Academy D20 Schools To Home: Down Payment Help

The Short Version

CHFA Schools To Home is a Colorado homebuying program built for full-time public school employees. If you work full time for Academy School District 20 — or an eligible D20-area charter school, institute charter school, BOCES, or innovation zone — you may qualify for a 30-year fixed conventional mortgage paired with a deferred second mortgage worth up to 25% of your first mortgage amount.

That assistance can go toward your down payment, closing costs, prepaids, or principal reduction, with no monthly payment and no interest while the second mortgage remains outstanding.

Many qualified Academy D20 employees can receive up to 25% down payment assistance while purchasing with as little as $1,000 cash to close, subject to CHFA guidelines, transaction costs, and lender approval.

Here's what doesn't change no matter where in Colorado you buy:

• Up to 25% of your first mortgage available for down payment and closing costs.
• Deferred 0% second mortgage.
• No monthly payment.
• No purchase price limit.
• Statewide income limit of $178,920.
• First-time homebuyer status not required.
• Only one borrower must be the full-time school employee.

The assistance is not a grant. When you sell, refinance, pay off your first mortgage, or stop using the property as your primary residence, you'll repay the assistance along with a share of the home's appreciation according to CHFA guidelines.

Program terms reflect CHFA's published Schools To Home guidelines. Always verify current eligibility and loan terms with a participating CHFA lender before making an offer.

On This Page

What Is the CHFA Schools To Home Program?

Colorado created the Schools To Home program to help full-time public school employees overcome one of the biggest barriers to homeownership: saving enough for a down payment. The program came out of bipartisan legislation passed during the 2025 Colorado legislative session and is administered by the Colorado Housing and Finance Authority (CHFA), funded through the Public School Permanent Fund.

Academy District 20 covers a fast-growing stretch of northern Colorado Springs, from Briargate down through the Air Force Academy area and out toward Monument. Home prices here have climbed as new subdivisions continue to develop along the I-25 corridor.

For a first-year D20 paraprofessional, bus driver, longtime custodian, teacher, or other full-time employee, saving a traditional down payment can take years. Schools To Home exists to help close that gap.

How the Program Is Structured

• A 30-year fixed-rate first mortgage. A conventional Fannie Mae purchase loan with a normal amortizing monthly payment.
• A deferred second mortgage worth up to 25% of your first mortgage amount. Funds may be used toward down payment, closing costs, prepaids, or principal reduction. The second mortgage has zero percent interest and no monthly payment while outstanding.
• A shared appreciation obligation. When repayment is triggered, you repay the original assistance amount plus a predetermined share of the home's appreciation.
• Repayment occurs at maturity events. These can include selling the home, refinancing, paying off the first mortgage, or stopping use of the home as your primary residence.

Is This Free Money?

Who Qualifies in Academy D20 — and Who Doesn't?

CHFA's eligibility rules are intentionally broad. If you're classified as a full-time employee by an eligible Colorado public school employer, your job title generally doesn't matter.

Whether you teach in the classroom, drive a bus, prepare school meals, maintain facilities, support students, or work in administration, Schools To Home is based on your employment status — not simply your job title.

Potentially eligible positions can include:

• Classroom & special education teachers
• Paraprofessionals & aides
• Counselors, psychologists, nurses
• Front office & registrars
• Custodial & maintenance
• Nutrition & cafeteria staff
• Bus drivers & mechanics
• Coaches & athletic directors
• IT, HR, finance & security

Which Academy D20 Employers Count?

• Academy School District 20 district-operated elementary, middle, and high schools
• D20-authorized charter schools
• Institute charter schools located within the district's boundaries
• Eligible BOCES serving El Paso County public schools
• Innovation zone schools
• Eligible publicly funded preschool programs

How to verify your employer: CHFA verifies eligible employers through the Colorado Department of Education SchoolView database. Your employer must be listed as a Public school. Private schools, religious schools, and independent schools are not eligible.

