D11 Schools To Home: Colorado Springs DPA 2026

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 Colorado Springs School District 11 — or an eligible D11-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 accrued interest while the CHFA second mortgage remains outstanding. 

Eligible borrowers must contribute at least $1,000 toward the purchase, although actual cash-to-close may be higher depending on closing costs, prepaids, seller concessions, loan structure, and lender requirements.

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 on the second mortgage

• No separate Schools To Home purchase-price limit; the actual purchase price is constrained by applicable loan limits, income, credit, DTI, LTV/CLTV, property and underwriting requirements.

• 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.

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.

Colorado Springs School District 11 (D11) is the city's original, oldest, and most centrally located district — covering downtown, Old Colorado City, the Old North End, and neighborhoods like Knob Hill and Patty Jewett that ring the city core. Home prices in central Colorado Springs have climbed steadily as buyers rediscover the walkability and character of these older neighborhoods, and a first-year D11 paraprofessional, bus driver, or longtime custodian can still be years away from a traditional down payment even in a market more attainable than Denver.

Schools To Home helps close that gap. For D11 staff who've been priced toward the outer edges of Colorado Springs, or commuting in from Fountain or Widefield because ownership near their school felt out of reach, this program can be the difference between another year of renting and closing on a home this year.

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 the applicable share of the home's appreciation calculated under the CHFA program documents. 

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?

Who Qualifies in D11 — 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.

Which D11 Employers Count?

• Colorado Springs School District 11 district-operated elementary, middle, and high schools
• Eligible Colorado preK-12 public schools
• Eligible Colorado institute charter schools
• Eligible Colorado BOCES
• Innovation zone schools

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 D11?

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, common in this market given nearby Fort Carson and Peterson Space Force Base — while the household still qualifies under Schools To Home.

How Much Money Is This, Actually? (Central 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.

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 D11 households need to borrow.

Is There a Separate Schools To Home Purchase-Price Limit?

There is no separate program-specific purchase-price cap, but the amount you can actually borrow remains subject to applicable CHFA, Fannie Mae and lender loan limits and underwriting requirements.

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.

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 calculates the shared-appreciation percentage by dividing the original CHFA DPA second-mortgage amount by the original purchase price. In this illustrative example, $92,000 in assistance on a $460,000 home produces a 20% shared-appreciation percentage.

How Is Appreciation Measured?

For a sale, appreciation is generally calculated using the contract sales price minus the original purchase price. In this example, a $460,000 purchase sold for $600,000 produces $140,000 of appreciation. At the illustrative 20% shared-appreciation percentage, the shared-appreciation amount would be $28,000. For a refinance, payoff, or other maturity event, CHFA uses the applicable appraised or fair market value under the program documents.

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?

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 Central Colorado Springs

Let's say you're a full-time D11 employee buying a home near Knob Hill for $460,000, using Structure A.

This example is illustrative only. The actual shared-appreciation calculation is determined under the CHFA documents for the specific transaction.

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 D11 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 D11 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. Common in D11's older housing stock — 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, especially in an older home where a sewer line or roof repair can surface without warning.
• 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.

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

D11's housing stock leans heavily historic — Victorian and Craftsman bungalows, early-1900s cottages, and mid-century ranches concentrated in Old Colorado City, the Old North End, Knob Hill, and Patty Jewett, alongside newer infill and condo conversions closer to downtown.

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 D11 Staff Are Actually Buying

Colorado Springs School District 11 sits at the historic core of the city, so "buying close to work" often means one of the oldest, most walkable neighborhoods on the Front Range.

Old Colorado City

A walkable, historic district with galleries, restaurants, and Colorado Avenue's shopping corridor. Housing runs from small Victorian cottages to renovated bungalows, with strong neighborhood character. Browse Old Colorado City homes.

Knob Hill

An established, centrally located neighborhood with a mix of smaller starter homes and renovated bungalows, generally more attainable than the Old North End while staying close to downtown. Browse El Paso County Homes.

Patty Jewett

Wrapped around the historic Patty Jewett Golf Course, this quiet, tree-lined neighborhood offers early cottages and bungalows with easy access to downtown and Colorado College. Browse Colorado Springs homes.

Central Colorado Springs, Broadly

Beyond these three, D11 also touches the Old North End, downtown proper, and pockets of the city's east side — each with its own price point and housing stock. Browse historic Colorado Springs homes.

Rather than relying on citywide averages, we pull current local market data and active listings that match your budget, commute, and the specific D11 attendance area you're targeting.

Central Colorado Springs Buyers: What Makes This Market Different?

Buying in D11's footprint involves a different diligence list than buying in the newer developments further north. Here's what we encourage every buyer to evaluate carefully.

• Older home systems. Much of D11's inventory predates 1970, and some homes date to the early 1900s. Inspect sewer lines, electrical panels, plumbing, foundations, and roof age closely — older infrastructure is common and can carry real cost.
• Historic character constraints. Some homes in Old Colorado City and the surrounding historic districts may carry design or renovation guidelines. Confirm before planning major exterior changes.
• 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 before you write an offer.
• Competitive, walkable inventory. Because Schools To Home requires a full appraisal with no PIW, build your offer timeline around that reality in neighborhoods where turnkey homes move fast.

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 Old Colorado City, Knob Hill, Patty Jewett, or another central Colorado Springs neighborhood.

D11 Schools To Home FAQ

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 Colorado Springs School District 11. Each office is independently owned and operated. Equal Housing Opportunity.