Which First-Time Buyer Programs
Can You Actually Use?
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No hard credit pull. No obligation. No pressure. Just straight answers about what you qualify for.
Em is reaching out now by text to get your free intro call with Matt on the calendar. From there you'll book a Google Meet where we walk the whole buying process end to end — your real number, which programs you qualify for, and what the next 30 days look like.
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Speak Straight Mortgage LLC · NMLS# 2426226 · Matthew Wentz NMLS# 1852397
Colorado down payment programs, and we work with every one of them.
If saving for a down payment feels like it will take forever, it probably does not have to. Here is what is on the table in Colorado right now.
- 4grants you never repay
- 11no-payment seconds
- 4forgivable seconds
- 4low-payment seconds
- 0%down with USDA
First, The Question Nobody Asks You
Do you actually need down payment assistance? Plenty of first-time buyers we talk to don't — and going through a program they don't need costs them a better rate. That is the first thing we work out, before anyone mentions a grant.
✓ If you have some money saved
3% down conventional — for first-time buyers with decent credit, this is often the cleanest path. Mortgage insurance falls off as you build equity, unlike FHA.
No program restrictions — no income limits, no purchase price caps, no forgiveness clock, no second lien to subordinate later.
Usually a better rate — assistance programs often price above market. If you don't need the help, taking it can cost you more over time than it hands you at closing.
Gift funds count — money from family is allowed on both conventional and FHA. A lot of buyers don't realize this and assume they're short.
💰 If you need help with the down payment
True grants (100% forgiven) — no repayment, no second lien, no forgiveness clock. This is the structure to want when it's available to you.
Up to 3.5% grant — some of the programs we run exceed what CHFA offers. Eligibility varies by income and household.
Silent seconds and forgivable loans — CHFA and metro programs often use these. They can absolutely work, but a second lien has to be paid off or subordinated when you refinance. Know that going in.
Big advertised numbers — a large "assistance" figure is usually a loan, not a grant. Always ask which it is. The answer changes what it actually costs you.
Colorado First-Time Buyer Programs We Work With
If you have been staring at program names trying to work out which ones are real and which ones you can actually use, you are not alone. These are the programs we originate, about twenty in all, and we offer every one, which is why we can tell you which one you do not need.
Conventional, 3% Down
For first-time buyers with credit around 620 and up. 3% down as a first-time buyer, otherwise usually 5%. No upfront mortgage insurance fee, and the monthly MI drops off automatically at 20% equity. No income limits and no purchase price caps.
3% down · MI falls off · No program restrictionsDown Payment Grants, Up to 3.5%
Money you never repay, with no second lien. FHA grants of 2% or 3.5%, and conventional grants of 1% to 3%. The income limit is waived for first-time buyers, first responders, educators, healthcare workers, civil servants and military, so a good income rarely knocks you out. Scores from 620 to 640.
Never repaid · No lien · Income cap usually waivedCHFA Schools to Home, Up to 25%
For full-time employees of any Colorado public school, district or charter school, teachers or not. Up to 25% of the first mortgage with no monthly payment, repaid with a share of the appreciation when you sell or refinance. Enough to reach 20% equity and skip monthly mortgage insurance. Income up to $178,920, 620 credit.
Up to 25% · No payment · Not first-time onlyCHFA Programs
A 3% grant or a 4% no-payment second (up to $25,000) on FHA, VA or USDA, a 4% second on conventional, a $25,000 second for first-generation buyers, and $25,000 for households with a disability. Most have no first-time-buyer rule. Income up to $178,920 on most, 620 credit, single-unit homes, 30-year loans.
Grant or deferred second · 620+ · StatewideForgivable and FHA Seconds, 3.5% to 5%
For scores from 600. A 0% second with no payment that is forgiven after 36 or 60 on-time payments, or a small 10 to 15 year second you repay. Most have no income limit, and several allow a 25-year loan, which pays the house off five years sooner.
600+ credit · Forgiven or repayable · 25-year optionsUSDA, 0% Down
Zero down in eligible rural and suburban areas, including Falcon, Peyton, Black Forest and much of the county outside Colorado Springs city limits. Household income limit in El Paso County: $133,850 for 1 to 4 people. Pair it with a down payment second or seller credits for closing costs. How USDA works · Check an address on USDA's map
0% down · Income limit by county · Rural and suburbanFHA, 3.5% Down
Credit from 580 with 3.5% down. Built for real-world credit histories, and it works with most of the down payment help above. The trade-off is mortgage insurance that stays for the life of the loan, so we price it against conventional side by side.
