{"id":29932,"date":"2022-02-28T10:59:03","date_gmt":"2022-02-28T18:59:03","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=29932"},"modified":"2026-04-08T00:15:50","modified_gmt":"2026-04-08T07:15:50","slug":"buyer-down-payment-assistance-in-colorado","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-down-payment-assistance-in-colorado\/","title":{"rendered":"Buying a House in Colorado? Down Payment Assistance in the Rocky Mountain State"},"content":{"rendered":"

Moving to Colorado can be a dream come true, especially if you can live in this beautiful state in your own affordable home. Colorado is known for its stunning scenery, outdoor activities, and friendly people. It boasts the Rocky Mountains, featuring gorgeous Pikes Peak, plus 57 other mountains exceeding 14,000 feet in elevation (Coloradans call them \u201cfourteeners\u201d). It\u2019s also home to 42 diverse state parks, where you can fish, climb, sunbathe, mountain-bike, and snowboard.<\/p>\n

Whether you want to connect with Mother Nature, take part in an adventure like heli-skiing, check out an art gallery, or visit a museum, Colorado has it all. The reasons to move to the state are endless \u2014 but you also want to be mindful of the costs, especially when it comes to homeownership.<\/p>\n

The most immediate costs involved in buying a house involve your down payment, the monthly payments for principal and interest on your mortgage, property taxes, homeowners insurance \u2026 and more, including maintenance, HOA fees (if applicable), utilities, and repairs.<\/p>\n

The biggest upfront cost of homeownership is almost always your down payment. A down payment<\/a> is a lump sum of money that is used to help fund the purchase of a house. It is paid upfront, and is usually calculated as a percentage of the purchase price of the home.<\/p>\n

Using a down payment calculator<\/a> can help you decide how much to put down on your new home, and if it seems out of reach today, we have good news: there\u2019s down payment assistance in Colorado available for qualified buyers. (That might include you!)<\/p>\n

We spent hours researching down payment assistance in Colorado, interviewed real estate agents, and talked with loan officers to give you the information you need on down payment assistance in Colorado. After reading this guide, you will have a better understanding of how down payment assistance works in Colorado, where to find more information on the topic, what to be aware of, and what types of programs are right for your needs.<\/p>\n

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<\/a> Source: (Andres Molina \/ Unsplash)<\/figcaption><\/figure>\n
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How much do you need to buy a house in Colorado?<\/h2>\n

Housing costs vary across the state. Major cities and their immediate suburbs tend to have more job opportunities and easier access to schools and activities, which mean higher housing prices compared with more rural areas.<\/p>\n

Other things that affect housing prices are the supply and demand in the area, building restrictions, and open land. Here are some examples that show the big pricing difference in three Colorado cities.<\/p>\n

As of the fourth quarter of 2021, the average home sales price in Colorado Springs was about $358,000<\/a>, about $440,000 in Denver<\/a>, and in Boulder it was about $415,000<\/a>.<\/p>\n

According to the U.S. Federal Housing Finance Agency, the median home value in Colorado is $723,940<\/a>. This is much higher than the median home value across the U.S.: $273,763<\/a>.<\/p>\n

Colorado can be an expensive place to live, but don\u2019t let that deter you.<\/p>\n

\u201cMost of my clients only put down 3% as a down payment,\u201d said Aubrey Cook, a top-selling agent in Colorado Springs<\/a>, who sells homes faster than 38% of other agents in the area.<\/p>\n

The amount needed for a down payment depends on several factors, including the type of mortgage loan you\u2019re getting, your overall credit profile, and even the type of house you\u2019re buying. A primary residence, the home you live in, typically requires a smaller down payment than investment properties or second homes. Additionally, first-time buyers may qualify for programs that include a smaller down payment.<\/p>\n

Mortgage loans typically require minimum down payments starting at 3%, 3.5%, 5%, 10%, or 20%, depending on the loan. And 20% is typically the amount required to avoid mortgage insurance.<\/p>\n

Down payment amounts in Colorado cities<\/h3>\n

Based on the average home sales prices in the fourth quarter of 2021, here\u2019s how much you\u2019d need to save up to meet typical down payment requirements in these Colorado cities.<\/p>\n\n\n\n\n\n\n
<\/td>\nAverage home sales price<\/strong><\/td>\n3%<\/strong><\/td>\n3.5%<\/strong><\/td>\n5%<\/strong><\/td>\n10%<\/strong><\/td>\n20%<\/strong><\/td>\n<\/tr>\n
Colorado Springs<\/b><\/td>\n$358,000<\/td>\n$10,740<\/td>\n$12,530<\/td>\n$17,900<\/td>\n$35,800<\/td>\n$71,600<\/td>\n<\/tr>\n
Denver<\/b><\/td>\n$440,000<\/td>\n$13,200<\/td>\n$15,400<\/td>\n$22,000<\/td>\n$44,000<\/td>\n$88,000<\/td>\n<\/tr>\n
Boulder<\/b><\/td>\n$415,000<\/td>\n$12,450<\/td>\n$14,525<\/td>\n$20,750<\/td>\n$41,500<\/td>\n$83,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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Types of down payment assistance available in Colorado<\/h2>\n

Although down payment amounts may seem formidable, there is assistance available. The details vary depending on the type of program, which include grants and loans.<\/p>\n