First time home buyer? Low income? No problem! If you want to buy a house with low income in Coilorado, there is help available to you! There are many programs that will assist you with tax reductions, down payment assistance and so much more!
Since there are several different types of assistance for a low income home buyer in Colorado, we’ve tried to organize this list by type as much as possible.
Don’t forget these helpful federal programs!
There are many programs that help low income homebuyers across America. We’ve listed those agencies that serve buyers in multiple states here in this helpful nationwide guide!
Always check with these helpful agencies.
Colorado Housing and Finance Authority offers a down payment assistance grant for up to 4 percent of your mortgage amount (or a low-cost deferred loan for up to 5 percent)! They also offer homebuyer education and other helpful services for those trying to buy a home in Colorado. They can also assist you with mortgage credit certificates that can reduce your federal tax liability.
Colorado Housing Assistance Corporation provides flexible low interest loans for down payment assistance. They also provide FREE homebuyer education classes in the Denver metro area and other helpful services for prospective Colorado homebuyers.
Colorado Housing Enterprises serves all of Colorado with helpful homebuyer programs. In addition to mortgage counseling and homebuyer education classes, CHE may also be able to help you access $15,000 in down payment assistance through the Neighborhood LIFT program! CHE also offers up to $10,000 in down payment assistance loans through a separate program.
NeighborWorks locations can provide homebuyer education courses, lending, energy efficiency upgrade assistance and more. Find your local network affiliate using their website.
Get down payment assistance from these Colorado counties!
If you’re looking for down payment assistance in Colorado, these county-based agencies should be the first place you look! Sometimes cities have better deals, though, so don’t forget to check for your city in the list after this one!
Adams County is served by Unison Housing Partners (formerly Adams County Housing Authority), which provides free homebuyer education classes, homeownership counseling, foreclosure prevention services and more to Adams County residents.
Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson Counties are covered by Del Norte Neighborhood Development Corporation. This agency provides down payment and closing cost assistance with ZERO percent interest! No payments are required. The loan doesn’t have to be repaid until the 30th anniversary of the loan’s completion unless you sell or transfer the property before that time.
Arapahoe County offers a first time homebuyer program that provides up to $10,000 in assistance for down payments, closing costs and prepaid/escrow expenses. This assistance is awarded as a second mortgage with a low 3.0 percent interest rate that is repaid over 15 years.
Archuleta, Dolores, La Plata, Montezuma and San Juan Counties are served by HomesFund Homeownership. HomesFund offers a shared appreciation program that contributes up to $50,000 toward your home purchase! This amount is determined as a percentage of your loan. When you sell, refinance or transfer your home, you will pay back the same percentage of the sale price to the agency. They also offer a Building Wealth Loan that eliminates the need for mortgage insurance and basically brings your primary mortgage down to 80 percent of the purchase price. A HomesFund Homeownership Advisor can help you determine what program is best for you.
Bent, Crowley and Otero Counties are served by Tri-County Housing & Community Development Corporation. This agency provides free homebuyer education classes, financial fitness counseling and foreclosure prevention counseling for homeowners in the tri-county area.
Boulder County can provide you with down payment and closing cost assistance for up to 8.5 percent of your home’s purchase price. The loans carry a small interest of 3 percent. For low income households who earn 50 percent or less of the area’s median income, the monthly payments are deferred and the loan doesn’t have to be repaid until the home is sold, transferred or refinanced.
Cheyenne, Elbert, Kit Carson and Lincoln Counties are served by Prairie Development Corp. This agency provides homebuyer counseling and low-cost loans for down payment and closing cost assistance.
Delta, Gunnison, Hinsdale, Montrose, Ouray and San Miguel Counties are served by Delta Housing Authority. This agency does provide some limited down payment assistance but they are currently understaffed so the program may not be operational at this time.
Denver County residents can purchase safe, affordable condos and homes through the Affordable Housing Ownership Program. At this time, this program can help you purchase any home in Denver, Arvada, Aurora, Bennett, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Edgewater, Englewood, Firestone, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, Wheat Ridge or unincorporated Arapahoe, Jefferson or Boulder County.
Douglas County offers several options for low and moderate income households who want to purchase their first home in Douglas County. These programs include a down payment assistance program that can provide up to $15,000 toward your down payment and a shared equity program that can provide up to $25,000 in financing.
Eagle County buyers can receive assistance from one of several county programs. Eagle County has special grants for buyers who are using FHA mortgages, for those who are not using FHA mortgages, for those who are purchasing a home in Eagle Ranch and for those who are buying a home elsewhere in Eagle County.
El Paso County provides a “Turnkey” Mortgage Program that provides a competitive fixed-rate mortgage with a down payment assistance grant of 4 percent of the home’s purchase price.
Grand County provides down payment assistance to buyers who meet certain income and employment requirements.
Larimer County is served by the Loveland Housing Authority. This program helps prospective buyers purchase homes in Loveland, Wellington, Berthoud, Estes and unincorporated Fort Collins. These funds can provide up to $15,000 toward your home purchase! This loan has a one percent interest rate and a 20 year term!
Logan, Morgan, Phillips, Sedgewick, Yuma and Washington Counties are served by Northeast Colorado Housing Inc. This agency provides homebuyer counseling services, home buyer education classes, down payment assistance loans, self-help housing programs and more for buyers in the northeast Colorado area!
Weld County is served by High Plains Housing Development Corp. This agency provides home loans, closing cost assistance, housing counseling, budget and credit counseling and so much more to buyers in the Weld County area.
Get extra down payment assistance from these Colorado cities!
Aurora homebuyers can receive up to $10,000 in zero-interest loans to assist with their down payment and closing costs! The city also provides assistance with lead hazard screenings on homes built before 1978.
Boulder offers free homebuyer education workshops and several helpful programs for homebuyers. These programs include:
Permanently Affordable Homes are sold at below-market prices to low income buyers who intend to live in the home. Buyers have to agree to an Affordability Covenant that places limits on the resale price of the home (among other things). This ensures that the home will remain affordable for low income families forever.
The Solution Grant provides down payment and closing cost assistance to low income homebuyers. These grants are exclusively for buyers who are purchasing Permanently Affordable Homes (see above) or the Thistle Communities Homeownership Program.
The H20 Program provides down payment assistance for other low income buyers. The maximum loan amount is $50,000 (or 15% of the purchase price, whichever is less). There are no payments for the first 15 years unless the home is sold or transferred.
Commerce City provides down payment and closing cost assistance of up to $10,000! This assistance is provided as an affordable second mortgage loan that accrues 3.5 percent interest and must be repaid over 10 years.
Denver buyers can receive down payment assistance from NEWSED Community Development Corporation when they are purchasing a home in the Denver Metro area!
Fort Collins can cover a portion of your down payment and closing costs through the Homebuyer Assistance Program. The assistance can cover up to 5 percent of the home’s purchase price. The loan must be paid back with 5 percent interest on the principal when the home is sold, transferred, refinanced, or rented.
Pueblo provides a deferred forgivable loan for up to $5,000 to assist with down payments! The loan is deferred for five years and, as long as you live in the home that long, it is completely forgiven.
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