DPS Schools To Home: Down Payment Help 2026

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 designed specifically for full-time public school employees. If you work full time for Denver Public Schools (DPS) — or an eligible Denver 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 be used toward your down payment, closing costs, prepaids, or principal reduction. There are no monthly payments on the second mortgage and no interest accrues while you continue living in the home as your primary residence.

For many qualified buyers, all you need is $1,000 of your own money at closing to receive up to 25% of your first mortgage amount in CHFA Schools To Home assistance, subject to lender approval, loan structure, underwriting, and seller concessions.

The $1,000 is your required borrower contribution—not the amount of assistance. Qualified Denver Public Schools employees may receive up to 25% of their first mortgage amount in down payment assistance while contributing as little as $1,000 of their own money at closing, depending on lender approval, loan structure, and seller concessions.

Here's what doesn't change no matter where 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 Denver Public Schools — and who doesn't
3. How much money is this, actually?
4. Shared appreciation, explained without the spin
5. A worked Denver home example
6. When Schools To Home isn't the right fit
7. Complete eligibility checklist
8. Eligible property types
9. Where Denver Public Schools staff are buying
10. Denver-specific buying considerations
11. Step-by-step homebuying process
12. Denver Public Schools 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 money for a down payment.

The program was established through bipartisan legislation during the 2025 Colorado legislative session and is administered by the Colorado Housing and Finance Authority (CHFA). Funding comes from the Public School Permanent Fund, allowing eligible educators and school employees to access significantly more buying power than many traditional mortgage programs.

The need is especially apparent in Denver. Denver continues to be one of Colorado's most competitive housing markets. Neighborhoods like Central Park and Berkeley regularly see higher home prices, while communities such as Green Valley Ranch, Montbello, Athmar Park, and Westwood offer opportunities that remain more attainable for first-time buyers. Even so, saving tens of thousands of dollars for a traditional down payment can take years for many teachers, paraprofessionals, custodians, office staff, bus drivers, and other school employees.

How the Program Is Structured

1. A 30-year fixed-rate first mortgage. A traditional conventional mortgage backed by Fannie Mae.
2. A deferred second mortgage worth up to 25% of your first mortgage amount. Funds may be used toward down payment, closing costs, prepaid expenses, or principal reduction. The second mortgage charges 0% interest, requires no monthly payment, and remains deferred until a repayment event occurs.
3. A shared appreciation obligation. When repayment is triggered, borrowers 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 repayment obligation. The benefit is that it allows many Denver Public Schools employees to buy years sooner than they otherwise could by dramatically reducing the amount of cash needed upfront. Whether that trade-off makes sense depends entirely on your personal situation, future plans, and how long you expect to stay in the home.

Who Qualifies in Denver Public Schools — and Who Doesn't?

One of the biggest misconceptions about Schools To Home is that it's only available for classroom teachers. It isn'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.

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

The focus is on employment status, not position title.

Which Denver Public Schools Employers Count?

• Denver Public Schools (DPS) district-operated elementary, middle, and high schools
• Innovation schools
• Denver-authorized public charter schools
• Institute charter schools located within Denver
• Eligible BOCES serving Denver-area public 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 Denver Public Schools?

That's perfectly fine. Only one borrower on the mortgage needs to be the eligible school employee. Your spouse, partner, or co-borrower may work in another profession while still allowing the household to qualify under Schools To Home. This flexibility helps many Denver families qualify using both incomes while only requiring one eligible school employee.

How Much Money Is This, Actually? (Denver Math)

One of the biggest misconceptions about Schools To Home is that the program provides 25% of the purchase price. It doesn't. The assistance is up to 25% of your first mortgage amount, not the home's purchase price. Those are very different numbers, and understanding the distinction helps you see how the program is actually structured.

There are also two important 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. These limits determine how much assistance is available and how the financing is structured.

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. For most Denver Public Schools employees, this limit is well above the amount they need to borrow.

Is There a Purchase Price Limit?

