Division of Housing Down Payment Assistance Loan Program

Before applying for a loan, please see the Loan Application Process page.  We will need to meet with you to determine which loan program you qualify for.

Loan Program Highlights

Qualification

  • $50 application fee
  • All household members must be lawfully present within the United States
  • Income between 50%-80% AMI*
  • Minimum credit score of 620 (non-traditional analysis available for borrowers without a credit score)
  • Non-discretional monthly expenses less than 95% of gross monthly income
  • Must put down greater of 1% of the purchase price or $1,000 from borrower’s own funds (gift funds are acceptable)
  • Post-closing liquid assets cannot exceed $25,000
  • Must work an average of at least 30 hours/week on an annual basis in Summit County
  • CHFA-approved homebuyer education course certificate required
  • Individual housing counseling certificate required

Loan

  • Loan amount between $1,000-$25,000
  • 1-to-1 match of borrower’s down payment
  • 2% interest rate
  • 20-year term
  • May be used to pay reasonable and customary closing costs (total loan-to-value cannot exceed 100%)
  • No cash back at closing permitted
  • Must meet Division of Housing affordability period requirement (the SCHA will review this requirement with potential borrowers during the initial meeting and application process)
  • Property must be primary residence
  • Co-signers not permitted on down payment assistance loan (co-signers are permitted on the primary mortgage)

*Please note that this program uses the 80% income amount from the most recently published Colorado Division of Housing HOME Rent & Income Limits.   This amount may be slightly different than the 80% AMI amount published on this site.