CHFA assistance
For a lot of buyers, the down payment is the wall. CHFA's assistance is built to help you over it, offered as a grant or a second mortgage that goes toward your down payment and closing costs and pairs with a CHFA first mortgage. Here is how the assistance is structured, the difference between a grant and a second mortgage, and how to tell what you would actually qualify for.
How it works
Depending on the program, the help comes either as a grant, which is not repaid, or as a second mortgage that sits behind your first loan and is repaid under set conditions. Which one applies depends on the program you use.
Assistance is generally calculated as a percentage of your first mortgage rather than a flat dollar amount. The exact figure is set by CHFA and changes over time, so we confirm the current numbers when we look at your file.
Assistance pairs with the rest of the CHFA package: income and price limits, an approved homebuyer education course, a small minimum contribution from you, and a participating lender. We handle walking you through all of it.
Want to see how this fits with eligibility? Check our pages on CHFA income limits and how CHFA loans work.
The key distinction
Common questions
It depends on the program. CHFA assistance is offered either as a grant, which is not repaid, or as a second mortgage, which is repaid under certain conditions. We explain which option a given program uses and what it means for you.
Assistance is typically sized as a percentage of your first mortgage, and the exact amount depends on the program and is set by CHFA. Current figures are published at chfainfo.com; we help you see what you would actually qualify for.
A grant is generally not repaid. A second-mortgage form of assistance is repaid under the program's terms, for example when you sell, refinance, or pay off the first mortgage. The right answer depends on the specific program.
Sometimes. There are other Colorado down payment assistance programs beyond CHFA, and whether they can be layered depends on the rules of each. We compare your options so you are not leaving help on the table.
Usually yes. CHFA programs generally require a small minimum borrower contribution and completion of homebuyer education, even when assistance covers much of the down payment.
Keep exploring
The plain-English guide to how CHFA programs are put together in Colorado.
Learn moreHow the income and price limits that drive eligibility actually work.
Learn moreWork with a local Colorado Springs broker who offers CHFA's programs.
Learn moreThis page is general education, not a commitment to lend, financial advice, or a guarantee of program eligibility, assistance amount, rate, or term. CHFA assistance amounts, structure, and program rules are set by the Colorado Housing and Finance Authority and change over time; confirm current details at chfainfo.com. All loans subject to credit approval; not all applicants will qualify.
Get started
Tell us a little about your situation and we will walk you through the assistance you may qualify for, with no pressure and no application required to ask.
