You might count as a first-time buyer even if you’ve owned before

Many programs, including the bond-funded loans and several bank grants, define a first-time buyer as someone who hasn’t owned their primary residence in the past three years. If you sold a condo in 2022 and have rented since, you may qualify again. Qualified veterans are often exempt from the first-time rule, and some programs waive it for homes in targeted areas.

Plenty of programs have no first-time requirement at all. CHFA SmartStep and Preferred, metroDPA and the Chase grant are open to repeat buyers who meet the income limits.

CHFA: Colorado’s statewide programs

The Colorado Housing and Finance Authority doesn’t lend to you directly. You get a CHFA loan through a participating lender, and the down payment assistance is attached to that first mortgage. You pick one of two kinds of help.

The grant is up to 3% of your first mortgage or $25,000, whichever is less, and you never repay it. It’s available with FHA, VA and USDA loans. The second mortgage is up to 4% or $25,000, at 0% interest with no monthly payment, and you repay it in full when you sell, refinance or pay off the first mortgage. The grant is the better deal on paper. The rate on the first mortgage is where the difference usually shows up, so ask your lender to price both.

CHFA income and price limits in the Denver metro

For SmartStep, Preferred and HomeAccess, the household income limit is $178,920 statewide, whatever your household size. FirstStep and FirstGeneration are lower. In Denver, Jefferson, Adams, Arapahoe, Douglas and Broomfield counties the limit is $144,000 for a one- or two-person household and $165,600 for three or more, with higher limits in some targeted areas of Denver, Jefferson, Adams and Arapahoe. Boulder County is $150,000 and $172,500. The maximum purchase price across the metro is $832,750. These limits took effect June 15, 2026.

Every CHFA program needs a 620 minimum credit score, at least $1,000 of your own money in the deal (a gift can count on some programs) and a CHFA-approved homebuyer education class for every borrower. The certificate is good for 12 months, so take the class early. It doesn’t hold anything up, and it’s useful even if you end up with a different loan.

The Community Reinvestment Act and bank homebuyer grants

The Community Reinvestment Act is a 1977 federal law. It requires banks to lend in all of the communities where they take deposits, including low- and moderate-income neighborhoods, and regulators grade them on it. That grade matters to a bank. It’s why several large banks offer homebuyer grants, lender credits and special loan products that you won’t see advertised on a rate sheet.

Here’s the part most buyers miss. Many of these grants depend on where the house is, not only on what you earn. If a home sits in a census tract the bank has designated as low- or moderate-income, a buyer at a comfortable income can still qualify. Two houses a mile apart can have different answers.

A few current examples. The Chase Homebuyer Grant is $2,500 or $5,000 for a primary home in an eligible census tract and isn’t limited to first-time buyers. Bank of America’s America’s Home Grant is a lender credit of up to $7,500 toward closing costs, and its Down Payment Grant is up to 3% of the price (maximum $10,000) for first-time buyers in select markets. Local banks and credit unions run their own versions, and they change often. Elevations Credit Union’s Local Change Foundation, for example, offers a $10,000 grant to buyers under 80% of area median income who meet additional criteria.

Bank grants usually can’t be stacked with a state program on the same loan, because the grant belongs to that bank’s mortgage and CHFA’s belongs to a CHFA loan. It’s one or the other. You can look up any address’s census tract and income level on the FFIEC geocoding map, and the day we find a house I’ll send the address to your lender so they can check it too.

Regulators have been rewriting how banks are graded under the CRA, and new proposals came out in 2026. The law itself hasn’t changed, and the bank programs above are still running. If a program is discontinued I’ll update this page.

Metro, city and nonprofit programs

metroDPA

metroDPA is administered by the City and County of Denver and covers participating cities and counties along the Front Range. It provides up to 5% toward your down payment and closing costs as a 30-year second mortgage at 0% interest with no monthly payments. You repay it when you sell, refinance or stop living in the home. The household income limit is $210,150, credit scores generally need to be 620 or higher, and you don’t have to be a first-time buyer. Purchases inside the City and County of Denver may qualify for extra benefits through its Denver Advantage option. You apply through a metroDPA-approved lender.

Aurora

Aurora launched its own program in late 2025 with Proposition 123 funds. It offers 4% to 10% of the purchase price as a deferred second loan with no monthly payments, for households up to 120% of area median income, on homes inside Aurora city limits. The back-end debt-to-income ratio can’t exceed 45%. Funding is limited and demand was heavy in the first week, so check with the city’s Housing and Community Development office (303-739-7900) before you plan around it. More about the city on my Aurora guide.

