CHFA Rates & Programs 2026: Colorado Down Payment Assistance Up to $25,000
CHFA (Colorado Housing Finance Authority) offers Colorado's best down payment assistance: up to $25,000 at 0% interest with no monthly payments on the second mortgage. FirstStep serves first-time buyers; HomeOpener is open to all Colorado buyers meeting income limits. June 2026 rates start at 6.25% — below many retail lenders.
Check Your CHFA Eligibility — Free
See if you qualify for up to $25,000 DPA at 0%. Takes 2 minutes, no credit pull.
6.25%
CHFA Rate (June 2026)
FHA 30-yr fixed
$25,000
Max DPA Amount
0% interest
620
Min Credit Score
680+ for best rates
$0
DPA Monthly Payment
Due at sale/refi
Colorado buyer with less than 20% down? CHFA's DPA gives you up to $25,000 at 0% interest — no monthly payments until you sell or refinance. Check eligibility in 2 minutes.
Check My DPA Amount →CHFA Programs 2026 — Full Comparison
| Program | Who Qualifies | Rate (est.) | DPA Available | DPA Type |
|---|---|---|---|---|
| 🏔️ FIRST-TIME ONLYCHFA FirstStep | First-time buyers only | 6.25% | Up to $25,000 | 0% second mortgage |
| 🏠 ALL BUYERSCHFA HomeOpener | Any Colorado buyer (income limits apply) | 6.375% | Up to $25,000 | 0% second mortgage |
| ✅ FHA/VA/USDACHFA SmartStep | First-time buyers — FHA/VA/USDA only | 6.25% | Up to $25,000 | 0% second mortgage |
| 💰 FLEXIBLE DPACHFA Statewide DPA | Any buyer using a CHFA first mortgage | Market rate | Up to 4% or $25,000 | 0% second (forgiven at sale) |
Rates as of June 2026. Vary by lender and credit profile. Contact a CHFA-approved lender for your personalized quote.
All CHFA programs pair with FHA, VA, USDA, and conventional loans. Compare CHFA-approved lender rates to find the best combination for your situation.
💡 How CHFA's $25,000 DPA Works
CHFA issues a second mortgage at 0% interest for down payment and closing cost assistance. Unlike a grant, you repay this amount when you sell or refinance — but you owe no monthly payments in the meantime. This keeps your monthly payment low while covering your down payment entirely.
$14,000+
DPA on a $350K home
4% of purchase price
$20,000+
DPA on a $500K home
4% of purchase price
$25,000
Max DPA any price
Hard cap
CHFA Income Limits 2026 by County
CHFA income limits vary by county and household size. Mountain resort counties have significantly higher limits than Front Range metro areas. 1-2 person households use the lower limit; 3+ person households use the higher limit.
| County / Metro | 1-2 Person Limit | 3+ Person Limit | Max Loan Limit | Notes |
|---|---|---|---|---|
| Denver / Jefferson | $115,000 | $132,250 | $806,500 | Metro cap applies |
| Arapahoe / Adams | $115,000 | $132,250 | $806,500 | Metro cap applies |
| Boulder | $130,000 | $149,500 | $1,149,825 | High-cost county |
| El Paso (Colorado Springs) | $110,000 | $126,500 | $806,500 | Standard limit |
| Larimer (Fort Collins) | $115,000 | $132,250 | $806,500 | Standard limit |
| Weld (Greeley) | $110,000 | $126,500 | $806,500 | Standard limit |
| Eagle (Vail area) | $140,000 | $161,000 | $1,149,825 | High-cost mountain |
| Summit (Breckenridge) | $140,000 | $161,000 | $1,149,825 | High-cost mountain |
| Pitkin (Aspen) | $155,000 | $178,250 | $1,149,825 | High-cost mountain |
| Mesa (Grand Junction) | $95,000 | $109,250 | $806,500 | Western slope |
Source: CHFA 2026 program guidelines. Verify exact limits at chfainfo.com or with a CHFA-approved lender.
Income over the limit? Explore other Colorado DPA programs — city and county programs (METRO DPA, Denver's IDA) often have higher limits and can be used by buyers who exceed CHFA thresholds.
Ready to use your CHFA DPA?
Get pre-approved with a CHFA-approved lender. Takes 3 minutes — no credit pull to start.
CHFA vs Standalone FHA 2026: Which is Better?
