Savings Account

A First-time Homebuyer Savings Account allows any Coloradan to set aside up to $50,000 toward the costs of closing on a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever.

These accounts are simple and easy to set up. Not only can you open a new one, you can also designate almost any existing account as an FHSA. To create an FHSA, you simply include a form when you file your state taxes. (It will indicate that you should not be taxed on any earnings — e.g., interest or capital gains — because of the account’s FHSA status.)

After you use the money toward the closing costs on a first home (yours or someone else’s — see below), you send in a different form to the Department of Revenue showing that the funds were put toward an “eligible cost.”

What kinds of accounts can be CFHSAS?

Almost any account you have with a financial institution: mutual funds, CSd, brokerage (stocks, bonds, etc.), money markets, insurance, even a savings account, CFHSAs can also include individual stocks.

How much can I put in a CFHSA account?

You can contribute up to a total of $50,000 in principal, and the account can grow in value up to $150,000. There will be an annual contribution cap of $14,000 ($28,000 if filing jointly). There is no limit on how long the account can exist.

What can I use the money for?

A CFHSA account can be used to pay for just about anything related to closing on a home — anything included on the settlement statement: closing costs, inspections, lender fees, etc. These are all considered “eligible costs.”

What is considered a first-time home buyer?

A first-time buyer is: Someone who has never purchased a home before. That includes single-family homes, condos, co-ops, townhouses, or mobile homes. (It does not include land or commercial property.) If you owned a home at some point but did not purchase one — e.g., if you inherited — you can still qualify. It also includes someone divorced who may previously have owned a home with their spouse.

Can I use the money to pay for someone else's closing costs?

Yes. As long as the person you’re giving the money to (e.g., child, grandchild, niece, and even a close friend) is a first-time homebuyer

Can I use my CFHSA funds if I'm buying a home with someone who is not a first-time buyer?

Yes, as long as you qualify as a first-time buyer.




Down Payment Assistance | Colorado Residents

$3,600 - $15,000





Colorado Residents $3,600-$15,000 Start Here


Buy your First Home with Little or No Money Down

Colorado First Time Home Buyer specializes in down payment assistance programs and can provide the resources to get you into your first home. We help first-time buyers become homeowners.

To get started, all you have to do is let us know that you would like more information by filling out the form above. We'll call you back, discuss your needs and home preferences. We'll prepare a detailed report showing the best options for you. This information could save you thousands of dollars and allow you to buy your first home with little or no money down.

Colorado residents $3,600-$15,000

Success Stories

Megan and David


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