580+ credit · 3.5% down · Works with DPAGift Funds & Seller Concessions
Family gift money is allowed on conventional and FHA, and a motivated seller can cover much of your closing costs. Between the two, a lot of buyers who assumed they needed a program turn out not to.
Often the simplest path, and nobody mentions itDown payment help
There is more help out there than most buyers ever hear about.
Saving the down payment is the part that keeps most people renting. Colorado has about twenty programs that cover some or all of it: grants you never repay, seconds that are forgiven over time, CHFA programs, and USDA loans with nothing down. Put in what you know and see which ones fit you, then let us walk you through the best one.
All 22 Colorado down payment programs: who qualifies, how much, and whether you repay it
4 grants you never repay, 4 forgivable seconds, 11 no-payment seconds repaid when you sell, 4 seconds with a small payment, and USDA with nothing down. CHFA income limits effective June 15, 2026; USDA limits effective July 13, 2026.
| Program | Kind of help | Amount | Loan | Term | Units | Min score | Income limit | First-time buyer? |
|---|---|---|---|---|---|---|---|---|
| CHFA Schools to Home | Deferred second | Up to 25% | Conventional | 30-yr | 1 | 620 | $178,920 | No |
| CHFA SmartStep Plus (grant) | Grant | Up to 3% (max $25,000) | FHA, VA, USDA | 30-yr | 1 | 620 | $178,920 | No |
| CHFA SmartStep Plus (second) | Deferred second | Up to 4% (max $25,000) | FHA, VA, USDA | 30-yr | 1 | 620 | $178,920 | No |
| CHFA FirstStep Plus | Deferred second | Up to 4% (max $25,000) | FHA | 30-yr | 1 | 620 | By county and household size | Outside targeted areas |
| CHFA FirstGeneration Plus | Deferred second | $25,000 | FHA | 30-yr | 1 | 620 | By county and household size | First-generation only |
| CHFA Preferred Plus | Deferred second | Up to 4% (max $25,000) | Conventional | 30-yr | 1 | 620 | $178,920 | No |
| CHFA Preferred Plus (very low income) | Deferred second | Up to 4% (max $25,000) | Conventional | 30-yr | 1 | 620 | County very-low-income limit | No |
| CHFA HomeAccess Plus | Deferred second | Up to $25,000 | FHA, VA, USDA | 30-yr | 1 | 620 | $178,920 | No |
| Metro Down Payment Assistance (FHA/VA/USDA) | Deferred second | 3% or 4% | FHA, VA, USDA | 30-yr | 1–2 | 620 | $216,000 | No |
| Metro Down Payment Assistance (conventional, ≤80% AMI) | Deferred second | 3% or 4% | Conventional | 30-yr | 1–2 | 620 | 80% of area median, by county | No |
| Metro Down Payment Assistance (conventional, over 80% AMI) | Deferred second | 3% or 4% | Conventional | 30-yr | 1–2 | 620 | $216,000 | No |
| Denver First Generation (metroDPA) | Deferred second | $30,000 (max 20% of price) | FHA | 30-yr | 1–2 | 620 | $100,800 (1 person) to $190,100 (8), whole household | First-generation only |
| Evergreen Grant (FHA, 2% or 3.5%) | Grant | 2% or 3.5% | FHA | 20 / 25 / 30-yr | 1–4 | 620 | ≤140% of area median, waived for first-time buyers and many jobs | No |
| Overlook Grant (FHA, 2% or 3.5%) | Grant | 2% or 3.5% | FHA | 25 / 30-yr | 1–2 | 640 | ≤160% of area median, waived for first-time buyers and many jobs | No |
| Overlook Grant (conventional, 1–3%) | Grant | 3% | Conventional | 30-yr | 1–4 | 620 | ≤160% of area median, waived for first-time buyers and many jobs | Only under 5% down |
| Keystone Second (FHA, repayable 3.5% or 5%) | Repayable second | Up to 5% | FHA | 25 / 30-yr | 1–2 | 600 | None | No |
| Keystone Second (FHA, forgivable 3.5% or 5%) | Forgivable second | Up to 5% | FHA | 25 / 30-yr | 1–2 | 600 | None | No |
| Kiowa Second (FHA, 3.5% forgiven in 3 years) | Forgivable second | 3.5% | FHA | 25 / 30-yr | 1–2 | 600 | Being confirmed | No |
| Kiowa Second (FHA, repayable 3.5% or 5%) | Repayable second | Up to 5% | FHA | 25 / 30-yr | 1–2 | 600 | Being confirmed | No |
| Orchard Second (FHA, 3.5% or 5%) | Forgivable second, Repayable second | 3.5% or 5% | FHA, USDA | 25 / 30-yr | 1–2 | 660 | None | No |
| Ouray Second (FHA, 3.5% or 5%) | Forgivable second, Repayable second | 3.5% or 5% | FHA | 30-yr | 1–2 | 660 | None on repayable; ≤160% of area median on forgivable | No |
| USDA Rural Development loan (0% down) | 0% down loan | 100% financing | USDA | 30-yr | 1 | 640 | USDA county limit | No |
Work for a Colorado School?
