Colorado Down Payment Assistance Fund

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Colorado Down Payment Assistance Fund is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

Colorado Down Payment Assistance Fund can be used for Single Family, Condo, Townhouse, and Manufactured Home.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education required.

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.