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First-Time Home Buyer Loans in Colorado

If you’re a Colorado first-time home buyer you may qualify for the $30,806 WISH Grant. 

Not every first-time buyers has saved enough for 20% down. The good news is that you don’t need that much. Borrowers can often get into a new home with as little as 3% or even 0% down using one of the low-down-payment mortgage programs listed below.


  • Conventional 97: From Freddie Mac or Fannie Mae. 3% down payment and 620 minimum credit score. You can usually stop paying mortgage insurance after a few years, once you’ve built at least 20% equity in your home
  • FHA loan: Backed by the Federal Housing Administration. 3.5% down and a 580 minimum credit score. But you’re typically on the hook for mortgage insurance premiums (MIP) until you refinance to a different type of mortgage, move, or pay off your loan- Find out more here
  • VA loan: Only for eligible veterans and service members, reservists, and National Guard. Zero down payment is required. Minimum credit score varies by lender but often 620. No ongoing mortgage insurance after closing. These are arguably the best mortgages available, so apply if you’re eligible- Check Here
  • USDA loan: For those on low-to-moderate incomes buying in designated rural development areas. Zero down payment required. Credit score requirements vary by lender but often 640. Low mortgage insurance rates

Note that government loan programs (including FHA, VA, and USDA home loans) require you to buy a primary residence. That means you can’t use these loans for a vacation home or investment property.

In addition, most programs let you use gifted money or down payment assistance (DPA) to cover your down payment and closing costs. Depending on your mortgage loan, you could potentially get into a new house with minimal cash out of pocket.

Eagle County Down Payment Assistance

In an effort to bring the benefits of homeownership to as many residents as possible, Eagle County developed the Down Payment Assistance (DPA) program in 1998. The DPA program continues to assist homebuyers that live and work in Eagle County.

The ECLF program will lend up to 5% of the purchase price of the home, with a maximum purchase price of $850,000. ECLF borrowers are required to directly contribute a minimum of 1% of the purchase price. The CDOH program will lend up to 4.5% of the purchase price. CDOH borrowers are required to directly contribute 1% of the purchase price or $1000, whichever is greater to the transaction. Click here for full program details.

CHFA Down Payment Assistance

Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Even if you contribute towards a down payment, you may still use one of the options below.

Down Payment Assistance Grant* 

  • Up to the lesser of $25,000 or 3 percent of your first mortgage**
    (Example: Get up to $6,000 on a $200,000 mortgage)
  • No repayment required

Second Mortgage Loan*

  • Up to the lesser of $25,000 or 4 percent of your first mortgage**
    (Example: Get up to $8,000 on a $200,000 mortgage)
  • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home, or the home is no longer your primary residence.

The CHFA FirstStepsm program: 

  • May be used by first-time homebuyers, non-first-time homebuyers purchasing in targeted areas, or qualified veterans;
  • Offers fixed interest rates and a 30-year term; and
  • Can be paired with an optional zero-percent second mortgage load for down payment, closing costs and/or prepaid assistance (higher interest rates apply).

Click here for full program details.

Zero Down Loan Program

Refined Lending is excited to offer a zero down loan program to qualified buyers. Check out the program highlights below and contact us for full program details!

  • 0% Down payment
  • No city or county geographical restrictions
  • $150,000 income limit
  • 600 min credit score
  • Up to 55% debt to income ratio
  • Available in Every state
  • $0 buyer funds required
  • Up to 5% seller paid closing costs
  • Standard 30 year fixed rates apply


WISH Program

The 2024 WISH program amounts have increased! The program now provides first time home buyers with up to $30,806 in down payment in the form of a forgivable grant. Want to know more? CLICK HERE

Douglas County Housing Partnership

Through this program DCHP provides low-and moderate-income households the opportunity to purchase their first home in Douglas County. This program increases a buyer’s purchase power by giving these households the ability to borrow at a low interest rate and ultimately bridging the gap between lower wages and higher cost housing. Click here for full program details.

Boulder County Down Payment Assistance

The Boulder County Down Payment Assistance Program provides down payment and closing cost assistance to first-time homebuyers purchasing a home in Boulder County (outside of the city limits of Boulder). Up to 10% of the purchase price, up to a maximum of $40,000 may be borrowed.

Loan Terms

  • For households earning between 61-80% Area Median Income (AMI): 3% interest loan amortized over 10 years.
  • For households earning below 60% Area Median Income (AMI): Deferred loan. No monthly payments and 0% interest. The loan is repaid at due the sale or refinance of home, if there is a change of ownership, or the home is no longer the owner’s primary residence

Click here for full program details.

El Paso County Turnkey Plus Mortgage Program

The El Paso County, Colorado Turnkey Plus Mortgage Program provides a fully forgivable Down Payment Assistance (DPA) loan to individuals and families who want to purchase a home anywhere in El Paso County, including the City of Colorado Springs. Qualified homebuyers may receive up to 5% in DPA in the form of a soft Second Mortgage loan at 0% Interest, which is only due upon pay-off of the First Mortgage. The El Paso County Housing Authority, as Program Sponsor, rolled out the Turnkey Plus Mortgage Origination Program on February 15, 2019. Click here for full program details.

NEWSED Community Development

NEWSED Community Development Corporation will provide down payment assistance and closing cost to eligible buyers in the form of a second mortgage loan. This assistance can be used for down payment, closing cost, principal reduction and interest buy down. Program Details

  • Loan Amount: Up to $10,000 based on need
  • Property must be located in the Denver Metro Area: (Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson).

Click here for full program details.

All programs subject to change at anytime without notice. Not a commitment to lend. Client must qualify for program with Refined Lending and the assistance or grant program selected.  * Sources | |

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