First-Time Home Buyer Programs in Colorado

How Colorado first-time buyers finance a purchase, which CHFA programs are available, and what it takes to compete in Denver and the Front Range.

The short answer for Colorado buyers

Colorado first-time buyers most often combine a CHFA first mortgage with CHFA down payment assistance, or use a 3%-down conventional or 3.5%-down FHA loan on their own. CHFA programs require homebuyer education and have income and purchase-price limits that vary by county. Along the Front Range, strong pre-approvals matter as much as the program you choose, because sellers weigh certainty heavily.

Colorado first-time buyer numbers at a glance

Typical minimum down payment

3% conventional / 3.5% FHA / 0% VA

Typical credit minimum

620 conventional, 580 FHA

CHFA education

Homebuyer course required

Program limits

Income and purchase-price caps by county

Programs available in Colorado

  • CHFA FirstStep and SmartStep Fixed-rate FHA and conventional first mortgages for qualified Colorado buyers.

    • CHFA FirstStep and SmartStep

    Fixed-rate FHA and conventional first mortgages for qualified Colorado buyers.

  • CHFA Down Payment Assistance Grant Assistance toward down payment or closing costs, subject to program limits.

    • CHFA Down Payment Assistance Grant

    Assistance toward down payment or closing costs, subject to program limits.

  • HomeReady and Home Possible 3% down conventional loans with reduced mortgage insurance for eligible incomes.

    • HomeReady and Home Possible

    3% down conventional loans with reduced mortgage insurance for eligible incomes.

  • FHA financing 3.5% down with a 580+ score and flexible debt-to-income guidelines.

    • FHA financing

    3.5% down with a 580+ score and flexible debt-to-income guidelines.

  • VA financing Zero down for eligible veterans and service members across Colorado.

    • VA financing

    Zero down for eligible veterans and service members across Colorado.

    How to buy your first home in Colorado

  • 1 Get a no-SSN quote Start with a real rate and payment estimate — no Social Security number required.

    • Get a no-SSN quote

    Start with a real rate and payment estimate — no Social Security number required.

  • 2 Get pre-approved Verified pre-approvals carry weight with Front Range listing agents.

    • Get pre-approved

    Verified pre-approvals carry weight with Front Range listing agents.

  • 3 Match a program We compare CHFA options against conventional and FHA pricing for your county.

    • Match a program

    We compare CHFA options against conventional and FHA pricing for your county.

  • 4 Lock and close We lock your rate and manage appraisal, underwriting and closing.

    • Lock and close

    We lock your rate and manage appraisal, underwriting and closing.

    Colorado first-time buyer questions

    What is the CHFA first-time buyer program?

    CHFA is Colorado's housing finance authority. It offers fixed-rate first mortgages and down payment assistance to buyers who meet income and purchase-price limits and complete a homebuyer education course.

    How much down payment do I need in Colorado?

    3% on a conventional loan, 3.5% on FHA, and zero on a VA loan if you are eligible. CHFA assistance can cover part of the down payment or closing costs.

    What credit score do Colorado lenders want?

    620 is typical for conventional financing and 580 for FHA. CHFA programs generally look for 620 or higher.

    Are there limits on how much I can earn?

    Yes. CHFA sets income limits by county and household size, and purchase-price limits apply as well.

    Where we lend in Colorado

    Mortgage pre-approval guide

    What pre-approval requires and how long it takes.

    How much down payment you need

    Real minimums by program and what PMI costs.

    First-time buyer guides in other states we serve

    California

    First-time buyer programs in California

    Texas

    First-time buyer programs in Texas

    Washington

    First-time buyer programs in Washington

    Ready to see what you qualify for in Colorado?

    Get a real rate and payment estimate from a licensed mortgage broker. No SSN required to start.

    Licensed in CA, CO, TX and WA