Mile High Home Group – Welcome to Denver

As Lead Broker of Mile High Home Group at RE/MAX Professionals, I work with first-time buyers every day who want to know exactly which down payment assistance programs they qualify for in Colorado. The good news is there are solid options like CHFA’s FirstStep Plus and MetroDPA that can cover 3–5% down payments or provide grants up to $25,000–$50,000, depending on your income, location, and home price. These programs make Denver real estate accessible without draining your savings, especially for starter homes around $500,000–$650,000.

I’ve helped hundreds of clients navigate these through thousands of transactions, always with full transparency so you know upfront if you qualify. Let’s break down the main programs, eligibility, and practical steps tailored to the Colorado housing market.

CHFA FirstStep and FirstStep Plus: The Go-To State Programs

Colorado Housing and Finance Authority (CHFA) runs the most popular down payment assistance for first-timers. FirstStep Plus pairs a low-interest mortgage (as low as 5.5–6%) with cash assistance.

• What you get: Up to 3–5% of the loan amount as a forgivable second mortgage (no payments for 5–10 years if you stay in the home). For a $550,000 home, that’s $16,500–$27,500.
• Income limits: Vary by county and household size. In Denver metro (Douglas, Arapahoe, Jefferson counties), it’s about $150,000–$175,000 for a family of 2–4. Highlands Ranch and Littleton fall under these caps.
• Home price limits: Around $550,000–$650,000 conforming loans.
• Requirements: First-time buyer (no home ownership in 3 years), 620+ credit score, complete homebuyer education (free online, 8 hours).

Practical advice: If you’re buying in Highlands Ranch real estate with strong schools and HOAs around $300/month, this covers your down payment perfectly while keeping payments under $3,500 monthly. Apply through CHFA-approved lenders—I connect you to ones who specialize in these.

Metro Mortgage Assistance Plus (MetroDPA): Denver Metro Specific

For Denver, Aurora, Arvada, and Lakewood buyers, MetroDPA offers a deferred second mortgage up to 4% of the purchase price.

• Assistance: $20,000–$30,000 grants or forgivable loans on homes up to $600,000.
• Eligibility: Income under $140,000–$160,000 (metro area), 640+ FICO, primary residence.
• Sweet spot: Pairs with FHA (3.5% down) for total cash needed under $10,000 on a $500,000 Littleton real estate purchase.

I always run the numbers for clients in Centennial or Englewood—where property taxes hit 0.6–0.7%—to confirm it fits your budget. No monthly payments on the assistance until you sell or refinance.

FHA 203(k) and Local City/County Programs

FHA loans through CHFA allow 3.5% down with assistance layered on top. For fixer-uppers in Golden or Castle Rock, the 203(k) rehab loan bundles repairs.

Local gems:

• City of Denver First-Time Homebuyer Program: Up to $20,000 grants for homes in city limits, income under $120,000.
• Douglas County (Highlands Ranch area): Partnerships with CHFA for families prioritizing top Douglas County schools.
• Jefferson County (Lakewood, Arvada): Similar grants via local housing authorities.

Qualify if your debt-to-income stays under 43%, and you have 2–6 months reserves post-closing. In slower market cycles like now, these stretch further as sellers cover more closing costs.

Income, Credit, and Other Qualification Basics

Across programs:

• Household income: $120,000–$175,000 max in metro areas (higher in rural like Castle Rock).
• Credit: 620 minimum, but 680+ unlocks better rates.
• Debt ratio: Housing costs under 31–36% of income.
• Homebuyer education: Mandatory, but quick and valuable—covers HOAs, negotiations, maintenance.

In Littleton real estate, where medians hover $650,000, a $120,000 household easily qualifies for $25,000 assistance, dropping your cash-to-close to $15,000–$20,000 including 3–4% closing costs.

How to Apply and Maximize Your Assistance

Here’s your step-by-step:

1. Check eligibility: Use CHFA’s online calculator or my buyer consultation—I’ll pull your numbers in 30 minutes.
2. Get pre-approved: Shop 3 CHFA lenders for the best rate + assistance combo.
3. Complete education: Free at chfainfo.com—do it first to qualify.
4. House hunt strategically: Focus on $450,000–$600,000 homes in Arvada (affordable), Aurora (diverse), or Englewood (walkable).
5. Layer programs: Combine CHFA with employer assistance or MCC tax credits for extra savings.

My hands-on approach means I handle lender intros, run scenarios for HOA-heavy spots like Highlands Ranch, and negotiate seller credits to cover gaps. Clients appreciate the honesty—no program pushing, just what fits your life.

Pitfalls to Avoid in the Colorado Housing Market

Don’t overlook reserves (6 months expenses) or HOA transfer fees ($300–$500). Rates around 6% mean payments of $3,200–$4,000 PITI on $550,000 financed—factor schools (Douglas/Littleton top-rated) and market timing (spring buying surges).

These programs work best when you’re ready: stable job, improving credit, and clear goals. I’ve seen them turn renters into homeowners in weeks, building equity in stable neighborhoods.

Treating every client as a long-term relationship means relentless follow-through and transparent guidance. Whether it’s pricing strategy for your future sale or navigating assistance now, integrity drives everything.

If you’re a first-time buyer wondering if these programs work for you, I’d love a quick, no-pressure chat to review your situation. Visit www.MileHighHomeGroup.net or reach out at 720-401-2711. I’m here to help make homeownership real—whenever you’re ready.