CHFA HomeAccess Loans in Colorado
Colorado Down Payment Assistance
CHFA HomeAccess Loans in Colorado
A disability-focused CHFA mortgage option that can pair an eligible FHA, VA, or USDA first mortgage with up to $25,000 in optional down payment assistance.
Program availability and qualification are subject to current CHFA, agency, investor, and underwriting rules.
Program at a glance
What makes CHFA HomeAccess different?
HomeAccess is not merely a general down payment assistance program. Its defining feature is the disability-related eligibility standard, combined with flexible government-backed first-mortgage choices and a larger optional assistance amount than many entry-level programs.
Optional CHFA second mortgage
Approved proceeds may help with the down payment, closing costs, prepaid items, principal reduction, or a permanent interest-rate buydown.
Minimum borrower contribution
The current CHFA matrix requires at least $500, and the contribution may come from an eligible gift.
General credit starting point
CHFA generally uses the greater of a 620 mid-score or the applicable loan-agency requirement, with additional rules for manual underwriting.
HomeAccess compared with other paths
The right structure depends on disability eligibility, income, credit, loan type, available savings, property, and how long you expect to keep the financing.
| Option | Who it is designed for | Assistance structure | Important distinction |
|---|---|---|---|
| CHFA HomeAccess | Eligible buyer with a permanent disability, or qualifying custodial parent/legal guardian | Optional deferred CHFA second mortgage up to $25,000 | Not limited to first-time buyers; current statewide qualifying-income limit applies |
| CHFA SmartStep | Broader group of eligible Colorado homebuyers | CHFA assistance choices subject to current program terms | No HomeAccess disability eligibility requirement; assistance and pricing may differ |
| Standard FHA, VA, or USDA loan | Borrowers meeting the underlying federal program rules | No CHFA assistance unless paired with an eligible CHFA program | May offer simpler payoff considerations if the buyer has sufficient funds from another source |
| Gift funds or local assistance | Buyer with an eligible donor or qualifying local program | Varies by source | May be combined only when all CHFA, agency, and source-layering rules are met |
Who may qualify?
- A borrower living with a permanent disability as defined by Social Security Administration standards; or
- A custodial parent or legal guardian of a person with a permanent disability who will live in the purchased home at least 50 percent of the time;
- A buyer within CHFA’s current qualifying-income limit and applicable first-mortgage limits;
- A borrower meeting the greater of CHFA’s credit standard or the chosen loan-agency requirement;
- Every borrower and co-borrower completes a CHFA-approved homebuyer education course;
- At least $500 is contributed from an acceptable borrower or gift source; and
- The property will be used as the borrower’s primary residence.
Important ownership and occupancy details
First-time homebuyer status is not required. A borrower may own one other residential dwelling when the chosen loan agency allows it, but may have only one CHFA-financed property at a time.
Nonoccupying co-borrowers are not permitted under the current matrix. A cosigner may be allowed under the selected agency’s rules but may not take title.
Housing Choice Voucher income may be usable when the issuing housing authority approves it for homeownership and all underwriting requirements are met.
Choose the underlying first mortgage
CHFA FHA
Often considered when a buyer needs FHA’s more flexible credit and down payment framework. FHA mortgage insurance and property standards apply.
CHFA VA
Available to eligible veterans, service members, and qualifying surviving spouses. VA entitlement, residual-income, occupancy, and funding-fee rules apply.
CHFA USDA Rural Development
May fit an income-eligible buyer purchasing an eligible property outside USDA-defined urban areas. USDA geographic and household-income rules also apply.
