AskGinny.

03Guide · 5 min read

The number that matters is not "down payment." It is cash to close — down payment plus closing costs minus any credits and assistance. Buyers routinely over-save for one and forget the other entirely.

Cash to close, defined

Down payment + closing costs + prepaids (taxes and insurance set up in escrow) − seller credits − lender credits − assistance = cash to close. Ginny gives you this number on day one and updates it with every offer.

Gift funds are normal

Family can gift your down payment on conventional, FHA, VA and USDA loans. There is a simple gift letter and a paper trail — Ginny walks your family through it so nobody is surprised at underwriting.

CHFA (Colorado)

The Colorado Housing and Finance Authority offers a down payment assistance grant that is never repaid and a no-interest second mortgage with no monthly payment, each paired with a CHFA first mortgage. Income and purchase-price limits vary by county, and a CHFA homebuyer education class is required.

Arizona IDA HOME+PLUS

Arizona's statewide program pairs a first mortgage with down payment assistance for eligible buyers — no first-time buyer requirement. Maricopa County buyers can also look at Home in Five.

County and city programs

El Paso County (Turnkey Plus), the Denver metro (metroDPA) and some cities run smaller down payment programs of their own, and a few nonprofits do too. They come and go, and most have their own income rules and homebuyer-education requirements — Ginny checks what is open the week you are buying.

Seller and lender credits

A seller can agree to pay part of your closing costs. A lender credit trades a slightly higher rate for lower upfront cost. Both are tools, not tricks, and both have program limits.

What to leave in the bank

Underwriters like reserves and so should you. Draining every dollar to close is how new homeowners end up putting a water heater on a credit card. Build the plan with a cushion.

Ginny · Mortgage Loan Originator
my parents want to help with the down payment. is that allowed?
Absolutely — gift funds are allowed on every major program. I will send them a one-page gift letter and tell you exactly how the transfer should look so underwriting is a non-event.

Quick answers

What are closing costs on a house in Colorado?

Closing costs typically run roughly 2–4% of the purchase price and include lender fees, title and settlement charges, recording fees, and prepaid taxes and insurance. The exact figure appears on your Loan Estimate.

Can I use a gift for my down payment?

Yes. Gift funds from family are allowed on conventional, FHA, VA and USDA loans. A gift letter and documentation of the transfer are required.

Is down payment assistance a grant or a loan?

Usually it is a second loan — often deferred with no monthly payment, repaid when you sell or refinance. Some programs include forgivable portions. Ginny explains the exact terms of your version before you commit.

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