Current down payment assistance guidelines, updated from one source.
The current program figures below are hydrated from Lendmire’s down payment assistance standards source at each visit, so the options shown for Centennial, CO are the options in force.
Of the purchase price
The largest option is a repayable second lien that covers your down payment and can reach closing costs and prepaids too; the smaller options cover the 3.5% FHA minimum down payment.
Covers the whole FHA down payment
Nothing to repay, ever: this option pays the full 3.5% FHA minimum down payment and leaves no lien behind, for buyers within the area income limit or in a qualifying category.
On the forgivable and repayable options
The forgivable and repayable options have no income limit at all — one of the biggest advantages of this program. Only the nothing-to-repay option asks for income at or below 140% of the area median, or a qualifying category.
Credit score to start
This is the lowest score that opens an option here — the nothing-to-repay option; the forgivable second liens start a little higher and the repayable options higher still, so a stronger score opens more choices.
| Option | Assistance | What you repay | Credit · mortgage · units |
|---|---|---|---|
| Grant-style assistance — nothing to repay | 2% or 3.5% of the price | Nothing — released at closing | 620+ · FHA 203(b), FHA repair escrow, FHA Limited 203(k), FHA Standard 203(k) · 1–4 units |
| Forgivable second lien — three-year | 3.5% of the price | Nothing after 36 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Forgivable second lien — five-year | 3.5% of the price | Nothing after 60 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Repayable second lien — thirty-year amortization, ten-year balloon | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Closing-cost repayable second lien | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b) · 1–2 units |
| Refinance-cost second lien (repayable) | 1% to 3.5% of the balance | Second lien, repaid | 660+ · FHA 203(b) · 1–4 units |
Current down payment assistance snapshot · updated September 7, 2026 · six options offered in Colorado · no option requires a first-time buyer · no option combines with another assistance program · owner-occupied primary residences only.
Program figures are hydrated from one guideline source and change when it changes. The nothing-to-repay option is not offered in every state; the forgivable and repayable options are second liens; no option combines with another assistance program; all are for owner-occupied primary residences. The rate in the calculator is an editable market benchmark, not a quote, and the payment shown is an illustrative estimate; no fee or lender identity appears on this page. Lendmire is the broker, not the lender, and is not affiliated with FHA, USDA, HUD, or the federal government.
What down payment assistance is — and how the options differ.
For Centennial, CO buyers, the first-time home buyer programs work the same way: the first lien carries most of the price, the assistance covers the minimum investment, and the shape of the assistance — nothing to repay, forgivable, or repayable — decides what it costs to carry.
For the program overview, see Lendmire’s down payment assistance program, or the statewide guide at Down Payment Assistance in Colorado.
Assistance covers the FHA down payment
An FHA purchase asks for a minimum investment from the buyer; the assistance covers it, measured as a percentage of the lesser of price or value, and the largest option carries a further share for closing costs and prepaids.
Four shapes: grant, forgivable, repayable, refinance
Nothing to repay, forgiven over time, or repaid with a balloon: the three purchase shapes in Centennial, CO cover the same minimum investment and differ in what the buyer owes afterward.
Credit floors, mortgage programs, and unit counts
Credit decides which options are open; the first lien decides which options attach; the property’s unit count and type decide which option carries it. The options table shows all three side by side.
Eligibility without a first-time-buyer rule
In Centennial, CO, the question is not whether this is a first home; it is which option fits the credit, the first lien, and the property — and, for the nothing-to-repay option, which qualifying category applies.
This is the whole test: the price sets the minimum investment, the option covers it, and the larger option leaves room for closing costs. The tool below applies it to your numbers and adds the FHA payment estimate.
Where Centennial’s first-time and moderate-income buyers shop — and how the assistance fits.
Census housing and income data describe who buys in Centennial, CO and what it costs to get in; a lender reads those figures as context for the first lien, not as underwriting inputs.
Read the figures as backdrop. In most markets, the renter households are the pool the program exists for: qualified for a payment close to their rent, short the cash to close; the assistance is the bridge from one to the other.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Centennial submarkets, distinct property rules.
Centennial’s entry-level stock is not one market. Each submarket below carries its own price points, its own property rules, and its own fit with the assistance options.
New construction and infill
Infill and new-build homes in Centennial pair with the assistance as long as the property is the buyer’s primary residence and the first lien is a government program. About 19% of Centennial’s households rent — roughly 8,203 renter households, the pool the program exists for.
Two-to-four-unit homes, owner-occupied
The small multi-unit stock in Centennial is a path to a first home that also earns rent; the assistance pairs with the first lien on the building, up to the option’s unit limit. The median owner-occupied home value in Centennial runs near $658,100 on the latest Census estimate.
Older neighborhoods and renovation loans
Renovation purchases in Centennial qualify for the assistance on the price before repairs, which lets a buyer take on a home that needs work without also finding the minimum investment. Median gross rent in Centennial is about $2,148 a month — the payment many renters already carry.
Manufactured homes on owned land
For Centennial buyers looking at manufactured housing, the assistance is available on owned land, with single-width homes reaching only the option that accepts them. On a home at Centennial’s median value, the FHA minimum investment comes to about $23,000 — the figure the assistance is built to cover.
