Academy D20 Schools To Home: Down Payment Help

25%of first mortgage $1,000may be all you need to close $0monthly payment No Capon purchase price $178,920income limit

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 home remains your primary residence.

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 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

1. What is the CHFA Schools To Home program?
2. Who qualifies in Academy D20 — and who doesn't
3. How much money is this, actually?
4. Shared appreciation, explained without the spin
5. A worked northern Colorado Springs example
6. When Schools To Home isn't the right fit
7. Complete eligibility checklist
8. Eligible property types
9. Where Academy D20 staff are buying
10. Northern Colorado Springs buying considerations
11. Step-by-step homebuying process
12. Academy D20 Schools To Home FAQ

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 steadily as new subdivisions fill in along the I-25 corridor, and a first-year D20 paraprofessional, a bus driver, or a longtime custodian can be years away from saving a traditional down payment even in a market that's more attainable than Denver or Boulder. Schools To Home exists to close that gap.

Schools To Home helps reduce one of the biggest barriers to buying near where you work — a large upfront down payment. For D20 staff commuting from Pueblo, Fountain, or south Colorado Springs because ownership near the district has felt out of reach, this program is often the difference between another year of renting and closing on a home this fall.

How the Program Is Structured

1. A 30-year fixed-rate first mortgage. A conventional Fannie Mae purchase loan with a normal amortizing monthly payment.
2. 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. Zero percent interest, no monthly payment, deferred until a repayment event occurs.
3. 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 when you sell the home, refinance, pay off the first mortgage, or stop using the home as your primary residence.

Is This Free Money?

No. Schools To Home is not a grant and it is not loan forgiveness. It is a real second mortgage with a real repayment obligation. What it does is let many Academy D20 employees buy years sooner by dramatically reducing the cash needed upfront. Whether that trade-off makes sense depends on your situation, your plans, and how long you expect to stay in the home.

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 your job title.

Classroom & special ed 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
• Publicly funded preschool programs

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? (Northern Colorado Springs Math)

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.

Structure A — Zero Down, No PMI

Structure B — Maximum 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, 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, or Monument-adjacent neighborhoods instead of 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

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 never changes. 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 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 the 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

About 3.9% annual appreciation — consistent with long-term northern Colorado Springs trends.

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. We'll run both scenarios with you 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 six-month cleanup often results in meaningfully better terms.

The Complete Requirement Checklist

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

Employment

• At least one borrower must be a full-time employee of an eligible Colorado public school employer
• Employer verified via CDE SchoolView, listed as School Type: Public

Credit & Income

• Minimum middle credit score: 620 (or higher if required)
• Max DTI: 50% (FICO 620–659) / 55% (FICO 660+)
• Max qualifying income: $178,920 statewide
• Two years of tax transcripts
• Automated underwriting through Fannie Mae DU

Money Required

• Minimum borrower contribution: $1,000 (may be gifted)
• Assistance proceeds cannot be returned to the borrower as cash

Homebuyer Education

• CHFA-approved Homebuyer Education Course, every borrower
• CHFA's "Understanding Your Financial Commitment" course and quiz
• Certificates remain valid for 12 months

Loan Structure Rules

• Maximum 97% LTV / 105% CLTV
• No subordinate financing
• No interest-rate buydowns
• No cosigners, no non-occupying co-borrowers, no non-borrowing spouse on title
• PMI required above 80% LTV
• Appraisal required — Property Inspection Waivers (PIW) are not permitted

What Kind of Homes Qualify?

• 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 ADUs, where eligible

Academy D20's housing stock leans heavily toward newer single-family construction and townhomes, especially in Briargate and the 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.

Briargate

The district's commercial and residential core — newer single-family homes, townhomes, shopping, and quick access to I-25. Prices run toward the higher end of the district, but inventory and amenities are strong. Browse homes in Briargate.

Northern Colorado Springs

A broad mix of established neighborhoods and newer infill closer to the district's southern boundary, generally more attainable than Briargate proper while staying inside D20 boundaries. Browse homes in Colorado Springs.

Monument-Adjacent Areas

Unincorporated El Paso County neighborhoods pushing toward Monument offer larger lots and newer construction, popular with buyers wanting more space and a quieter feel while remaining a reasonable commute to D20 schools. Browse homes in El Paso County.

Air Force Academy Area

Neighborhoods near the Academy see steady turnover tied to military relocation cycles, and many D20 households include an active-duty or veteran co-borrower — worth mentioning to your lender, since VA financing may be worth comparing against Schools To Home for military-affiliated buyers.

Rather than relying on citywide averages, we pull 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.

• Hail history. Colorado Springs is one of the hailiest metro areas in the country. Ask what's been claimed and what's been replaced on the roof, and expect your insurer to want photos before binding a policy.
• New construction quality. Much of D20's inventory is newer, fast-built subdivisions. A newer home still needs an independent inspection at framing, drywall, and final — municipal inspection is a minimum standard, not a quality one.
• Metro district taxes. Many of the newer developments north of Colorado Springs carry metro district assessments on top of standard property tax. Understand the full payment, not just the mortgage, before writing an offer.
• Competitive offers on turnkey inventory. Because Schools To Home requires a full appraisal with no PIW, build your offer timeline and terms around that reality rather than assuming an appraisal waiver will be an option.

