Colorado Teachers: You Could Buy a Home With Help From the State

If you work full-time for a Colorado public school, charter school, or BOCES, the CHFA Schools to Home program can put down payment help right into your loan. No second job required, just paperwork.

Saving for a down payment on a teacher's salary is hard, and everyone knows it. Home prices in Colorado keep climbing faster than most school district pay scales, and that gap is exactly why the state created this program. CHFA built Schools to Home specifically for the people who run the classrooms, the front offices, the cafeterias, and the buses across preK-12 public education in Colorado.

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What You Get

Down payment and closing cost help.

A second mortgage loan for up to 25% of your first mortgage amount. On a $350,000 home, that's up to $87,500 toward your down payment.

Payments you don't make right away.

Repayment on that second loan is deferred. You don't owe it monthly, it comes due when you sell, refinance, pay off the first mortgage, or stop living in the home as your primary residence.

A straightforward path.

One required course, "Understanding Your Financial Commitment," walks you through exactly what you're signing up for before you close.

Who Qualifies

This program is built for full-time employees of:

A Colorado preK-12 public school or school district
A charter school or institute charter school
A board of cooperative educational services (BOCES) or innovation zone

If your employer designates you as full-time, you're the person this program was written for. Teachers, paraprofessionals, administrators, counselors, custodians, and support staff have all used programs like this to buy their first home.

How the Shared Appreciation Piece Works

Here's the part worth understanding upfront, since it's the trade-off for the assistance. When you eventually sell or pay off the loan, you'll repay the second mortgage and share a percentage of any appreciation your home gained with the Public School Permanent Fund (PSPF). It's not free money, it's a partnership, and CHFA requires the financial commitment course precisely so there are no surprises later.

Applicant must be a full-time employee of a Colorado preK-12 public school, school district, charter school, institute charter school, board of cooperative educational services, or innovation zone.
This program is available with conventional loans only.
Down payment assistance functions like CHFA's current silent second mortgages. The assistance must be repaid in full if the borrower refinances or sells the home.
Second mortgage loan for up to 25% of the first mortgage loan amount. Example: a $350,000 first mortgage with 25% assistance equals $87,500 in down payment assistance.
Repayment of the second mortgage loan is deferred until the end of the loan term, or an earlier triggering event such as payoff of the first mortgage, sale of the home, refinance, or the home no longer serving as the borrower's primary residence.
Borrower shares a percentage of home appreciation with the Public School Permanent Fund (PSPF) in addition to repaying the second mortgage.
Completion of the "Understanding Your Financial Commitment" course is required.
Rates and terms shown assume a 30-year, fixed-rate loan. Restrictions and higher interest rates may apply. Terms subject to change without notice.
Nick Barta is an Equal Housing Lender. NMLS/MA MLO #25540 | AZ MLO #0927129. This is not a commitment to lend. All loans subject to credit approval.

FAQ Section

Is this a grant?

No. It's a second mortgage loan with deferred repayment, not free money you keep outright.

What if I sell my home in a few years?

You'll repay the second mortgage loan and share a percentage of any appreciation with the Public School Permanent Fund at that time.

Do I need to be a teacher specifically?

No. Any full-time employee of a qualifying Colorado public or charter school, district, BOCES, or innovation zone can apply, not just classroom teachers.