No. One of the biggest advantages of Schools To Home is that there is no purchase price limit. Many down payment assistance programs require buyers to stay below a maximum home price. Schools To Home doesn't. If your income qualifies and your loan amount falls within CHFA guidelines, you can purchase anywhere in Colorado — allowing Denver Public Schools employees to consider neighborhoods throughout the city instead of being limited to lower-priced areas.

What's the Income Limit?

The statewide qualifying income limit is $178,920. The same limit applies in Denver, Jefferson County, Douglas County, El Paso County, and every Colorado county. It does not vary by household size or location.

Wondering How Much Assistance You Could Receive?

Our lender partner, Mike Oswald, can compare different 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

This is one of the most important parts of the program because it determines how repayment works. Schools To Home uses a shared appreciation model rather than charging interest on the second mortgage. That means 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 becomes your fixed shared appreciation percentage for the life of the loan. On a $650,000 purchase with $130,000 of assistance, that's a 20% shared appreciation rate — a percentage that never changes.

How Is Appreciation Measured?

When you sell your home, appreciation is calculated by subtracting your original purchase price from your sale price. On a $650,000 purchase sold for $840,000, appreciation is $190,000. At a 20% shared appreciation percentage, the repayment would be 20% × $190,000 = $38,000, made in addition to repaying the original assistance amount.

What If My Home Doesn't Increase in Value?

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

When Does Repayment Happen?

The Schools To Home second mortgage becomes due if you sell your home, refinance your first mortgage, pay off your first mortgage, or the property is no longer your primary residence. If you decide to convert the home into a rental property while the Schools To Home loan remains outstanding, repayment is triggered.

Can I Refinance Later?

Yes — but refinancing is considered a repayment event. Before refinancing, you'll need enough equity to repay the original assistance amount and the required shared appreciation. Because of this, refinancing should always be evaluated carefully with your lender.

A Full Worked Example at a Denver Public Schools Price Point

Let's assume you're a full-time Denver Public Schools employee purchasing a home in Green Valley Ranch for $650,000.

At Closing

In this example, the buyer receives $130,000 in Schools To Home assistance while contributing only $1,000 of their own funds at closing, assuming they otherwise qualify and the loan is structured accordingly.

Seven Years Later, You Sell for $840,000

About 4% annual appreciation — consistent with long-term Front Range housing trends.

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

The Honest Comparison

The important question isn't whether shared appreciation costs money. It does. The better question is whether waiting several more years to save a large down payment would leave you in a stronger financial position than buying sooner. For some buyers, Schools To Home creates an opportunity to build equity years earlier. For others — particularly those who already have a substantial down payment saved — a conventional loan may ultimately be the less expensive option. That's why we compare both options before recommending either one.

When Schools To Home Is the Wrong Move

Every honest guide should explain when a program isn't the best option. Schools To Home can be an excellent fit for many Denver Public Schools employees, but it isn't the right solution for everyone.

• You expect to move within three years. The program works best for buyers planning to stay several years. Selling shortly after purchasing may not provide enough time to build meaningful equity before repaying the assistance and shared appreciation.
• You've already saved a large down payment. If you're sitting on 15–20%, a conventional mortgage without shared appreciation may cost less over time. We'll gladly compare both options.
• You want to keep the home as a rental. Schools To Home is intended for owner-occupied primary residences. Converting the property to a rental triggers repayment.
• You're planning a major remodel. Since shared appreciation is based on your home's increased value, major renovations that significantly increase resale value may also increase the appreciation repayment.
• You're buying at the very top of your budget. Zero down doesn't mean zero responsibility. Unexpected expenses like roof repairs, HVAC replacement, sewer line repairs, or insurance deductibles can quickly strain a tight budget.
• Your credit score is below 620. Sometimes spending six months improving your credit results in much better financing options.

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 through 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?

Schools To Home offers more flexibility than many buyers expect.

• 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

Denver's housing inventory includes a wide variety of property types — from historic brick bungalows and Denver Squares to newer townhomes and condominiums throughout neighborhoods like Central Park and Green Valley Ranch. Many buyers also consider homes with existing ADUs for multigenerational living or future flexibility, provided the property meets Fannie Mae requirements.

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 Denver Public Schools Staff Are Actually Buying

Denver Public Schools serves students across nearly every neighborhood in the city, so "buying close to work" can mean very different things depending on where you're assigned. Here are some of the neighborhoods many buyers explore.