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. CHFA-approved Homebuyer Education plus the Understanding Your Financial Commitment course. Start these 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, or Monument-adjacent options.

Academy D20 Schools To Home FAQ

Is Schools To Home a grant?

No. It is a deferred second mortgage with shared appreciation.

Do I make monthly payments?

No. There are no monthly payments and no interest accrues while the property remains your primary residence.

How much assistance can I receive?

Up to 25% of your first mortgage amount, subject to CHFA guidelines.

What's the maximum debt-to-income ratio?

50% for a mid FICO of 620–659, or 55% for a mid FICO of 660 or above. Automated underwriting can be more restrictive, so treat 55% as a ceiling, not a target.

Are cosigners allowed?

No. Cosigners and non-occupying co-borrowers are not permitted, and CHFA does not allow a non-borrowing spouse on title.

Can I buy a manufactured home?

Yes, if it's on a permanent foundation and meets Fannie Mae guidelines and DU approval.

Is homebuyer education required?

Yes. Every borrower must complete a CHFA-approved homebuyer education course, valid for 12 months, plus CHFA's "Understanding Your Financial Commitment" course and quiz.

Can the $1,000 minimum contribution be a gift?

Yes. The $1,000 minimum borrower contribution may be gifted.

What is the maximum loan amount?

The lower of $832,750 or the applicable Fannie Mae conforming loan limit plus financed mortgage insurance.

Do I need to be a first-time homebuyer?

No. Previous homeowners may also qualify.

What's the income limit?

The statewide qualifying income limit is $178,920, the same in El Paso County as anywhere else in Colorado.

Is there a purchase price limit?

No. Schools To Home has no purchase price limit.

What credit score do I need?

A minimum middle score of 620, or higher if required by the loan type.

Do paraprofessionals, custodians, bus drivers, and office staff qualify?

Yes. The program covers any full-time employee of an eligible public school employer, regardless of job title.

Do charter school employees in D20 qualify?

Yes. D20-authorized charter schools and institute charter schools within the district's boundaries are named eligible employers, alongside district schools, BOCES, and innovation zones.

Does my spouse need to work for Academy D20?

No. Only one borrower must be the eligible school employee — including households where the co-borrower is active-duty military.

Can I buy with a family member?

Yes, as long as everyone occupies the property and is on both the mortgage and title.

Can I buy a condo, townhome, or a home with an ADU?

Yes to all three, subject to Fannie Mae requirements on ADUs.

Can I rent the home later?

Not while the assistance remains outstanding. Converting the home to a rental triggers repayment.

What happens if I refinance?

Refinancing triggers repayment of both the assistance and the shared appreciation.

What happens if my home's value decreases?

Negative appreciation is treated as zero appreciation. You repay the assistance but not a share of a loss.

Can I combine this with another down payment assistance program?

No. Subordinate financing is not permitted.

Can the seller buy down my interest rate?

No. Interest-rate buydowns are not allowed under Schools To Home.

Who do I call about Academy D20 Schools To Home?

Call the Kenna Real Estate Group at 303-955-4220. Our lender partner is Mike Oswald, New American Funding, NMLS #261003.

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 Search Colorado Springs Homes

Colorado Schools To Home: Every District Guide · Jeffco Schools To Home · Cherry Creek Schools To Home · DPS Schools To Home

More Colorado Schools To Home Guides

Every eligible Colorado public school district gets its own Schools To Home breakdown. Links below will go live as each guide publishes — check back if one isn't active yet.

HUB — All Colorado Districts Denver Public Schools Douglas County RE-1 Aurora (Adams-Arapahoe 28J) Adams 12 Five Star St. Vrain Valley Poudre School District Boulder Valley Academy District 20 — you're here District 49 (Falcon) School District 27J Greeley-Evans 6 Colorado Springs D11 Colorado Charter School Institute Thompson Pueblo City 60 Littleton Public Schools Harrison District 2 Widefield District 3 Weld RE-4 Fountain-Fort Carson D8 Westminster Public Schools 50 BOCES + Small Districts Roundup

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

Program details summarized from the Colorado Housing and Finance Authority (CHFA) Schools To Home program and are subject to change. This article is provided for general informational purposes only and is not a commitment to lend, an offer of credit, or a guarantee of eligibility, loan terms, assistance amounts, or approval. Eligibility, income limits, loan limits, credit requirements, homebuyer education requirements, loan structure, and shared appreciation terms are determined by CHFA and a participating CHFA lender. Verify eligible employers using the Colorado Department of Education SchoolView database. The Kenna Real Estate Group is a real estate brokerage and does not originate loans. Not affiliated with, sponsored by, or endorsed by Academy School District 20. Each office is independently owned and operated. Equal Housing Opportunity.