CHFA HomeAccess

CHFA HomeAccess lends up to $25,000 at 0% interest with no monthly payments, which is more than an FHA buyer needs for the 3.5% minimum on a $599,000 Denver home. That minimum is $20,965, so the second mortgage covers it completely and still leaves $4,035 of HomeAccess money to put toward closing costs.

Denver closing costs typically fall between $12,000 and $18,000. Once the leftover $4,035 is applied, this buyer still owes roughly $8,000 to $14,000 at closing, plus the $500 minimum borrower contribution, which can come from a gift. Buyers using a VA or USDA loan would need no down payment at all, freeing the entire $25,000 second mortgage for closing costs, prepaids, and principal reduction.

For additional assistance, a HomeAccess buyer could potentially layer on a local program like the CHAC Down Payment Assistance Program ($5,000 to $12,000 deferred loan) if it meets the underlying FHA, VA, or USDA subordinate financing guidelines. Combined with the $25,000 CHFA second mortgage, total assistance could reach $37,000, enough to cover the full down payment and most or all closing costs on a median-priced Denver home.

CHFA HomeAccess includes its own built-in second mortgage of up to $25,000 at 0% interest, so it does not need to be paired with the separate CHFA DPA Grant or CHFA DPA Second Mortgage programs. The $25,000 is available regardless of the first mortgage amount, which is more generous than the 3% or 4% caps on other CHFA DPA options.

HomeAccess cannot be combined with other CHFA first mortgage programs like FirstStep, SmartStep, or FirstGeneration, as each is a standalone first mortgage product. The CHFA HomeAccess second mortgage is also not eligible for subordination, meaning if you refinance your first mortgage, you must repay the second mortgage in full at that time. This is different from the CHFA DPA Second Mortgage used with FirstStep, which allows one subordination through CHFA's FHA Streamline Refinance.

For additional assistance beyond the $25,000 CHFA second mortgage, buyers may be able to use local or nonprofit programs like the CHAC Down Payment Assistance Program ($5,000 to $12,000 deferred loan), provided the combined financing meets applicable FHA, VA, or USDA subordinate financing guidelines. Check with your CHFA participating lender to confirm whether a specific local program can be layered on top of HomeAccess.

CHFA HomeAccess is the most flexible program in CHFA's lineup for qualifying buyers. The $25,000 second mortgage is not capped at a percentage of the first mortgage like other CHFA DPA options, which means buyers with smaller loan amounts get proportionally more help. The $500 minimum contribution (vs. $1,000 for FirstStep) lowers the cash barrier further, and the ability to use cosigners gives buyers with limited income another path to qualification. Supporting FHA, VA, and USDA loans provides more options than FirstStep (FHA only), and the flat $174,440 income limit statewide simplifies eligibility compared to the county-by-county limits on other programs. Buyers on Housing Choice Vouchers can also use their subsidy to help qualify.

The main limitation is the narrow eligibility pool: you must have a permanent disability (per SSA definition) or be the custodial parent/guardian of someone who does. The HomeAccess second mortgage cannot be subordinated, so refinancing your first mortgage means repaying the full $25,000 immediately, which could be a significant cash event. Buyers who plan to refinance within a few years should weigh this carefully against programs like FirstStep where one subordination is allowed. The program also does not work with conventional loans, so buyers who want to avoid FHA mortgage insurance premiums and are not eligible for VA or USDA would need to look at CHFA SmartStep instead.