CHFA Grant

What is 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.

How much assistance does it provide?

CHFA Grant provides assistance worth 3% of the purchase price, as set by the program.

• The program asks buyers to contribute $1,000.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

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.

Who qualifies?

CHFA Grant is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

CHFA Grant serves buyers purchasing anywhere in Colorado.

How do you apply?

Applications for CHFA Grant go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.