Grants for First-time Homebuyers in Colorado

Unlocking Homeownership Opportunities for Low-Income Buyers in Colorado

Federal Initiatives for Colorado Homebuyers

Embarking on the journey of homeownership in Colorado with limited income is not an insurmountable challenge. Several federal programs extend support to low-income homebuyers nationwide, offering tax reductions, down payment assistance, and more. Key agencies include:

1. Colorado Housing and Finance Authority (CHFA):

• A down payment assistance grant of up to 4% of your mortgage amount.
• Low-cost deferred loans for up to 5%.
• Mortgage credit certificates for federal tax liability reduction.
• Offer homebuyer education

2. Colorado Housing Assistance Corporation:

• Flexible low-interest loans for down payment assistance.
• FREE homebuyer education classes in the Denver metro area in the Denver metro area.

3. Colorado Housing Enterprises (CHE):

• Mortgage counseling and homebuyer education classes
• Up to $15,000 in down payment assistance through the Neighborhood LIFT program.
• Also offers up to $10,000 in down payment assistance loans through a separate program.

4. NeighborWorks:

• Homebuyer education courses.
• Lending support and energy efficiency upgrade assistance.  Find your local network affiliate using their website.

County-Specific Assistance Programs

Each county in Colorado presents unique opportunities for low-income homebuyers:

1. Unison Housing Partners (formerly Adams County Housing Authority):

• Free homebuyer education classes and counseling services.

2. Arapahoe County (Del Norte Neighborhood Development Corporation):

• Zero-interest down payment up to $10,000 in assistance.

3. Boulder County:

• With down payment and closing cost assistance for up to 8.5 percent.
• Deferred monthly payments for low-income households.

4. Douglas County:

• Up to $15,000 down payment assistance program.
•  Shared equity program for up to $25,000 in financing.

City-Specific Initiatives

Several cities in Colorado go the extra mile to facilitate homeownership for those with limited income:

1. Aurora:

•  Up to $10,000 in zero-interest loans.
• Lead hazard screening assistance.

2. Boulder:

Offer several helpful programs for homebuyers. These programs include:

• Permanently Affordable Homes program with below-market prices.
• Solution Grant for down payment assistance.
• The H20 Program offers up to $50,000 in assistance.

3. Commerce City:

• Offer down payment and closing cost assistance of up to $10,000.

4. Denver:

• Offer down payment assistance from NEWSED Community Development Corporation.

5. Fort Collins:

• Homebuyer Assistance Program covering up to 5% of the purchase price.
• Repayment with 5% interest when the property is sold, transferred, or refinanced.

6. Pueblo:

• Deferred forgivable loan for up to $5,000 for down payments.

Navigating the Path to Affordable Homeownership

Colorado presents a mosaic of opportunities for low-income individuals aspiring to own a home. By tapping into federal, county, and city-specific programs, prospective buyers can access grants, low-interest loans, and invaluable support services. Whether in Adams County or Aurora, these initiatives aim to make homeownership a reality for those with modest means, ensuring financial security and stability in the picturesque landscapes of Colorado.