Down Payment Assistance in Colorado Springs

Down payment assistance in Colorado Springs (DPA) can make buying a home more affordable—especially when saving up feels out of reach. These programs are designed to reduce your out-of-pocket costs and help you qualify for a home sooner.

DPA can come in the form of grants, forgivable second mortgages, or deferred loans. In Colorado Springs, we work with well-established programs like CHFA, Chenoa Fund, CHAC, and NHF, all of which can be used with FHA, VA, USDA, or conventional financing. Eligibility depends on income, credit score, and the type of loan you choose. [Start your DPA evaluation here.]

It’s important to note: Down payment assistance is not the same as a first-time buyer program. While many first-time buyers qualify, DPA specifically helps with upfront funds—not credit flexibility or education. These programs can make a major difference in areas like Fountain, Security-Widefield, and Southeast Colorado Springs, where entry-level housing is still attainable but prices are rising fast.

How Down Payment Assistance Works

• Can be structured as a grant, second lien, or forgivable loan

• Helps with down payment and sometimes closing costs

• Typically requires completion of a homebuyer education course

• Income and purchase limits may apply

• Can be layered with other loan programs for maximum benefit

DPA Programs Available in Colorado Springs

• CHFA DPA: Colorado’s most widely used option, paired with a variety of loan types

• Chenoa Fund: National program that provides down payment assistance with flexible credit criteria

• CHAC: Local nonprofit offering assistance for low- to moderate-income buyers in Colorado

• NHF (National Homebuyers Fund): Grant-based support available through participating lenders

As a local Colorado Springs Team, we’ll help determine which program is best for you and walk you through each step—from preapproval to closing. [See which programs match your goals.]

Colorado Springs Communities We Serve

We work with families and individuals across El Paso County. From Southeast Colorado Springs to Stratmoor and Fountain to Northgate and Monument, we help buyers overcome financing barriers and secure stable housing with mortgage options tailored to their needs.  [Explore all your DPA options.]