What First-Time Home Buyer Help Is Available in Gunnison, CO?

The main statewide option is the Colorado Housing and Finance Authority (CHFA). With a CHFA first mortgage, CHFA says you can get a down payment assistance grant of up to the lesser of $25,000 or 3 percent of your first mortgage, with no repayment, or a second mortgage of up to the lesser of $25,000 or 4 percent. Eligibility, rates and limits change, so confirm with a CHFA participating lender.

I am a real estate agent, not a lender, and this is general information, not financial advice. Everything below comes from CHFA's own pages as I reviewed them on November 4, 2026.

What is CHFA?

CHFA is Colorado's housing finance authority. It offers first-mortgage loan programs through participating lenders and pairs them with down payment assistance. Its homeownership page says it invested $86.1 million in 2025 (that figure is statewide and total, not a per-buyer amount), and it offers free homebuyer education in English and Spanish.

How does the CHFA down payment assistance grant work?

According to CHFA's down payment assistance page, if you use one of its first mortgage programs you can choose between two options:

• Down Payment Assistance Grant: up to the lesser of $25,000 or 3 percent of your first mortgage, with no repayment required. CHFA's example: up to $6,000 on a $200,000 mortgage.
• Second Mortgage Loan: up to the lesser of $25,000 or 4 percent of your first mortgage, at a higher interest rate, with repayment deferred until you pay off the first mortgage, sell, refinance, or stop using the home as your primary residence. CHFA's example: up to $8,000 on a $200,000 mortgage.

CHFA says that even if you contribute toward your own down payment, you may still use one of the options.

What does that look like at Gunnison prices?

For context, Redfin reported a median sale price of $527,151 in Gunnison for the three months ending August 2026. This is only arithmetic on CHFA's percentages, not a quote: on a $400,000 first mortgage, 3 percent would be $12,000 and 4 percent would be $16,000, and both are under the $25,000 cap. Your real numbers depend on your loan, your lender and your eligibility.

What is the First-Generation program?

CHFA's page says first-generation homebuyers, and borrowers with a permanent disability, can access specific programs offering up to $25,000 on the second mortgage regardless of the size of the first mortgage. CHFA links to a separate FirstGeneration page for the definition, so check it to see if you qualify.

Who qualifies, and what are the income limits?

The CHFA pages I reviewed did not state a minimum credit score, a first-time-buyer definition or income limits. CHFA publishes county income limits in a separate chart, and an older version is archived with the label "prior to 06/15/2026," which suggests the limits were updated in mid-2026. Ask a CHFA participating lender for the current limits for Gunnison County and the current credit and debt rules.

Is homebuyer education required?

CHFA's page calls the homebuyer education class "essential" and recommends taking it early. It does not say whether the class is required for assistance, so ask your lender. CHFA-sponsored classes are offered online and in person through housing counseling agencies.

What else should I know about buying in Gunnison?

Assistance helps with the down payment, but it does not cover every cost. Plan for:

• Closing costs and inspections. Include a radon test and, outside city limits, a septic inspection. See my guides on radon and on septic and wells in Gunnison County.
• Property taxes and insurance. Bills depend on your taxing district. See my property tax guide.
• Heating and snow removal. Ask the seller for 12 months of utility bills.
• Deed restrictions and HOA dues. Some homes carry rules on resale price or occupancy. Read them before you offer.

How do I get started?

1. Talk to a CHFA participating lender about your income, credit and the programs you may qualify for.
2. Take the homebuyer education class CHFA recommends.
3. Get a pre-approval letter so you know your price range.
4. Call a local agent to look at what your budget buys in Gunnison and the surrounding valley.

What is the bottom line?

CHFA's assistance can make the down payment more manageable, and the pieces are clear on paper: a grant of up to 3 percent or a deferred second mortgage of up to 4 percent, capped at $25,000, tied to a CHFA first mortgage. A lender can tell you what you actually qualify for, and a local agent can show you what that buys in Gunnison.

Frequently asked questions

How much down payment assistance does CHFA offer?

Up to the lesser of $25,000 or 3 percent of the first mortgage as a grant, or up to the lesser of $25,000 or 4 percent as a deferred second mortgage, per CHFA.

Do I have to repay the CHFA grant?

CHFA says the grant requires no repayment. The second mortgage loan is deferred until you pay off the first mortgage, sell, refinance, or stop using the home as your primary residence.

Do I need a CHFA first mortgage?

Yes. CHFA says you must be using one of its first mortgage loan programs.

Where do I find the income limits?

On CHFA's income limits chart at chfainfo.com, or from a CHFA participating lender.

Connect with a great real estate agent in Gunnison, Kelsey Loftis with Crystal Peak Properties.

Phone: (970) 784-6768 · Email: kelseyloftis@gmail.com · Website: crystalpeakproperties.com

Sources: Colorado Housing and Finance Authority, down payment assistance and homeownership pages (chfainfo.com), reviewed November 4, 2026; Redfin Gunnison (August 2026 data). I am not a lender or financial advisor.