Matthew Hager helps first-time homebuyers in Colorado Springs navigate down payment assistance programs, CHFA loans, and low down payment options to make homeownership affordable. Whether you're a recent grad, young family, or haven't owned in 3+ years, there are programs designed to help you buy your first home.
First-Time Homebuyer Programs
Available Programs
- CHFA (Colorado Housing and Finance Authority): Down payment assistance, competitive rates, and flexible credit requirements for eligible buyers
- FHA Loans: 3.5% down, credit scores as low as 580, more flexible qualifying
- Conventional 3% Down: Just 3% down payment for qualified first-time buyers
- VA Loans: $0 down for eligible veterans and active duty (you may be a "first-time" VA buyer even if you've used one before)
- USDA Loans: $0 down for eligible rural/suburban areas around Colorado Springs
- Down Payment Assistance: Grants and second mortgages to help with down payment and closing costs
CHFA Down Payment Assistance
CHFA offers several down payment assistance options that can be combined with your primary mortgage:
- CHFA Second: A silent second mortgage for down payment and closing costs
- CHFA Grant: Non-repayable grant for eligible buyers
- Income and purchase price limits apply — I'll verify your eligibility
Frequently Asked Questions
A first-time homebuyer is someone who hasn't owned a home in the past 3 years. You may qualify even if you've owned before.
CHFA is the Colorado Housing and Finance Authority. They offer down payment assistance and competitive rates for eligible Colorado homebuyers who meet income and purchase price limits.
As little as 3% with conventional, 3.5% with FHA, or $0 with VA if you're a veteran. CHFA can provide additional assistance.
Income limits vary by program and household size. CHFA limits for El Paso County are updated annually. I'll check your situation.
Yes. Most programs allow gift funds from family, employers, or approved charitable organizations.
No. FHA accepts scores as low as 580. Conventional starts around 620. CHFA has flexible requirements.