impossible to provide details for all of them. Therefore, the following is a list of programs as published on the HUD website. Interested consumers can contact programs via the phone numbers provided for details, or ask a real estate agent or mortgage officer.
County Programs
- Adams County Housing Authority Homeownership Program (303) 227-2089
- Arapahoe County HomeBuyer Program or (303) 738-8060
- Boulder County DAP (303) 651-8530
- Eagle County - Colorado Housing Assistance Corp (303) 572-9445
- El Paso County Single Family Mortgage Bond Program (719) 520-6481
- Delta, Montrose and San Miguel Counties DAP (970) 874-7266
- Fremont, Chaffee, Custer and Lake counties Mutual Self-Help Housing (719) 269-7687 ext. 107
- Grand County Housing Authority DAP (970) 725-3071
- Huerfano and Las Animas Counties DAP (719) 846-7882
- Jefferson County - Colorado Housing Assistance Corp (303) 572-9445
- Larimer County Home Ownership Program (970) 667-3232, ext. 39
- Weld County High Plains Housing Development Corp. (970) 353-7437, ext. 103
- Bent, Crowley and Otero counties DAP (719) 263-5168
- Cheyenne, Elbert, Kit Carson and Lincoln counties DAP (719) 348-5562 or (800) 825-0208
- Logan, Morgan, Phillips, Sedgewick, Yuma and Washington counties DAP (970) 542-0955
- Colorado Housing Assistance Corp (303) 572-9445
City Programs
- Aurora Homeownership Assistance Program (303) 739-7900
- Boulder Homeownership Programs (303) 441-3157
- Colorado Springs Affordable Homeownership Opportunities (719) 385-5985
- Commerce City Housing Authority (303) 289-3698
- Denver - Del Norte's Homeownership Program (303) 477-4774, ext. 18
- Denver - Colorado Housing Assistance Corp (303) 572-9445
- Denver New West Side Economic Development (NEWSED) (303) 534-8342 ext. 124
- Denver Southwest Improvement Council (SWIC) (303) 934-0923
- Carbondale Mountain Regional Housing Corporation DAP (970) 384-6447
- Fort Collins Home Buyer Assistance Program (970) 221-6758
- Glenwood Springs Valley Housing Partners (970) 384-6447
- Greeley High Plains Housing Development Corp. (970) 346-7660, ext. 6540
- Longmont DAP (303) 651-8530
- Loveland - Larimer Home Ownership Program (970) 667-3232, ext. 39
- Pueblo Housing Department (719) 553-2850
- Pueblo - Colorado Bluesky Enterprises DAP (719) 546-0572
- Pueblo - Neighbor Works of Pueblo Affordable Housing Program (719) 544-8078
- Westminster Home ownership Assistance (303) 227-2075
- Wheat Ridge Home Ownership Program (WRHA) (303) 235-2846