Home Base
Home Base with Marc Emrich
Buying your first home in Colorado is one of the biggest decisions you'll ever make — and most people start with more questions than answers. Home Base is here to change that.
Each week, mortgage broker Marc Emrich of Pivot Lending Group sits down to answer the real questions first-time buyers are asking: How much do I need for a down payment? What does my credit score actually mean for my loan options? What is a forgivable loan — and how is it different from a grant? What happens at closing?
No jargon. No pressure. Just clear, honest answers from a Colorado mortgage professional who helps buyers navigate the path to homeownership every day.
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Home Base
First-Time Buyer Down Payment Assistance in Jefferson County
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Welcome to Home Base, the podcast that helps first-time homebuyers understand the road to owning their own home. I am your host, Lauren, and every week I'm joined by Mark Emmerich, Senior Loan Originator at Pivot Lending Group. Let us get into it. Mark, welcome back. Always good to have you in the chair.
SPEAKER_00Thanks, Lauren. Glad to be here. It's been a busy week, so this is a good place to land.
SPEAKER_01Today we're talking about down payment assistance for first-time buyers in Jefferson County. And if you've been eyeing homes in Lakewood, Arvada, Golden, or anywhere in that area, this one is for you. So, Mark, when we say Jefferson County, we're talking about a pretty wide swath of the Denver Metro, right? What should buyers know going in?
SPEAKER_00Jefferson County is a big active market. It covers communities like Lakewood, Arvada, Wheat Ridge, Golden, Littleton, and even further out into Conifer and Evergreen. It's one of the most popular areas for first-time buyers in Colorado, which is exactly why it's worth understanding what help is available there. The good news is that buyers in JeffCo have access to some strong programs starting with Colorado's statewide options.
SPEAKER_01Okay, so what are those statewide options? Where does a buyer even start?
SPEAKER_00The main one is through CHFA, the Colorado Housing and Finance Authority. CHFA offers down payment and closing cost assistance that's designed to work alongside a CHFA mortgage. It's one of the most widely used programs in the state, and it's available throughout all of Jefferson County. So whether you're buying in Arvada or out in Evergreen, you're in the same pool of eligibility.
SPEAKER_01You mentioned closing cost assistance too, so it's not just the down payment.
SPEAKER_00Right, and that's an important distinction. A lot of buyers hear down payment assistance and think that's the whole picture, but closing costs are a real expense too. They can add up to several thousand dollars on top of your down payment. CHFA's assistance can help with both, which means the total out-of-pocket cash you need at closing can be meaningfully reduced. That's often what makes the difference between a buyer being ready now versus waiting another year or two.
SPEAKER_01How does the assistance actually come to you? Like, is it money they just give you or is it a loan?
SPEAKER_00Depends on the program. CHFA assistance can come in the form of a grant, which doesn't need to be repaid or a low-interest second mortgage, which does. A second mortgage might sound a little intimidating, but the way these are structured is specifically to avoid blowing up your monthly payment. The goal is to get you into the home with less cash up front without dramatically changing what you owe each month. A mortgage professional can actually model both scenarios so you can see what makes sense for your budget.
SPEAKER_01Okay, I want to make sure I heard that right. A second mortgage. Can you just explain what that means for someone who's never bought before?
SPEAKER_00Sure, when you buy a home, your main loan is your first mortgage. A second mortgage is simply an additional smaller loan secured against the same property. In the context of down payment assistance, it's typically a much smaller amount that covers part of what you'd otherwise need to bring to closing. Some of these are even forgivable over time, meaning if you stay in the home long enough, the balance goes away. The terms vary by program, so it's worth having someone walk you through the specifics.
SPEAKER_01What about who qualifies? Is this only for people with very low incomes, or is it broader than that?
SPEAKER_00It's broader than most people assume, and that's one of the biggest misconceptions out there. Eligibility is based on your income relative to the area median income for Jefferson County, and many of these programs serve buyers across a pretty wide income range, not just households at the very low end. Household size matters too, so a family of four has a different threshold than a single buyer. The honest answer is that you really can't know if you qualify until someone reviews your actual numbers against the current program limits.
SPEAKER_01Are there limits on how much the home can cost? Because Jefferson County is not exactly a buyer's market right now.
SPEAKER_00There are purchase price limits, yes, and that's an important thing to flag. Most programs set those limits at the county level, and Jefferson County's limits are generally aligned with the broader Metro Denver market, which does reflect the reality of home prices there. Those limits can be updated periodically, so you want to confirm current numbers with a mortgage professional rather than relying on something you read six months ago. The price range you're shopping in is one of the first things a lender will check against current program parameters.
SPEAKER_01For someone listening who wants to take a first step, what does that actually look like?
SPEAKER_00It really starts with one conversation with a licensed Colorado mortgage professional who knows these programs. There's no cost to explore, no obligation. They'll look at your income, your credit, and the price range you're working with, and they can identify which programs you may actually qualify for. One thing I'd emphasize is starting early because some program funding is limited and can run out. You want to know your options before you're in the middle of an offer, not scrambling to figure it out after.
SPEAKER_01Mark, if someone takes one thing away from today's episode, what would you want it to be?
SPEAKER_00Don't assume you don't qualify before you've actually had someone check. These programs exist specifically for buyers in markets like Jefferson County. They cover more of the income range than most people expect, and the only way to know what's available to you is to have a real conversation with someone who works with them every day.
SPEAKER_01Mark, thank you. This was genuinely useful, and I think a lot of buyers in Jeff CO are going to hear this and feel a lot less alone in the process. We'll see everyone back here next week. That's it for this week's Home Base. If you want to learn more about home buyer programs and resources, visit co first time buyergrants.com. You'll find everything in English and Spanish. We're back next week. Thanks for listening.