How the assistance may be used and repaid
| Topic | Current CHFA HomeAccess treatment | Planning question |
|---|---|---|
| Permitted uses | Approved down payment, closing costs, prepaids, principal reduction, or a permanent rate buydown | Which use produces the strongest total cash-to-close and monthly-payment result? |
| Maximum assistance | Up to $25,000, limited by actual eligible needs and program rules | Do you need the maximum, or would a smaller second mortgage reduce future payoff? |
| Repayment timing | Deferred until a triggering event such as sale, refinance, first-mortgage payoff, or loss of primary-residence status | How likely are you to refinance, move, or pay off the first mortgage early? |
| Cash back | Not unrestricted cash to the borrower; proceeds must be applied to approved transaction costs | Does the final closing disclosure use every assistance dollar for an eligible purpose? |
Deferred repayment can reduce the cash needed at closing, but the balance remains part of your future equity and payoff planning. Review both the first-mortgage payment and the second-mortgage obligation before deciding.
Eligible Colorado homes
Subject to the chosen agency’s rules, eligible properties may include one-unit attached or detached homes, planned-unit developments, condominiums, modular homes, and qualifying manufactured homes on permanent foundations—including certain single-wide homes.
Existing accessory dwelling units may be acceptable when the first-mortgage agency permits them. The appraisal must support the property, and the home must satisfy applicable safety, soundness, condition, and insurability standards.
Accessibility is still a separate review
HomeAccess eligibility does not mean a property has been certified accessible. Door widths, entry steps, bathrooms, parking, elevators, association restrictions, and modification costs should be evaluated during the inspection and due-diligence period.
If a home needs substantial accessibility work, compare a renovation loan or other improvement resources. HomeAccess assistance is for approved purchase-related costs rather than unrestricted construction funds.
A hypothetical Denver-area example
A legal guardian is purchasing a one-level Denver-area condominium where an adult family member with a permanent disability will live full time. The buyer meets the current qualifying-income and credit requirements, completes CHFA-approved education, and documents the required $500 contribution using an eligible gift.
The transaction uses a qualifying CHFA FHA first mortgage and an optional HomeAccess second mortgage for approved down payment and closing expenses. Before closing, the team confirms the condominium’s agency approval, reviews elevator and parking access, verifies the association’s modification rules, and shows the buyer when the assistance would become repayable.
This illustration is hypothetical, not a rate quote or approval. Actual financing, costs, assistance, and eligibility depend on the complete application and current program rules.
Potential advantages
- Up to $25,000 may materially reduce eligible cash-to-close needs.
- Not restricted to first-time homebuyers.
- FHA, VA, and USDA first-mortgage pathways can address different borrower profiles.
- The $500 minimum contribution may be provided as an eligible gift.
- Statewide income treatment is easier to compare across Colorado counties.
- Education can help buyers understand budgeting, ownership, and closing.
Trade-offs to evaluate
- The assistance is a second mortgage and must eventually be repaid.
- Refinancing or selling can trigger repayment sooner than expected.
- CHFA, the loan agency, investor, property, and underwriting rules all apply.
- Rates and costs may differ from financing without assistance.
- Homebuyer education, disability documentation, and additional review take preparation.
- The program does not guarantee a property will meet a household’s accessibility needs.
Documents to prepare
Income and assets
Recent pay statements, W-2s or tax returns as applicable, bank statements, benefit documentation, gift information, and records for other income being used.
Identity and eligibility
Government identification, Social Security information, documentation supporting the permanent-disability qualification, and legal guardianship or custody records when applicable.
Property and education
Purchase contract, property details, insurance information, condominium or manufactured-home documents when needed, and each borrower’s CHFA education certificate.
The CHFA HomeAccess process
Review eligibility
Discuss the qualifying disability relationship, income, credit, debts, savings, loan type, and property needs.
Complete education
Each borrower completes a CHFA-approved course and retains a valid certificate.
Structure the loan
Compare FHA, VA, or USDA options and determine the appropriate assistance amount and use.
Underwrite and close
Verify documents, appraisal, property eligibility, disclosures, final cash-to-close, and repayment terms.
Common CHFA HomeAccess mistakes to avoid
Using outdated limits
Third-party sites often retain old income, contribution, or assistance figures. Use the current CHFA matrix for the application date.
Assuming assistance is a grant
HomeAccess assistance is a second mortgage. Understand repayment events before relying on the funds.
