Exploring Homebuyer Grant Programs in Colorado: A Guide for Aspiring Homeowners

Colorado is not only known for its breathtaking landscapes and outdoor adventures, but it’s also a fantastic place to call home. If you’re considering buying a house in the Centennial State, you’ll be pleased to know that several homebuyer grant programs can make your dream of homeownership more affordable. In this blog, we’ll explore the available grant programs in Colorado and share some fun facts about this beautiful state.

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Homebuyer Grant Programs in Colorado

1. Colorado Housing and Finance Authority (CHFA) Homebuyer Programs

   The CHFA offers several programs designed to assist first-time homebuyers and those who haven’t owned a home in the last three years. These programs often include down payment assistance, mortgage credit certificates, and low-interest loans. Some key features include:

   • Down Payment Assistance Grant: Provides a grant of up to 4% of your mortgage amount, which can be used towards your down payment or closing costs. The best part? It doesn’t have to be repaid.
   • Mortgage Credit Certificate (MCC): This program allows you to claim a portion of the mortgage interest you pay each year as a federal tax credit, reducing your overall tax liability.
2. Metro DPA (Down Payment Assistance)

   The Metro DPA program offers down payment assistance grants to qualifying homebuyers in the Denver metro area. These grants provide up to 5% of the loan amount, which can be used for down payments and closing costs. This program is available to both first-time and repeat homebuyers, with income limits that vary by location.

3. Boulder County Down Payment Assistance Program

   This program offers assistance to low- and moderate-income individuals and families looking to purchase a home in Boulder County. Eligible applicants can receive a forgivable loan of up to $50,000, which can be used towards the down payment and closing costs. The loan is forgiven over a period of 10 years, as long as the home remains the buyer’s primary residence.

4. Denver’s Homebuyer Assistance Program

   The City of Denver offers a program that provides down payment assistance to low- and moderate-income individuals and families. This program offers a zero-interest, deferred payment loan of up to $15,000, which can be used for down payment and closing costs. The loan does not need to be repaid until the home is sold or refinanced.

5. El Paso County Turnkey Plus Program

   The Turnkey Plus Program provides eligible homebuyers in El Paso County with a 4% down payment assistance grant. This program is available to first-time and repeat homebuyers and can be used with FHA, VA, USDA, or conventional loans. The grant does not need to be repaid, making it an excellent option for those looking to buy a home in Colorado Springs and surrounding areas.

Fun Facts About Colorado

• Fourteeners Galore: Colorado is home to 58 mountain peaks that exceed 14,000 feet in elevation, known as “Fourteeners.” These peaks are a haven for hikers and mountaineers.
• The Centennial State: Colorado became the 38th state to join the Union in 1876, 100 years after the signing of the Declaration of Independence, earning it the nickname “The Centennial State.”
• Sunshine State: Despite its mountainous terrain, Colorado averages 300 days of sunshine per year, making it one of the sunniest states in the U.S.
• Breathtaking Landscapes: Colorado is home to four national parks—Rocky Mountain, Mesa Verde, Great Sand Dunes, and Black Canyon of the Gunnison—each offering unique and stunning natural beauty.
• Legal First: Colorado was the first state to legalize recreational marijuana in 2012, leading to a booming cannabis industry.
• The Mile-High City: Denver, the state capital, is known as the “Mile-High City” because it sits exactly one mile above sea level.

Conclusion

Buying a home in Colorado is a dream for many, and with the help of these homebuyer grant programs, that dream can become a reality. Whether you’re a first-time buyer or looking to relocate, these programs offer valuable assistance to make homeownership more accessible. Plus, with the state’s stunning natural beauty and vibrant culture, you’ll find plenty to love about living in Colorado.

If you’re ready to explore your options, consider reaching out to local housing authorities or a mortgage advisor who can guide you through the process and help you take advantage of these grants. Happy house hunting in the Centennial State!

Call us today to see what Colorado Homebuyer Grant is right for you (888) 882-1058