CHFA Loan Colorado | Down Payment Assistance & First-Time Buyer Programs | Mango Stock Mortgage

The Colorado Housing and Finance Authority (CHFA) is one of the most powerful homebuying resources available to first-time and qualifying repeat buyers in Colorado. CHFA programs combine affordable 30-year mortgages with down payment assistance grants and second mortgages — making homeownership possible for thousands of Colorado families every year. At Mango Stock Mortgage, our team works with CHFA programs across Denver, Colorado Springs, Boulder, Fort Collins, Pueblo, and every Colorado county.

What is a CHFA Loan in Colorado?

A CHFA loan is a 30-year fixed-rate mortgage backed by the Colorado Housing and Finance Authority. CHFA partners with private mortgage lenders to offer below-market rates, down payment assistance grants, and second mortgages to qualifying Colorado homebuyers. CHFA loans are most commonly paired with FHA, VA, USDA, or conventional first mortgages.

CHFA First-Time Home Buyer Programs

CHFA offers several distinct programs, each tailored to a different borrower profile. The right CHFA program for you depends on your income, credit score, down payment savings, and military or disability status.

CHFA FirstStep — For first-time homebuyers using an FHA, VA, or USDA loan. Includes down payment assistance up to 3% of the loan amount.
CHFA FirstStep Plus — Same as FirstStep but with a larger down payment assistance grant (up to 4%).
CHFA Preferred — For first-time and qualifying repeat buyers using a conventional loan. Lower mortgage insurance than standard conventional financing.
CHFA Preferred Plus — Includes down payment assistance second mortgage for Preferred-eligible borrowers.
CHFA HomeAccess — Designed for Colorado borrowers with disabilities or family members with disabilities. Includes up to $25,000 in down payment assistance.
CHFA SmartStep — For repeat buyers or borrowers who do not need down payment assistance but want CHFA’s below-market rates.

CHFA Down Payment Assistance Options

CHFA down payment assistance can be a grant (no repayment), a forgivable second mortgage (forgiven after a number of years), or a low-interest second mortgage. Pairing CHFA with local DPA programs like MetroDPA (Denver) or CHAC can stack assistance for buyers who need maximum help.

CHFA Down Payment Assistance Grant — up to 3% of loan amount, no repayment
CHFA Second Mortgage — up to 4% of loan amount, low or 0% interest
CHFA HomeAccess — up to $25,000 for disability-qualified buyers
MetroDPA — Denver metro area DPA, can be combined with CHFA
CHAC — Colorado Housing Assistance Corporation, statewide DPA

CHFA Income Limits by Colorado County (2026)

CHFA income limits vary by Colorado county, household size, and whether the property sits in a targeted census tract — and CHFA updated these limits statewide effective June 15, 2026. Under the current schedule, a 1–2 person household in a non-targeted area can earn up to $127,800 in El Paso County (Colorado Springs) or $130,400 in Larimer County (Fort Collins); targeted-area limits and 3+ person household limits run higher in both counties. Limits are generally higher still in Denver, Boulder, and other high-cost counties. Because these figures shift with each CHFA update and by program, confirm your exact county limit with us before assuming you’re over the cap.

CHFA Loan Requirements

To qualify for a CHFA loan in Colorado, you must meet several requirements that vary slightly by program:

Minimum credit score: typically 620 (some programs allow 580)
Maximum debt-to-income ratio: 50% with CHFA approval
Maximum income limits by county (see above)
Property must be your primary residence
Property must be in Colorado
Maximum purchase price limits by county apply
Borrower must complete CHFA-approved homebuyer education course
First-time buyer status required for some programs (not owned a home in past 3 years)

How Mango Stock Mortgage Helps Colorado CHFA Buyers

As a Colorado-licensed mortgage broker shopping 50+ wholesale lenders, Mango Stock Mortgage helps you find the right CHFA program combination for your situation. We can pair CHFA assistance with FHA, VA, USDA, or conventional first mortgages — and combine CHFA with local DPA programs like MetroDPA for maximum buying power. Our team handles the CHFA paperwork, education requirement coordination, and lender shopping so you can focus on finding your home.

Frequently Asked Questions

Do I need to be a first-time buyer for a CHFA loan?

Not always. CHFA FirstStep and FirstStep Plus require first-time buyer status (no home ownership in the past 3 years). CHFA Preferred, Preferred Plus, and SmartStep are also available to repeat buyers in Colorado.

What credit score do I need for CHFA in Colorado?

Most CHFA programs require a minimum credit score of 620. Some FHA-backed CHFA loans accept 580. Higher scores qualify for better rates and may waive some overlays.

Can I combine CHFA with other Colorado down payment assistance?

Yes. CHFA can be combined with local programs like MetroDPA (Denver), CHAC, and NeighborhoodLIFT. Layering DPA programs is one of the most effective ways to maximize Colorado homebuying power.

How long does CHFA approval take?

CHFA approval is typically built into the overall mortgage approval timeline — about 30–45 days from application to closing. Pre-approval can be completed in 24–48 hours through Mango Stock Mortgage.

Is the CHFA homebuyer education course required?

Yes. All CHFA borrowers must complete a CHFA-approved homebuyer education course. The course is available online or in person and typically takes 4–6 hours.

Do I make too much money for CHFA in Colorado?

Probably not. CHFA income limits are set per county and household size, not a single statewide number, and many buyers assume they are over the cap without checking their actual county figure. As of the June 2026 update, a 1–2 person household can earn up to roughly $127,800 in El Paso County or $130,400 in Larimer County before hitting the non-targeted-area limit, with higher limits in targeted census tracts and for larger households. Confirm your county and household size with us before ruling CHFA out.

Am I too old to qualify as a first-time buyer for CHFA?

No. CHFA has no age limit on its first-time buyer programs, and Colorado’s average first-time buyer is now in their early 40s. If you haven’t owned a home in the last three years, you typically qualify as a first-time buyer regardless of age — the program is built around ownership history, not a birthday.

Get Pre-Approved in 24–48 Hours