CHFA Loans: Colorado Housing and Finance Authority Down Payment Assistance Guide
CHFA (Colorado Housing and Finance Authority) offers down payment assistance for first-time buyers and income-qualifying buyers across Colorado. Programs include second mortgages, grants, and rate-assisted mortgages.
What You'll Learn
- What CHFA is and who qualifies
- CHFA income and purchase price limits for 2026
- CHFA SmartStep: fixed-rate with DPA second mortgage
- CHFA HomeAccess: for borrowers with disabilities
- CHFA Preferred: conventional program
- CHFA processing requirements
The Full Explanation
CHFA programs help Colorado buyers who need down payment assistance. Income limits vary by county and household size. CTC processes CHFA files regularly and is familiar with CHFA's specific documentation requirements and timeline.
Frequently Asked Questions
Who qualifies for CHFA assistance?
First-time buyers (not owned in last 3 years) and some repeat buyers in targeted areas. Income limits vary by county — approximately $97,000–$145,000 depending on county and household size. Purchase price limits also apply.
How does CHFA down payment assistance work?
CHFA provides a second mortgage (DPA) at 0% interest that covers 3–4% of the loan amount for down payment. The second mortgage is repaid when the home is sold or refinanced. No monthly payments on the DPA.
How long does a CHFA loan take to close?
CHFA adds some processing steps — CHFA must approve the reservation and issue a commitment. Plan 30–35 days. CTC submits CHFA reservations on day one to minimize delays.