Down payment assistance is essential for many people buying a home right now. Four in 10 homeowners (40 percent) say they received down payment assistance on their current home, up from 35 percent in 2023. That’s according to a recent survey from Lending Tree. More than one in three people who received that assistance say they couldn’t have purchased their home without it.

Down payment assistance is widespread, but younger generations are even more likely to use the resource, according to the survey. Nearly 80 percent of Gen Z and 56 percent of millennial homebuyers received down payment assistance when buying their current homes.

There are many down payment options available, and you don’t always need to put 20 percent down to buy a home. The amount of your down payment will vary by the loan you choose and the lender’s requirements. There are down payment assistance programs through CHFA and other organizations. Speaking with a mortgage loan professional is a great way to learn about available loan programs and down payment assistance options. CHFA has a network of Participating Lenders across the state that can help you get started.

Interested in learning about CHFA homeownership resources in person? CHFA will be at events around Colorado this summer, and we’d welcome the opportunity to connect!

Recent events CHFA participated in include Denver’s Cinco de Mayo Festival May 2-3. The event at Civic Center Park brought large crowds to honor and celebrate Hispanic culture.

Also, PLACE (Pueblo’s Legacy and Community Experiences) brought hundreds of neighbors and families together for a free community event on April 28th. The organization’s goals include providing knowledge of resources and area businesses to strengthen the needs of the Pueblo community. CHFA enjoyed the opportunity to meet those who attended the event and to share CHFA homeownership resources.

Colorado Housing and Finance Authority

www.chfainfo.com

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