If you’re buying your first home, you may be surprised to learn how many first-time homebuyer programs in Colorado are available to help. From down payment assistance to special loan terms, these programs are designed to make homeownership more accessible—especially for buyers who may not have a large amount saved or who are navigating the process for the first time.
In this guide, we’ll walk through the most important things to know about first-time buyer programs in Colorado, who qualifies, and how to decide if they’re right for you. Whether you’re just getting started or ready to make a move, this information can help you plan your next steps with confidence.
Overview of First-Time Homebuyer Programs in Colorado
Colorado offers a mix of statewide and local programs aimed at helping first-time buyers get into a home with less out-of-pocket cost. Here are some of the most common options:
CHFA (Colorado Housing and Finance Authority)
- Offers down payment assistance and second mortgage options
- Can be used with FHA, VA, USDA, and conventional loans
- Must meet income, purchase price, and credit requirements
Learn more about CHFA directly from their official site.
Local City & County Programs
Many Colorado municipalities offer their own first-time buyer programs:
- Denver Metro Down Payment Assistance Program
- Aurora Home Ownership Assistance Program
- Boulder Permanently Affordable Homes Program
These programs often include grants or forgivable second mortgages to cover down payment or closing costs. They may also tie eligibility to specific neighborhoods, income bands, or housing stock.
Who Qualifies as a First-Time Homebuyer?
In most cases, a first-time buyer is someone who has not owned a home in the past three years. But eligibility may vary by program. Other common requirements include:
- Income limits: Usually based on household size and county
- Purchase price limits: Capped based on regional market rates
- Minimum credit score: Varies by loan program, often 620+
- Homebuyer education course: Most programs require this (online or in person)
✅ Zenith Tip: Even if you owned a home years ago, you may still qualify as a “first-time buyer” under these guidelines. Don’t assume you’re ineligible—ask first!
Loan Types That Work with Assistance Programs
Many first-time homebuyer programs in Colorado are compatible with major loan types:
| Loan Type | Compatible with Assistance? |
| FHA | Yes |
| Conventional | Yes (typically with 3% down) |
| VA | Sometimes (Restrictions Apply) |
| USDA | Yes (in rural Areas |
When using a program like CHFA, your lender will structure the loan so that the assistance is layered onto the main mortgage. Some programs include:
- Second mortgages (paid later or forgiven)
- Grants (no repayment)
Reduced interest rates or mortgage insurance costs
Pros and Cons of Using Assistance Programs
Pros:
- Lower upfront costs: Reduce or eliminate your required down payment
- Access to grants: Some programs offer free money
- Built-in guidance: Education courses help you prepare
- Better affordability: May improve debt-to-income ratios or monthly payments
Cons:
- More paperwork: Programs often require additional documentation
- Extra timelines: Processing may take longer than a traditional loan
- Restrictions: Some limit the type or location of home you can buy
- Long-term rules: Resale restrictions or payback terms may apply
✅ Zenith Tip: The right program can unlock homeownership sooner, but it’s important to understand the trade-offs. We’ll walk you through every detail.
How Zenith Helps First-Time Buyers Navigate the Process
At Zenith Home Loans, we’re not just here to get you a mortgage—we’re here to build a custom path that fits your needs. For first-time buyers, that includes:
- Helping you choose the right program based on your goals, timeline, and finances
- Coordinating with CHFA or city-specific agencies to manage paperwork and deadlines
- Clarifying the fine print so you’re never caught off guard
- Providing ongoing support even after closing, through annual check-ins and planning reviews
🏠 We believe first-time homeownership should be exciting—not overwhelming. With the right guidance, it can be.
Are You a First-Time Buyer in Colorado? Let’s Talk.
If you’re looking at homes but not sure how much you need to save—or whether you qualify for support—we can help.
Let’s build a plan together. You might be closer to homeownership than you think.
→ Schedule Your First-Time Buyer Consult
📎 Looking for more options? Learn about Colorado loan programs and the buying process.
