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Down payment assistance program helps moderate and low-income families buy homes

Posted at 4:30 AM, Feb 17, 2020
and last updated 2020-02-17 06:30:25-05

As housing prices continue to go up in the Denver metro area, it can be hard to save enough money for a down payment.

However, there are programs to help.

Colorado Housing Assistance Corporation

The Colorado Housing Assistance Corporation provides low interest, flexible loans to low- and moderate-income (80% of the area median income [AMI] in most areas, 115% AMI in Arvada when using the Arvada program) first-time home buyers for down payment and closing cost assistance throughout Colorado. Interested individuals and families start the process by attending a first time home buyer class. Learn more here. See income limits here.

Metro DPA

Metro DPA offers down payment assistance as a zero-interest, forgivable 2nd mortgage. And you can make up to $139,500 and still qualify. Learn more here.

City/County of Denver

Denver’s Department of Housing Stability (HOST) has a program for first-time home buyers offered by the Colorado Housing Assistance Corporation.

“Denver’s affordable housing strategy includes critical investments at all points along the housing continuum from resolving homelessness to supporting affordable home ownership,” said HOST Executive Director Britta Fisher. “Our down payment assistance program has a strong history of helping hard-working individuals and families to attain the American Dream of home ownership. We’re proud to continue this critical wealth building tool throughout 2020.”

The program offers down payment and closing cost assistance of up to $15,000 to qualifying households that purchase a home in Denver. The program is limited to households earning up to 80 percent of the area median income (up to $52,000 for a single-person household, or up to $66,850 for a three-person household).

Learn more on Denver's Housing website.