Down Payment Assistance

Down Payment Assistance page banner image

First-Time Home Buyer Program

We have good news for you if you are a first-time home buyer (haven’t owned a home in past three years) and may need cash assistance for your down payment and/or closing costs. You can receive help if your household income is within the limits shown below.

Household Size
Yearly Income Limits
1 $44,750
2 $51,150
3 $57,550
4 $63,900
5 $69,050
6 $74,150
7 $79,250
8 $84,350

There are three programs available:

  1. The Denver, Jefferson, and Adams Counties Program: You can receive $10,000 or 6% of the loan amount (whichever is less) for down payment and/or closing costs.
  2. All other areas of the State of Colorado Program (except Denver, Jefferson and Adams Counties): You can receive $5,000 for down payment and/or closing costs.
  3. Disability Program (For persons with permanent disabilities or have a child with a permanent disability): You can receive $8,500 for down payment and/or closing costs.

For the three programs listed above, a home buyer must use $1,000 of their own money ($750 for persons with disabilities). Usually the $1,000 comes from the earnest money needed for the real estate contract when you purchase your home.

Most of the time these programs are used with a government FHA loan, where the down payment required is 3.50% of the loan amount. However, any of these assistance programs can be used with any conventional or other government loans.

The two other government loans available to home buyers are VA and USDA, both of which require no down payment, so the program assistance money would be used for closings costs and prepaid items.

Any one of these down payment assistance programs can be combined with the IRS Tax Credit Program we offer which will save a home buyer 20% of their annual mortgage interest every year and make loan qualification easier.

*For disability program, income limits vary by county.