Down Payment Assistance Programs

Denver Home Buyer Assistance Programs: Get Down Payment Assistance!


Are you interested in a Denver home buyer assistance program? There are several programs available in Colorado that can help individuals and families achieve their dream of homeownership by assisting them with down payment and closing cost requirements. Most programs, today, offer assistance in the form of a grant – the good news about a grant is that it does not need to be re-paid. These grants help you get into a property with minimal cash out of pocket.

Below you’ll find information on many of the available grant programs as well as the program highlights and qualifications.

CHFA Smart Step & CHFA Smart Step Plus
The CHFA SmartStep program offers borrowers a fixed interest rate and 30-year term on their loan. The CHFA SmartStep Plus program offers a 0% CHFA Second Mortgage Loan to help with down payment and/or closing costs assistance.

How To Qualify:

  • Your total household income and the purchase price must be within the limits
  • You must complete a CHFA homebuyer education class (online or in-person) prior to loan closing
  • You must contribute a minimum of $1,000 toward the purchase of a home
  • You must have a mid-credit score of 620 or higher

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines determined by your CHFA Participating Lender.

For full program details, qualification and benefits, click here.

CHFA Advantage
The CHFA Advantage program offers borrowers a fixed interest rate and 30-year term on their loan. This program also boasts no mortgage insurance payment and as little as 3% down payment or equity contribution.

How To Qualify:

  • Your total household income and the purchase price must be within the limits
  • You must have a mid-credit score of 680 or higher
  • For home purchase loans only, additional qualifications include: You must complete a CHFA homebuyer education class (online or in-person) prior to loan closing AND You must contribute a minimum of $1,000 toward the purchase of the home

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines determined by your CHFA Participating Lender.

For full program details, qualification and benefits, click here.

CHFA Preferred and CHFA Preferred Plus
The CHFA Preferred and CHFA Preferred Plus program could save you money up-front as well as throughout the life of your loan. This loan program boasts the following benefits: 3% down payment requirement on 30-year term, reduced-cost mortgage insurance, the possibility to cancel your mortgage insurance payments once you reach 80% loan-to-value and an optional Second Mortgage loan to cover the down payment requirement.

How To Qualify:

  • Your total household income and the purchase price must be within the limits
  • You must complete a CHFA homebuyer education class (online or in-person) prior to loan closing
  • You must contribute a minimum of $1,000 toward the purchase of a home
  • You must have a mid-credit score of 620 or higher

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines determined by your CHFA Participating Lender.

For full program details, qualification and benefits, click here.

CHFA HomeOpener and CHFA HomeOpener Plus
The CHFA HomeOpener and HomeOpener Plus programs may be used for first time and non-first time home buyers and has no purchase limits. The program offers affordable, fixed rate and a 30-year mortgage term. The CHFA HomeOpener Plus program offers a 0% CHFA Second Mortgage Loan to help with down payment and/or closing costs assistance.

How To Qualify:

  • Your total household income and the purchase price must be within the limits
  • You must complete a CHFA homebuyer education class (online or in-person) prior to loan closing
  • You must contribute a minimum of $1,000 toward the purchase of a home
  • You must have a mid-credit score of 620 or higher

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines determined by your CHFA Participating Lender.

For full program details, qualification and benefits, click here.

National Homebuyers Fund (NHF)
The NHF Denver home buyer assistance program provides eligible families and individuals with a grant that does not have to be repaid. The grant (which can be up to 5% of the loan amount) can be used towards down payment or closing costs.

Program Highlights:

  • Down payment assistance up to 5% of the loan amount
  • No first-time homebuyer requirement
  • Conventional, FHA, VA and USDA mortgage are eligible
  • For the purchase of primary residences only

* This is not an offer for extension of credit or a commitment to lend and is subject to change without notice. Certain restrictions apply on all programs. Complete guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through NHF Platinum

For full program details, qualification and benefits, click here.

Metro Mortgage Assistance Plus (MMA)
The Metro Mortgage Assistance Plus program is a grant program for low and moderate income families that are working towards achieving the dream of homeownership. With this program, when you apply for a 30-year, fixed rate mortgage, the grant will help with down payment and closing cost assistance of up to 4% of the loan amount.

How To Qualify:

  • Your income needs to be less than $91,100 for households of two or fewer persons (and less than $103,000 for three or more).
  • You must have a minimum FICO score of 640 or above
  • A maximum debt-to-income ratio of 45
  • You may need to bring 0.5% (one-half of one perfect of the total mortgage) to the closing on your own.

For full program details, qualification and benefits, click here.

If you qualify for any of the programs or are interested in exploring your options call: 720-974-8400 extension 2.

We look forward to helping you with Denver home buyer assistance programs!

 

*All applications are subject to credit approval. Program terms and conditions are subject to change without notice. Some products may not be available in all states. Other restrictions and limitations may apply. This is not a commitment to lend. Cherry Creek Mortgage Co., Inc. NMLS #3001.