MetroDPA Down Payment Assistance
Financial Assistance for Homebuyers in Colorado
MetroDPA offers eligible applicants a 30-year, fixed-rate mortgage as well as down payment assistance up to 6% of the first mortgage loan amount. This assistance comes in the form of a 3-year, forgivable second mortgage with zero interest and no repayment requirement.
While there is no first-time homebuyer stipulation for the metroDPA program, borrowers must fulfill some other requirements. Their annual household income must fall at or under $150,000 and the borrowers must have a minimum credit score of 660 to qualify with an FHA, USDA, or VA loan. The minimum score to qualify for a conventional loan is 640. Applicants are also required to complete a HUD- or CHFA-approved homebuyer education course.
Any home purchased with metroDPA funds must serve as the borrower’s primary residence. The home must be located in any of the following eligible areas:
Cities and Towns: Arvada, Aurora, Bennett, Berthoud, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Deer Trail, Denver, Edgewater, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Frederick, Golden, Greeley, Highlands Ranch, Keensburg, Lakewood, Littleton, Lochbuie, Lone Tree, Longmont, Mead, Northglenn, Parker, Platteville, Sheridan, Superior, Thornton, Watkins, Westminster, Wheat Ridge.
Counties: Adams County, Arapahoe County, Boulder County, Broomfield County, Denver County, Douglas County, Jefferson County, Larimer County.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Colorado
The Colorado Housing Assistance Corporation (CHAC) offers eligible first-time homebuyers a way of financing the down payment and/or closing costs on their mortgage with the CHAC Down Payment Assistance Program.
The Metro Mortgage Assistance Plus Program is an initiative of Denver's Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs.
MetroDPA is a down payment assistance program that helps low- and moderate-income Colorado residents located in and around the Denver Metro Area gain access to safe and affordable housing.
The Turnkey Mortgage Origination Program offers low- to moderate-income homebuyers in El Paso County a 30-year, fixed-rate mortgage that comes with a down payment assistance grant of 4% of the mortgage amount.
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