There's a Program Built Just for You.
CHFA Schools to Home gives full-time Colorado public school employees down payment help of up to 25% of the loan amount. Not just teachers — paras, bus drivers, custodians, office and food-service staff, coaches, and administrators all count. Only one borrower on the loan needs to work for the school.
Search your school, district, or county. If it's here, your employer qualifies you.
1,871 Colorado public schools · CDE 2026–27. Charter, BOCES, or don't see yours? You may still qualify.
You Might Be a First-Time Buyer
Without Knowing It
The definition is broader than most people assume, and the programs reach further than the label suggests. If you don't see yourself here, ask us anyway.
Never Owned a Home
The straightforward case. Most programs are built for you.
Haven't Owned in 3 Years
You count as a first-time buyer again on most programs.
Parents Never Owned
First-generation programs exist specifically for you.
Saved Some, Not Enough
Gift funds and seller concessions often close the gap.
Credit Still Rebuilding
FHA reaches to 580. Under that, we build you a plan.
Already Have Your Down Payment
Then you may not need a program at all — and we'll say so.
The Questions First-Time Buyers Should Always Ask
The question that changes everything: do you need assistance, or just think you do?
Most first-time buyers dramatically overestimate what they need up front. The 20% figure is folklore — 3% is a real conventional program, and gift funds from family are allowed. Before we talk about any assistance program, we work out whether you need one, because a program you don't need usually costs you a better rate.
If you do need help, the structure matters as much as the amount. True grants are the best outcome — no second lien, no forgiveness clock, no subordination request when you refinance. We can often find grant programs for qualifying buyers, sometimes exceeding what CHFA offers.
But silent seconds and forgivable loans are not inherently bad — for the right buyer with a longer timeline, they work fine. What we won't do is let you sign one without understanding what it means for refinancing later.
Be careful with big advertised assistance numbers. A large figure is usually a forgivable loan or a repayable second, not a grant. Ask the question every time: is this a grant, a forgivable loan, or a repayable second? Those are three completely different things, and only one of them is free.
You Don't Need to Know
What You're Doing Yet.
Nobody is born knowing how this works. The buyers who do best aren't the ones who researched the hardest — they're the ones who got the order of operations right. Here it is, in plain language.
Know your real number
Not a calculator guess — what you can actually borrow, and what the monthly payment really is once taxes and insurance are in.
Find out what you qualify for
Grants, CHFA, first-generation programs, or none of them. This is where most people start, and it's actually second.
Get a pre-approval that holds
A letter sellers take seriously, built on documents we've actually reviewed — not a soft estimate that falls apart at offer time.
Shop with an agent who knows the plan
We have our own agents. Yours will already know your number, your programs and your timeline before the first showing.
Write an offer that competes
Agent and lender on the same team, so your offer doesn't lose to someone whose financing looked cleaner on paper.
Close without surprises
You'll know your cash to close and your payment before you sign anything. No moving numbers at the table.
4 Steps to Your First Home
Complete the 60-Second Survey
Tell us who you are, what you're looking for, and where you're at. No hard credit pull. No commitment. Em will reach out by text same day or next day to set up your next step.
Free Session — What You Actually Need Up Front
This is where the real work happens. We work out your true down payment and closing costs, whether you need an assistance program at all, and which structure fits if you do. You get straight answers on the real rate and payment, and what any program means for refinancing later. No sales pitch. No pressure.
Pre-Qualification & Program Match
Once we know your situation, we check income, credit, and program eligibility. We match you to the best structure — grant over second lien wherever possible — and build your pre-approval letter so sellers take you seriously.
Close On Your First Home
We close fast, with the least out of your pocket that your situation allows and a rate you can live with. We close what we commit to — no surprises at the table.
Ready to Find Out What You Qualify For?
No hard credit pull. No obligation. Em will reach out by text same day or next day.