Do I Have to Be Full-Time?

Yes. Your employer must classify you as a full-time employee. Part-time employees, substitute teachers, and seasonal staff generally do not qualify on their own.

What If My Spouse Doesn't Work for Academy D20?

That's fine. Only one borrower on the mortgage needs to be the eligible school employee. Your spouse or co-borrower can work in any other field — including active-duty military, which is common for households near the Air Force Academy — while the household still qualifies under Schools To Home.

How Much Money Is This, Actually?

The assistance is up to 25% of your first mortgage amount, not the home's purchase price. Those are different numbers, and the difference matters.

There are also two loan limits that work together: a maximum 97% loan-to-value (LTV) on the first mortgage and a maximum 105% combined loan-to-value (CLTV) after adding the Schools To Home assistance.

For many qualified buyers, the program can reduce the cash needed to close to around $1,000, depending on seller concessions, prepaid expenses, loan structure, transaction costs, and lender approval. The exact structure depends on automated underwriting, your credit profile, and your lender's recommendations.

Is There a Maximum Loan Amount?

Yes. The maximum first mortgage is the lower of $832,750 or the applicable Fannie Mae conforming loan limit plus financed mortgage insurance — well above what most Academy D20 households need to borrow.

Is There a Purchase Price Limit?

No. If your income qualifies and your loan amount fits CHFA guidelines, you can buy anywhere in Colorado — letting D20 staff consider Briargate, the Air Force Academy area, Monument-adjacent neighborhoods, or other communities rather than being limited to the least expensive pockets of the district.

What's the Income Limit?

The statewide qualifying income limit is $178,920. The same limit applies in El Paso County as everywhere else in Colorado, and it does not vary by household size.

Wondering How Much Assistance You Could Receive?

Our lender partner, Mike Oswald, can compare financing structures and show exactly how much assistance may be available based on your price range. No obligation — just real numbers.

Call 303-955-4220 Email Us

Shared Appreciation, Explained Without the Spin

Schools To Home uses a shared appreciation model instead of charging interest on the second mortgage. When the loan becomes due, you repay the original assistance amount plus a percentage of the home's appreciation.

How Is the Shared Appreciation Percentage Calculated?

CHFA divides your original assistance amount by your original purchase price. That percentage is fixed at closing and does not change. On a $525,000 purchase with $105,000 of assistance, that's a 20% shared-appreciation rate.

How Is Appreciation Measured?

Appreciation is your sale price minus your original purchase price. On a $525,000 purchase sold for $685,000, appreciation is $160,000. At a 20% shared-appreciation rate, the illustrative shared-appreciation repayment would be 20% × $160,000 = $32,000, in addition to repaying the original assistance.

What If My Home Doesn't Increase in Value?

If your home's value stays flat or declines, you still repay the original assistance amount, but negative appreciation counts as zero. You never owe a share of a loss.

When Does Repayment Happen?

The second mortgage becomes due if you sell your home, refinance, pay off the first mortgage, or the property stops being your primary residence. Converting the home into a rental while the loan is outstanding triggers repayment.

Can I Refinance Later?

Yes — but refinancing counts as a repayment event. You'll need enough equity to cover the original assistance and applicable shared appreciation, so evaluate any refinance carefully with your lender first.

A Full Worked Example in Northern Colorado Springs

Let's say you're a full-time Academy D20 employee buying a home near Briargate for $525,000, using Structure A.

At Closing

Seven Years Later, You Sell for $685,000

For illustration only, if the home appreciated from $525,000 to $685,000:

Although you repay part of the appreciation, you've also benefited from years of homeownership, principal paydown, and market appreciation that may not have been possible had you waited to save a traditional down payment.

The honest comparison: The real question isn't whether shared appreciation costs money — it does. It's whether waiting several more years to save a large down payment would leave you in a stronger position than buying sooner. For some D20 employees, this program means building equity years earlier. For others who've already saved a substantial down payment, a conventional loan may cost less overall. Compare both scenarios before you decide.

