A CHFA loan is a home loan offered under Colorado Housing and Finance Authority program rules through a participating lender. It can be paired with CHFA down payment assistance for eligible buyers.

Do I have to be a first-time buyer to use CHFA?

Not always. Some CHFA programs are available to repeat buyers who meet income and other requirements. We check which programs fit your situation.

Is the CHFA homebuyer class required?

Yes. CHFA requires homebuyer education before closing. CHFA lists approved online and in-person classes.

Can I use CHFA with a VA or FHA loan?

CHFA offers programs built on several loan types, including FHA and VA, through participating lenders. We confirm which combinations are currently available.

Should I choose CHFA or metroDPA?

It depends on your location, income, and plans. We price both for the same home so you can compare the cash to close, the payment, and the repayment terms.

Down payment assistance

CHFA loans in Colorado, explained

Q: Does CHFA down payment assistance have to be repaid?

It depends on the option. A grant typically does not need repayment. A second mortgage is typically repaid when you sell, refinance, or pay off the first mortgage. Confirm current terms with us.

The Colorado Housing and Finance Authority is the state's housing finance agency. Here is how its home loans and down payment help work, in plain words.

Reviewed by Ben Binger, Mortgage Loan Originator, NMLS 1322594

Last updated October 26, 2026

A young couple at their kitchen table reviewing a homebuyer education workbook and a laptop, mountains visible through the window

CHFA, the Colorado Housing and Finance Authority, does not lend to you directly. It offers home loan programs and down payment assistance through participating lenders across Colorado. For many first-time and moderate income buyers, it is the first program worth pricing.

This page gives you the high-level picture. CHFA sets and updates its own income limits, purchase price limits, and program terms, so we always confirm current guidelines on chfainfo.com before recommending a specific option.

CHFA first mortgage programs

CHFA's home loans are standard types of mortgages, such as conventional, FHA, VA, and USDA, offered under CHFA's program rules through participating lenders. What makes them different is the eligibility criteria and the ability to pair them with CHFA down payment assistance.

CHFA programs can also include options for buyers who are not first-time buyers, depending on the program and the buyer's income.

CHFA homeownership programs (chfainfo.com)

CHFA down payment assistance options

CHFA assistance must be paired with a CHFA first mortgage. Eligible buyers generally choose between a grant and a second mortgage loan, not both. A grant typically does not need to be repaid. A second mortgage is typically repaid when you sell, refinance, or pay off the first mortgage.

Each option has trade-offs. Assistance can change the pricing of the first mortgage, so we compare the full cost with and without it.

Who qualifies, in general terms

CHFA eligibility is based on a few common themes. The exact numbers change, and many vary by county and household size.

Income: Household income must be within CHFA's limits for the program and county.
Purchase price: The home price must be within CHFA's limit.
Credit: Meet CHFA's credit requirements and those of the loan type.
Occupancy: You must live in the home as your primary residence.
Contribution: Some programs require a minimum contribution from the buyer.

The required homebuyer education class

CHFA requires homebuyer education before closing. The class covers budgeting, credit, the loan process, and what to expect as an owner. CHFA lists approved class options, both online and in person.

Take the class early. It is one of the easiest steps to finish before you shop, and it keeps your file moving once you are under contract.

Working with a CHFA participating lender

CHFA loans are only available through lenders approved to offer them. As a mortgage broker, we work with wholesale lenders that participate in CHFA programs, so you can compare CHFA against other loan options in one conversation instead of calling around.

1Talk with us about your income, savings, and target area.
2Take the CHFA-approved homebuyer education class.
3Get pre-approved with CHFA and non-CHFA options compared.
4Go under contract and reserve CHFA assistance.
5Close on your CHFA first mortgage and assistance together.

CHFA compared with metroDPA

Both programs help with down payment and closing costs, but they work differently.

	CHFA	metroDPA
Administrator	Colorado Housing and Finance Authority	metroDPA program for participating communities
Area served	Statewide	Participating Front Range communities, including Denver
First mortgage	Must be a CHFA first mortgage	Specific first mortgage types through approved lenders
Assistance	Grant or second mortgage options	Second mortgage assistance; review repayment terms
Education	Homebuyer class required	Check current program requirements

Program details change. See each administrator's site and confirm current guidelines with us.

CHFA questions we hear most

The short version of each answer. If yours is not here, call or text 720-386-4071 and ask.

Questions about your own numbers?

Call or text 720-386-4071, or start the application and we will follow up the same day. The conversation is free, and the math is yours to keep.

Get Pre-Approved Call or text 720-386-4071