Colorado Down Payment Assistance Fund

Colorado Down Payment Assistance Fund is a deferred second loan for homebuyers in Statewide County, Colorado. The Colorado Down Payment Assistance Fund, administered by Impact Development Fund, provides deferred-payment DPA statewide with a focus on underserved communities including BIPOC households and rural areas. Funded by private and public sources including Prop 123. Statewide DPA fund. serves underserved communities. deferred repayment. no monthly DPA payments. targets BIPOC and rural communities. Funding comes from Nonprofit, State, and Private.

Colorado Down Payment Assistance Fund is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and Maturity Date. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Colorado Down Payment Assistance Fund 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. A homebuyer education course is required, through HUD-approved homebuyer education required. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Focus on underserved communities including BIPOC households and rural areas; income limits apply.

Colorado Down Payment Assistance Fund limits household income to 120% of the area median income, which varies by county and household size. Income up to 120% AMI; varies by county. 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.

Colorado Down Payment Assistance Fund can be used for Single Family, Condo, Townhouse, and Manufactured Home. New construction is eligible. Manufactured homes are eligible.

Colorado Down Payment Assistance Fund serves homebuyers purchasing in Statewide County, Colorado.

Applications for Colorado Down Payment Assistance Fund 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.