Buying your first home is one of life’s most exciting milestones, but let’s be honest—it can also feel a little daunting. Between saving for a down payment, navigating loan options, and understanding the fine print, the process can seem overwhelming. Fortunately, Colorado offers a wealth of first-time homebuyer assistance programs designed to make homeownership more accessible and affordable. At Alpine Bank, we’re here to help you navigate these opportunities and turn your dream of owning a home into reality.
Here’s what we cover in this article:
For many, the biggest hurdle to homeownership is the upfront costs—down payments, closing costs, and other fees can add up quickly. First-time homebuyer assistance programs aim to ease this burden by offering financial support, educational resources, and favorable loan terms. These programs aren’t just about making homeownership possible; they’re about making it sustainable by setting you up for long-term success.
Down payment and closing cost assistance: Grants or low-interest loans can help cover these upfront expenses.
Lower interest rates: Some programs offer reduced rates, saving you thousands over the life of your loan.
Tax credits: Certain programs provide tax incentives to reduce your overall tax burden.
Homebuyer education: Many programs require courses to help you understand the responsibilities of homeownership.
Colorado is home to a variety of state and local programs designed to support first-time buyers. Here are some of the most notable options:
CHFA Down Payment Assistance Grant: This grant provides up to 3% of your first mortgage amount to cover down payment and closing costs—and the best part? It doesn’t need to be repaid.
CHFA Second Mortgage Loan: If you need a little extra help, this program offers up to 4% of your first mortgage amount as a second loan, with repayment deferred until events such as when you pay off, sell, or refinance your home.
CHFA Preferred Loan Programs: These loans come with competitive rates, reduced mortgage insurance costs, and flexible credit requirements.
NeighborhoodLIFT Program: Eligible buyers in counties like Adams, Arapahoe, Denver, Douglas, and Jefferson can receive up to $15,000 in down payment assistance. Additional support is available for first responders, military service members, and teachers.
Boulder County Down Payment Assistance Program: This program provides up to 10% of the purchase price (capped at $40,000) for buyers purchasing homes outside the city of Boulder.
Denver Affordable Homeownership Program: Designed for income-qualified buyers, this program offers subsidized housing and financial aid for homes within Denver city limits.
At Alpine Bank, we know that buying your first home is more than just a financial transaction—it’s a life-changing event. That’s why we’re committed to providing personalized support and resources to help you every step of the way.
Ready to take the plunge? Here’s a step-by-step guide to help you get started:
Review your credit score, savings, and budget to determine what you can afford.
Research state and local programs to find the ones that best fit your needs.
Many programs require an approved course to help you understand the responsibilities of homeownership.
Work with an Alpine Bank mortgage lender to determine your borrowing capacity and get pre-approved for a loan.
Partner with a real estate agent to find a home that fits your budget and lifestyle.
Complete the loan approval process and prepare for closing.
Buying your first home is a big step, but it doesn’t have to be stressful. With the right resources and support, you can confidently navigate the process. At Alpine Bank, we’re here to help you every step of the way—from finding the right assistance program to securing your mortgage and beyond. Let’s make your dream of homeownership a reality.
For more information, visit Alpine Bank’s website or stop by your local branch to speak with a mortgage professional today. Owning your own home is closer than you think!
