Let’s explore what is possible.
Down payment assistance is help with the money you need up front to buy a home. In Colorado, several programs are offered through our lending partners, and they are paired with a regular home loan.
Who it is for
- Buyers who can afford a monthly payment but have not saved a full down payment
- First-time buyers, and in some programs repeat buyers as well
- Households within the income limits for the program and area
What you will need
- Photo ID for each borrower
- Recent pay stubs and the last two years of W-2s, or tax returns if you are self-employed
- Recent statements for the accounts holding your down payment and reserves
- Permission to check your credit
- Income information for the household, since many programs have income limits
- A homebuyer education course, which many programs require
Good to know
- Assistance is paired with a first mortgage such as FHA, VA, USDA or conventional.
- Programs differ in how the help is structured and whether it has to be repaid. We walk through the specifics with you before you choose.
- Many programs have limits on income and on purchase price.
- Down payment help is offered through our lending partners. Availability, eligibility and requirements vary by program.
Common questions
Do I have to be a first-time buyer?
Not always. Some programs are limited to first-time buyers and others are open to repeat buyers. It depends on the program.
Does the help have to be paid back?
It depends on the program. Some help must be repaid and some does not. You will see exactly how a program works before you commit to it.
Does using assistance change my loan?
It can. Assistance is tied to a specific first mortgage, and the combination affects your overall cost. Comparing with and without assistance is part of choosing well.
Is there a class I have to take?
Many programs require a homebuyer education course. It can usually be done online.