Central Park

Newer construction, extensive parks, shopping, and convenient access to I-70 and downtown Denver. Prices tend to run higher, but the schools, amenities, and newer housing stock make it popular with families. Browse Central Park homes.

Green Valley Ranch

One of the city's more affordable options for newer single-family homes and townhomes. Proximity to DIA and continued residential development make it a common starting point for first-time buyers. Browse Green Valley Ranch homes.

Montbello

Established neighborhoods, larger lots, and comparatively attainable pricing for buyers wanting more space without leaving Denver. Browse Montbello homes.

Berkeley

Historic character with walkable shopping, restaurants, and easy access to Tennyson Street and downtown. Inventory can be competitive, but the neighborhood remains highly desirable. Browse Berkeley homes.

Athmar Park

Convenient access to downtown Denver with a more residential feel. Renovated mid-century homes and ongoing neighborhood investment have increased interest in recent years. Browse Athmar Park homes.

Westwood

One of Denver's more affordable entry points into homeownership. Continued redevelopment and proximity to downtown have made it increasingly popular among first-time buyers. Browse Westwood homes.

Rather than relying on outdated citywide averages, we provide buyers with current local market data, neighborhood comparisons, and active listings that match their budget and commute preferences.

Denver Buyers: What Makes This Market Different?

Buying in Denver involves different considerations than purchasing in mountain communities or rapidly growing suburban developments. Here are several items we encourage every buyer to evaluate carefully.

• HOA fees. Many Denver condominiums and townhomes include homeowners association dues. Make sure monthly HOA costs fit comfortably within your budget.
• Older homes. Many neighborhoods feature homes built before 1970. We recommend inspecting sewer lines, electrical systems, plumbing, foundations, and roof age. A thorough inspection can help avoid expensive surprises after closing.
• Competitive offers. Popular Denver neighborhoods often receive multiple offers. Because Schools To Home requires an appraisal, your offer strategy should account for timelines and financing requirements rather than assuming an appraisal waiver will be possible.
• Property taxes & metro districts. Some newer developments include metro district taxes that increase the monthly ownership cost. Understanding the complete payment — not just the mortgage — is essential before writing an offer.

Step by Step: How to Actually Use Schools To Home

1. Confirm your employer is eligible. CHFA uses the Colorado Department of Education's SchoolView database to verify eligible employers. Your employer should be listed as a Public preK–12 school, school district, charter school, institute charter school, BOCES, or innovation zone.
2. Confirm your employment status. Schools To Home requires at least one borrower to be classified as a full-time employee. If you're unsure, your Human Resources department can confirm your classification.
3. Speak with a CHFA participating lender. Not every lender offers CHFA financing, and fewer have experience with Schools To Home. 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 is much stronger than a basic pre-qualification — your lender will review income, employment, credit, assets, and debt-to-income ratio.
5. Complete the required education. CHFA-approved Homebuyer Education plus the Understanding Your Financial Commitment course. Completing these early helps avoid delays once you're under contract.
6. Start shopping. Once pre-approved, we'll help you identify homes that fit your monthly budget, commute, neighborhood preferences, and long-term goals — whether that's Central Park, Green Valley Ranch, Berkeley, Westwood, Montbello, or another Denver neighborhood.

Denver Public Schools 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.

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.

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 qualify?

Yes. Eligible charter schools and institute charter schools qualify under the program.

What about preschool employees?

Public preK employees working for eligible employers may qualify.

Do private school employees qualify?

No. Private schools are not eligible.

Does my spouse need to work for Denver Public Schools?

No. Only one borrower must be the eligible school employee.

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 buy a duplex?

No. Schools To Home is limited to one-unit, owner-occupied properties.

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.

How much money do I need?

Every borrower must contribute at least $1,000, which may be gifted. Many qualified buyers are able to purchase with approximately $1,000 cash to close, depending on loan structure and seller concessions.

Who do I call about Denver Public Schools 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 Denver Homes

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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 Denver Public Schools. Each office is independently owned and operated. Equal Housing Opportunity.