Down Payment Assistance
Every year, down payment assistance goes unused because buyers don’t know it exists. In Colorado, CHFA (the Colorado Housing and Finance Authority) offers a down payment grant and a deferred second mortgage that can cover down payment and closing costs for eligible buyers — paired with a CHFA FHA, VA, USDA or conventional first mortgage. In Arizona, the Arizona IDA HOME+PLUS program does the same job statewide, and metro Phoenix adds Home in Five. Some cities and counties run their own smaller programs on top of that — Ginny checks every one that could fit your file.
Is this you?
- First-time buyers (and some repeat buyers in targeted areas)
- Households within CHFA or Arizona IDA income limits
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
Ginny · Mortgage Loan OriginatorQuestions friends actually ask
How does down payment assistance work in Colorado?
CHFA offers assistance two ways alongside a CHFA first mortgage: a down payment assistance grant that never has to be repaid, or a larger second mortgage with no interest and no monthly payment, repaid when you sell, refinance or pay off the first mortgage. A CHFA-approved homebuyer education class is part of the deal. Ginny handles the pairing with the right first mortgage for you.
Do I have to be a first-time buyer to get assistance?
Not always. CHFA’s FirstStep program is for first-time buyers (defined as not owning in the last three years) and buyers in targeted areas, but CHFA SmartStep and CHFA Preferred serve repeat buyers too, as long as you meet the income limits and will live in the home. Arizona’s HOME+PLUS has no first-time buyer requirement either. Income and purchase price limits apply and vary by program and county.
Is down payment assistance a grant or a loan?
It’s typically a loan — but often a deferred one with no monthly payment, repaid only when you sell, refinance, or pay off the first mortgage. Ginny will walk you through exactly what your version costs, in plain English, before you commit.
Is there down payment assistance for first-time home buyers in Colorado Springs and Denver?
Yes. CHFA programs are available statewide, including Colorado Springs, Monument, Denver and every suburb, and some cities and counties layer smaller local programs on top — El Paso County’s Turnkey Plus and metroDPA in the Denver metro, for example. Income and purchase-price limits apply and change periodically; Ginny checks your eligibility and runs the numbers before you commit.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure yet?
That is literally what Ginny is for. One conversation, all your options side by side, zero pressure to move forward.
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