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Down Payment Programs

Real estate agent

CHFA - Colorado Housing Finance Assistance:

  • The main Government program is the SmartStep program that you can use with FHA, VA, and USDA loans. 

  • You don’t have to be a first-time home buyer. You can own ONE house and still use the program, but it can’t be an FHA mortgage. 

  • It also allows for the 203(k)-rehab loan, which is fantastic when you see listed properties that state they are Cash or Conventional only. The whole purpose of the 203(k)-rehab product is to turn an FHA-uninsurable house into an FHA-insurable house.

  • The income limit for this program is $160,300. The minimum credit score is 620. With a 620 credit score, your debt-to-income (DTI) is capped at 50%. If your credit score is 660+ your DTI is capped at 55%.

  • They also lend in Manufactured Homes, including single-wide.

  • The interest rate is a one-size-fits-all so, it doesn’t matter if you have a 620 or a 720, the rate is the same.

  • There is the SmartStep Plus 2nd program that does have to be paid back and the SmartStep Plus Grant that doesn’t have to be paid back. 

  • They also offer DPA Conventional loan programs, the Prefered Programs, which are helpful when your client wants to buy a condo that is not FHA-approved. 

  • You get a second mortgage of 4% of the total loan amount or $25,000, whichever is less


  • metroDPA limits its funding within the City and County of Denver and within the incorporated areas of Cities & Towns or the unincorporated areas of participating Counties. You can use it with FHA and VA loans, but not a USDA loan.

  • You don’t need to be a First-Time Homebuyer, which means that you haven’t owned a home within the past three years, but you can’t have an ownership interest in another residential property at the time of the loan closing unless the property is currently listed for sale or under contract.

  • It allows for a 203(k) Limited rehab loan, which is a rehab loan for repairs that are less than $35,000 in total. 

  • The income limit is $176,700 but the funds the borrower receives are capped at $15,000 if they make more than $94,240 per year. 

  • The minimum credit score is 620 and the DTI is capped at 50%. 

  • The interest rate is a one-size-fits-all so, it doesn’t matter if you have a 620 or a 720, the rate is the same.

  • It is a 3-year forgivable loan. If you sell before three years, your balance is prorated for the number of months you lived there.

  • It does not have a minimum required investment from the borrower. 

CHAC - Colorado Housing Assistance Corporation:

  • You have to be a first-time Homebuyer.

  • The loan is paid back monthly at an interest rate of 3%.

  • The amount of the DPA is 6% of the appraised value or $12,000, whichever is less.

  • Borrowers must contribute 1% of the purchase price from their own funds

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