Housing Development Grant 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 80%-100% 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.