Frequently Asked Questions

​Do You Have to Be a First-Time Homebuyer?

You do not need to be a first-time homebuyer to qualify for Colorado down payment assistance. That said, if you haven’t owned a home in the last three years, you may have access to additional programs and benefits.

 

How Much Do I Need for a Down Payment With a First-Time Homebuyer Program?

In some cases, as little as $1,000 out of pocket. With these programs, buyers may receive assistance up to $25,000, which can cover most or all of the required down payment. Many buyers assume they need 20% down, but most first-time buyers in Colorado put down far less.

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Do I have to pay the assistance back?

There are two main programs:

3% Grant - This does not require repayment

4% Silent Second- This does require repayment but has no interest rate and it does not need to be paid until the end of the 30 year loan term. 

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Do I Need Two Years at the Same Job?

No. Lenders typically require a two-year employment history, but that does not mean you must be with the same employer for two years. Job changes are acceptable, especially within the same industry or if income has improved. Stability matters more than perfection.