First-Time Home Buyer Colorado | CHFA, FHA & Down Payment Assistance | Mango Stock Mortgage

First-Time Home Buyer Programs in Colorado

Buying your first home in Colorado is an exciting milestone — but it can feel overwhelming without the right guidance. Mango Stock Mortgage helps Colorado first-time homebuyers navigate state and local down payment assistance programs, FHA loans, and other resources designed to make homeownership accessible across Colorado’s diverse markets.

Colorado First-Time Buyer Programs

  • CHFA FirstStep and FirstStep Plus — Colorado Housing and Finance Authority (CHFA) offers 30-year fixed-rate mortgages at below-market rates for qualifying first-time buyers, plus optional down payment assistance of up to 4% of the loan amount
  • CHFA SmartStep and SmartStep Plus — Combines a CHFA first mortgage with down payment assistance for FHA, VA, or USDA loan types
  • Metro Mortgage Assistance Plus (Denver) — Offers a 4% down payment and closing cost grant for Denver metro buyers meeting income limits
  • Colorado CHFA Down Payment Assistance Grant — A grant (not a loan) of up to 3% of the loan amount for eligible Colorado buyers who don’t need to be repaid
  • Federal Home Loan Bank of Topeka — AHP — Affordable Housing Program grants available through participating Colorado lenders

Am I a First-Time Buyer in Colorado?

Colorado’s definition of “first-time homebuyer” is broader than most people expect. You qualify as a first-time buyer if you have not owned a primary residence in the last three years — even if you owned a home before. Divorced homeowners and people who have lived in a manufactured home may also qualify. Ask our team about your specific situation.

Best Loan Programs for Colorado First-Time Buyers

  • FHA Loans — Most popular for Colorado first-timers: 3.5% down, flexible credit, available statewide
  • VA Loans — Best option for Colorado military first-time buyers: zero down, no PMI
  • USDA Loans — Zero down for eligible rural Colorado first-time buyers
  • Conventional 97 — 3% down for first-time buyers with good credit and stable income

Colorado First-Time Buyer Income & Purchase Price Limits (CHFA)

CHFA programs have income limits that vary by household size and county. Purchase price limits also vary by county. The Denver metro, Boulder, and resort counties typically have higher limits than rural Colorado counties. Contact our Colorado mortgage team to check your eligibility based on your specific county and household income.

Steps to Buying Your First Home in Colorado

  1. Check your credit score and review your credit report for errors
  2. Calculate your budget: down payment, monthly payment, and closing costs
  3. Get pre-approved with Mango Stock Mortgage — we’ll identify the best Colorado program for you
  4. Work with a Colorado real estate agent to find your home
  5. Make an offer and negotiate the purchase contract
  6. Complete the appraisal, inspection, and final underwriting
  7. Close on your new Colorado home and get your keys!

Colorado-Licensed Lender. Mango Stock Mortgage originates mortgages exclusively in Colorado. CHFA and other program availability subject to income limits, purchase price limits, and eligibility requirements. Equal Housing Lender.

Start My Colorado First-Time Buyer Pre-Approval

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