Waiting on education
Every borrower must complete an approved course. Late completion can disrupt underwriting or closing.
Ignoring property approval
A condo, manufactured home, or property needing repairs may face additional agency and investor requirements.
Skipping accessibility due diligence
Program eligibility does not replace an inspection or a practical assessment of the household’s access needs.
Comparing only cash to close
Also compare payment, mortgage insurance, rate, costs, second-mortgage payoff, and likely holding period.
CHFA HomeAccess FAQs
What is CHFA HomeAccess?
CHFA HomeAccess is a Colorado Housing and Finance Authority fixed-rate first-mortgage program for eligible buyers living with a permanent disability, or a custodial parent or legal guardian buying a home where a person with a permanent disability will live at least half the time.
How much down payment assistance is available?
Eligible borrowers may pair the CHFA HomeAccess first mortgage with an optional CHFA second mortgage of up to $25,000. The exact amount is limited by the transaction and program rules.
Does CHFA HomeAccess require a first-time homebuyer?
No. The current CHFA program matrix does not require first-time homebuyer status. Other ownership, occupancy, agency, and underwriting rules still apply.
What credit score is required?
CHFA generally requires the greater of a 620 mid-credit score or the applicable FHA, VA, or USDA requirement. Manual underwriting and borrowers without a score have additional rules.
What is the current income limit?
The CHFA HomeAccess program matrix effective August 3, 2026 lists a statewide qualifying-income limit of $178,920, regardless of county or household size. CHFA can revise limits, so confirm the current figure before applying.
How much must the borrower contribute?
The current program matrix requires at least $500 from the borrower, and the contribution may be a gift. Your loan team will document the source and verify that it meets program and loan-agency rules.
Must every borrower take homebuyer education?
Yes. Each borrower and co-borrower must individually complete a CHFA-approved homebuyer education course before closing. The certificate is valid for 12 months, and the buyer must be under contract before it expires.
When is the assistance repaid?
Repayment of the CHFA HomeAccess second mortgage is deferred until a specified event such as sale, refinance, payoff of the first mortgage, or the home no longer being the borrower’s primary residence.
Which first mortgages can be used?
The current CHFA HomeAccess matrix permits CHFA FHA, CHFA VA, and CHFA USDA Rural Development purchase programs. Eligibility for each underlying loan type must also be satisfied.
What homes may qualify?
Eligible properties can include qualifying one-unit attached or detached homes, planned-unit developments, condominiums, modular homes, and certain manufactured homes on permanent foundations. Agency, appraisal, occupancy, and property-condition rules apply.
Can CHFA HomeAccess pay for accessibility renovations?
The assistance may be used for approved down payment and closing-related purposes, not as unrestricted renovation cash. A renovation mortgage or separate accessibility-improvement resource may be more suitable when the property needs substantial modifications.
How do I start?
Speak with Elite Lending Group to review disability-related eligibility, qualifying income, credit, loan type, property goals, and documents. If the program appears suitable, the brokerage can help connect the transaction through an available CHFA-approved wholesale lending channel.
Local mortgage guidance
Reviewed by Dennie Friederichs
Dennie Friederichs is the founder and mortgage broker at Elite Lending Group. He helps Colorado buyers compare CHFA and non-CHFA structures with attention to cash-to-close, monthly cost, long-term payoff, property fit, and current program rules.
Primary supporting resources
CHFA HomeAccess consumer overview
CHFA HomeAccess Program Matrix — effective August 3, 2026
Official CHFA HomeAccess flyer
CHFA-approved homebuyer education
Rules reviewed August 26, 2026. CHFA may change limits, products, pricing, forms, and requirements.
Continue your research
Compare nearby programs and loan types before choosing a structure.
See whether CHFA HomeAccess fits your Colorado home purchase
Elite Lending Group can help you compare the HomeAccess structure with other CHFA and non-CHFA mortgage options, then explain the documentation and next steps.