Boulder County and the City of Boulder

Boulder County’s down payment program lends up to 8.5% of the price, maximum $15,000, to buyers under 80% of area median income purchasing outside Boulder city limits. Inside the city, Boulder’s H2O program lends up to $100,000 on market-rate homes with nothing due for 30 years unless you sell. The catch is that you repay the loan plus a share of the home’s appreciation, so read the terms closely. The City of Boulder keeps a current list of programs.

CHAC and Colorado Roots

The Colorado Housing Assistance Corporation (CHAC) is a Denver nonprofit that makes down payment loans of up to $12,000 and works with FHA, VA, USDA and conventional loans. It’s often a fit for buyers who are just over CHFA’s income limits. Impact Development Fund’s Colorado Roots fund lends up to 10% of the price, maximum $50,000, at 1% to 2% interest over 30 years, for households between 50% and 120% of area median income. Both are loans with a payment or a payoff, not grants.

Low down payment loans

Sometimes the better answer is a loan that needs less cash, with no assistance at all. FHA needs 3.5% down. VA and USDA loans can need nothing down. Fannie Mae’s HomeReady and Freddie Mac’s Home Possible are conventional loans with 3% down for buyers at or below 80% of area median income, and the mortgage insurance on them can be cancelled once you have enough equity. On FHA it usually stays for the life of the loan. Through February 28, 2027, HomeReady buyers at or below 50% of area median income, with at least one first-time buyer, may get a $2,500 credit toward their down payment or closing costs.

For a side-by-side of the main loan types, see Step 3 of my buyer’s guide.

A Colorado program that no longer exists

You may still see articles about Colorado’s first-time homebuyer savings account, which let you subtract the interest earned on money saved for a down payment. The state ended that subtraction after the 2024 tax year. No subtraction is allowed for 2025 or later, so don’t open an account expecting the tax break. The Colorado Department of Revenue has the details.

How I help buyers using assistance

Start with a lender who actually closes these loans. Not every lender participates in CHFA or metroDPA, and a lender who does one a year will be slower than one who does them every month. I’ll send you names of local lenders who work with these programs, and they’ll tell you which ones you qualify for and what each one costs.

From there, my job is the house and the contract. I’ll check price limits and condo approval before we tour, send each address to your lender so they can confirm the census tract for any bank grant, and write your offer with a closing date the program can meet. If you’d like the full process first, my 10-step Denver Home Buyer’s Guide walks through it, and Step 2 has a cash-to-close estimator.

Frequently asked questions

Is there down payment help in Colorado that I don’t have to pay back?

Yes. CHFA’s grant (up to 3% of the loan, maximum $25,000) is never repaid, and bank grants like the Chase Homebuyer Grant are also true grants. Most other help, including CHFA’s second mortgage and metroDPA, is a zero-interest loan you repay when you sell or refinance.

Do I have to be a first-time buyer to get down payment assistance in Colorado?

No. CHFA SmartStep and Preferred, metroDPA and several bank grants are open to repeat buyers. CHFA FirstStep and FirstGeneration do require first-time buyers, and many programs count you as first-time if you haven’t owned your home in the last three years.

What credit score do I need for CHFA?

A 620 middle credit score for every CHFA program. Your debt-to-income ratio can go up to 50% with a 620 to 659 score and 55% with 660 or higher.

What is a CRA loan or CRA grant?

It’s a loan product, grant or lender credit a bank offers partly to meet its obligations under the Community Reinvestment Act. They’re usually aimed at low- and moderate-income buyers or at homes in low- and moderate-income census tracts. Ask your lender whether they have one and whether the address qualifies.

Can I combine CHFA with metroDPA or a bank grant?

Usually not. Each program is tied to its own first mortgage, so you choose the one that fits best. Some city and county programs can layer with a first mortgage program, and your lender will know which combinations their loans allow.

Can I use down payment assistance on a condo or new construction?

Often, yes. Condos need to meet the loan’s approval rules, and new construction needs to fit under the price limit. Builders sometimes tie their incentives to their own lender, which may not offer the program you want. I compare those two offers with you before you commit. See my new construction guide.

Sources: CHFA program matrices and income limits (effective June 15 and August 3, 2026), metroDPA, City of Aurora, City of Boulder, Chase, Bank of America, Fannie Mae and the Colorado Department of Revenue. General information, not lending, tax or legal advice. Program terms, limits and funding change often. Confirm current details with a participating lender. Last reviewed September 2026.