CHFA Grant

CHFA Grant is a grant for homebuyers in Colorado. The CHFA Down Payment Assistance Grant provides up to 3% of the first mortgage loan amount as a grant that does not require repayment. Must be combined with a CHFA first mortgage loan. Borrowers must make a Minimum Financial Investment (MFI) of $1,000 toward the purchase. Income limits apply and vary by county, household size, and whether the property is in a targeted area. Homebuyer education is required. 3% grant of the first mortgage amount. no repayment required. Available statewide to income-qualified buyers through CHFA-approved lenders. Compatible with CHFA first mortgage products including FHA, Conventional, USDA, and VA loans. Minimum $1,000 borrower contribution required. Income limits vary by county. Funding comes from State.

CHFA Grant is structured as a grant, so it is not repaid. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CHFA Grant is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required. Citizenship or immigration status: U.S. Citizen or Permanent Resident.

CHFA Grant limits household income to 100% of the area median income, which varies by county and household size. Income limits vary by county, household size, and targeted vs. non-targeted area. Check chfainfo.com for current limits by county. Typically ranges from 80%-115% AMI depending on area type. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

CHFA Grant caps the purchase price as follows: Purchase price limits vary by county. See chfainfo.com for current limits. Generally aligned with conforming loan limits (up to $766,550 for most CO counties in 2024). Eligible property types include Single Family, Condo, Townhouse, and New Construction. New construction is eligible.

CHFA Grant serves homebuyers purchasing anywhere in Colorado.

Applications for CHFA Grant go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.