Many Colorado buyers wonder if CHFA is worth it vs. just getting an FHA loan directly. Here's the full comparison:
| Feature | CHFA + DPA | Standalone FHA |
|---|---|---|
| Down payment required | 0% (DPA covers it) | 3.5% (580+ score) |
| DPA amount | Up to $25,000 | None (FHA standalone) |
| DPA interest rate | 0% — no monthly payment | N/A |
| Rate (est. June 2026) | 6.25% | 6.35% (national avg) |
| First-time buyer req. | Yes (FirstStep) / No (HomeOpener) | No |
| Min credit score | 620 | 580 (FHA min) |
| Income limit | Yes — by county | No income limit |
| Best for | CO buyers needing DPA | Buyers with 3.5% saved |
Bottom line: If you're a Colorado first-time buyer with a 620+ credit score and household income under the county limit, CHFA FirstStep + DPA is almost always better than a standalone FHA loan. The $0 monthly DPA payment means your effective cash outlay today is near-zero, while you build equity normally.
Not sure which is best for you? Get matched with a lender offering both CHFA and FHA — they'll compare your actual numbers and show you the better path.
How to Apply for CHFA — Step by Step
- 1
Complete a homebuyer education course
All CHFA borrowers must complete a HUD-approved homebuyer education course before closing. CHFA offers its own online course (eHomeAmerica) for $99, completed in 6-8 hours. This is required for both the first mortgage and DPA.
- 2
Find a CHFA-approved lender
Only CHFA-approved lenders can originate CHFA loans. Use the CHFA lender locator at chfainfo.com, or compare approved lenders through our partner network to find the best rate for your situation.
- 3
Get pre-approved with DPA reserved
Your CHFA-approved lender will lock your first mortgage rate and reserve your DPA second mortgage simultaneously. Pre-approval typically takes 1-3 business days.
- 4
Find a home within purchase price limits
CHFA has purchase price limits by county (matching FHFA conforming limits). In most Colorado counties, the 2026 limit is $806,500; mountain counties are up to $1,149,825.
- 5
Close with both loans funded simultaneously
At closing, your CHFA first mortgage and CHFA DPA second mortgage close together. The DPA funds go directly toward your down payment and/or closing costs — no out-of-pocket check needed.
Credit score below 640? Boost your score free with Spike — gain 20–40 points in 30 days and unlock better CHFA rate tiers. Or explore FHA loans from 580 FICO.
CHFA Colorado FAQ 2026
What is CHFA in Colorado?
CHFA stands for Colorado Housing Finance Authority. It is a self-sustaining quasi-governmental organization that provides affordable mortgage financing for Colorado residents. CHFA offers below-market rate first mortgages paired with down payment assistance second mortgages at 0% interest.
What are current CHFA rates in 2026?
As of June 2026, CHFA FirstStep and SmartStep rates start at approximately 6.25% for a 30-year fixed FHA loan. HomeOpener rates start around 6.375%. Rates vary daily and depend on your credit score, loan type, and CHFA-approved lender. Always get a personalized quote from a CHFA lender.
How much down payment assistance does CHFA offer?
CHFA offers up to $25,000 in down payment assistance as a second mortgage at 0% interest with no monthly payments. The second mortgage is due when you sell, refinance, or pay off the first mortgage. Some programs forgive the DPA after a set period. On a $400,000 home, $25,000 covers 6.25% of the purchase price.
Do I have to be a first-time buyer for CHFA?
For CHFA FirstStep, yes — you must not have owned a home in the past 3 years. However, CHFA HomeOpener is available to repeat buyers who meet income and purchase price limits. Veterans purchasing in targeted areas are exempt from the first-time buyer requirement on all programs.
What credit score do I need for CHFA?
Minimum 620 credit score for all CHFA programs. A score of 680+ gives you access to the best rate tiers. Borrowers between 620-639 will still qualify but may see slightly higher rates. If your score is below 620, consider CHFA's credit counseling services before applying.
What are the CHFA income limits in Colorado?
CHFA income limits vary by county and household size. In Denver/Arapahoe/Jefferson counties, the 2026 limit is $115,000 for 1-2 person households and $132,250 for 3+ persons. Mountain counties like Boulder, Eagle, and Summit have higher limits ($130K-$155K). See the county table above for your specific area.
Can I use CHFA with an FHA loan?
Yes! CHFA SmartStep is specifically designed for FHA, VA, and USDA loans. The CHFA second mortgage for DPA is layered on top of your FHA first mortgage. This is the most popular combination for buyers with credit scores between 620-679 who want to put as little down as possible.
Related Colorado & State Housing Guides
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