When Schools To Home Is the Wrong Move

Schools To Home can be an excellent fit for many Academy D20 employees, but it isn't right for everyone.

• You expect to move within three years. Short holds don't build enough equity to comfortably absorb the payoff, and transaction costs add up regardless.
• You've already saved a large down payment. If you're sitting on 15–20% in cash, a straight conventional loan with no shared appreciation may cost less over time.
• You want to keep the home as a rental. The primary-residence requirement means converting to a rental triggers repayment.
• You're planning a major remodel. You'll share appreciation on value you add yourself, so go in with your eyes open.
• You're buying at the very top of your budget. Zero down doesn't mean zero cushion — a hailstorm deductible and a furnace repair in the same year is a real possibility in this part of Colorado.
• Your credit score is below 620. A focused credit cleanup may result in better financing options.

The Complete Requirement Checklist

Everything below reflects the published CHFA Schools To Home program guidelines.

What Kind of Homes Qualify?

The program allows several eligible owner-occupied property types, subject to CHFA and Fannie Mae requirements:

• Single-family homes, attached or detached
• Townhomes and Planned Unit Developments (PUDs)
• Condominiums
• Modular homes
• Manufactured homes on permanent foundations, subject to Fannie Mae guidelines
• Homes with existing qualifying ADUs

Academy D20's housing stock leans heavily toward newer single-family construction and townhomes, especially in Briargate and newer subdivisions pushing north toward Monument, with a mix of older ranch-style homes closer to the Air Force Academy's original growth corridor.

Property Requirements

• Must be owner occupied as your primary residence.
• Full appraisal required, meeting CHFA and Fannie Mae property standards.
• Properties with deed restrictions, leasehold interests, land trusts, or affordable housing covenants may qualify with additional underwriting approval.

Where Academy D20 Staff Are Actually Buying

Academy District 20 stretches across a wide swath of northern Colorado Springs, so "buying close to work" can look very different depending on which school you're assigned to.

Rather than relying on citywide averages, compare current local market data and active listings that match your budget, commute, and the specific D20 attendance area you're targeting.

Northern Colorado Springs Buyers: What Makes This Market Different?

Buying in D20's footprint involves a different diligence list than buying in Denver or the mountain corridor. Here's what we encourage every buyer to evaluate carefully.

Step by Step: How to Actually Use Schools To Home

1. Confirm your employer is eligible. Check the Colorado Department of Education's SchoolView database and confirm "Public" appears in the School Type column.
2. Confirm your employment status. Schools To Home requires at least one borrower classified full time. Your HR department can confirm this in writing.
3. Speak with a CHFA participating lender. Our preferred lending partner is Mike Oswald at New American Funding (NMLS #261003), who can compare Schools To Home with conventional financing.
4. Get fully pre-approved. A true pre-approval reviews income, employment, credit, assets, and debt-to-income ratio — much stronger than a basic pre-qualification.
5. Complete the required education. Complete the CHFA-approved Homebuyer Education course and the Understanding Your Financial Commitment course early to avoid delays under contract.
6. Start shopping. We'll help you identify homes that fit your budget, commute, and neighborhood preferences — whether that's Briargate, the Air Force Academy area, northern Colorado Springs, or Monument-adjacent options.

Academy D20 Schools To Home FAQ

Find Out If You Can Buy With as Little as $1,000 Cash to Close

One conversation can tell you whether you qualify, how much assistance may be available, and whether Schools To Home or another financing option is the better fit. No cost, no obligation — just honest guidance based on your goals.

Call 303-955-4220 Email Us

More Colorado Schools To Home Guides

Every eligible Colorado public school district gets its own Schools To Home breakdown. Explore the statewide hub and district-specific guides below.

If you work for another Colorado public school district, use the hub above to find your district-specific guide.