Townhomes and attached homes
In Centennial, a townhome in a planned development pairs cleanly with the program; the association’s rules and dues are read alongside the first lien, and the assistance covers the down payment. Median household income in Centennial sits near $131,928 on the latest Census estimate.
Condominiums close to work
In Centennial, a condominium near the job is the first home many buyers can reach; the program pairs with it as long as the project clears FHA review, and the assistance covers the minimum investment the same way it would on a house. Centennial counts a population near 108K within the Denver-Aurora-Centennial, CO area.
These are patterns, not promises: each Centennial purchase is underwritten on its own appraisal, its own credit, and its own option.
Four ways Centennial buyers put down payment assistance to work.
Down payment assistance in Centennial, CO is used for more than a first purchase; these are the structures Centennial buyers ask about most.
Buy a first home with the down payment covered
A Centennial buyer with the income for the payment but not the cash to close uses the assistance to cover the FHA minimum investment, some with nothing to repay, and keeps savings for the move.
Cover the costs of an FHA refinance
Owners in Centennial with an FHA loan and little cash for a refinance use the refinance-cost option, subject to its own credit floor and combined-leverage limit.
Cover closing costs too on the larger option
A Centennial buyer who needs more than the minimum investment uses the repayable option that covers down payment, closing costs, and prepaid items, including costs paid outside closing.
Buy a two-to-four-unit home and live in one unit
An owner-occupied duplex, triplex, or fourplex in Centennial qualifies on the option that reaches four units; the buyer lives in one unit and the assistance covers the minimum investment on the whole building.
Size the assistance on a Centennial price before requesting a quote.
Enter a Centennial purchase price, choose an assistance option offered in Colorado, and add any cash of your own. The calculator sizes the FHA minimum investment, applies the assistance to the down payment and closing costs, builds the FHA loan with its upfront and monthly mortgage insurance, and estimates the payment at an editable market benchmark rate — with housing and total ratios when you enter income.
Centennial FHA payment with assistance
Seeded with Centennial’s median home value; every field is editable, and the estimate updates as you change the price, the option, your cash, or the rate.
Editable benchmark: 6.71% as of September 3, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.
Illustrative starting assumptions: a $600,000 price near Centennial’s median owner-occupied home value (kept where an FHA first lien is realistic), the strongest assistance option offered in Colorado applied against the FHA minimum investment, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for Colorado (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not an FHA loan quote; your rate is set by the lender at lock. FHA mortgage insurance follows HUD’s published schedule for the term, leverage and loan size entered; taxes, insurance and dues are editable estimates; closing costs are not included; a repayable second lien adds its own payment, which is not shown here. Consumer mortgage lending licensed in sixteen states. Lendmire is not affiliated with or acting on behalf of FHA, USDA, HUD, or the federal government.
Same buyer, four very different closings.
Down payment assistance is one of four ways a Centennial buyer covers the minimum investment; each has a different cost after closing.
Assistance on a government loan, saving the minimum, or a gift.
Covers the FHA minimum investment as a percentage of the price — some with nothing to repay — with forgivable and repayable second-lien shapes, credit floors in the low six hundreds, and no first-time-buyer rule; the larger option reaches closing costs and prepaids.
The buyer brings the minimum investment from savings, a retirement withdrawal, or seasoned funds; no second lien, no eligibility category, no homebuyer education requirement, and no assistance to carry. For the first lien itself, see Lendmire’s FHA loan program.
Where the property is USDA-eligible or the buyer qualifies for HUD-184, the second-lien options carry the Centennial file, and the closing costs are what the assistance covers. For the USDA first lien, see the USDA loan program.
Assistance fits the buyer short of cash to close; the plain purchase fits the buyer with savings; the USDA and HUD-184 pairing fits eligible properties and borrowers; a documented gift fits when family can help — Lendmire places the Centennial, CO file where it reads best.
What to prepare for a Centennial scenario review.
The documents a lender reads first on an assistance file.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the mortgage, the assistance option, the property, and the eligibility category. Nothing here is legal or tax advice.
Local details that can change the loan.
The assistance is the easy part; the rules around it are where Centennial, CO files stall. These are the ones that most often change a file’s shape.
Use these checks to keep the Centennial file clean and fundable.
Settle the option, the first lien, the property’s eligibility, and the category before the appraisal is ordered; a Centennial file that clears these reads cleanly.
- Know the option: choose by cost to carry first, amount second.
- Confirm the category: remember that the second-lien options carry no income limit.
- Plan for the balloon: expect a monthly payment on the second lien.
The option decides what you owe afterward
The same minimum investment can be covered three ways in Centennial, CO, and the difference is entirely in what happens after closing: nothing, nothing if the first lien stays current, or a second loan that comes due; the options table shows what is offered.
The eligibility category for the nothing-to-repay option
The category is checked at application on the nothing-to-repay option, together with the signed assistance application and the education certificate; no option requires a first-time buyer, and the second-lien options carry no income limit.
The balloon on the repayable option
The repayable option is the only purchase option that carries a payment; in exchange it covers the most and pairs with a high-balance first lien. Its terms are set by the program, never by this page.
The mortgage and the county loan limit
A Centennial buyer near the county loan limit should settle the first lien’s size first; a high-balance first lien narrows the options to the repayable ones, and the choice of USDA or HUD-184 narrows them further.
Escrow holdbacks for minor repairs
A Centennial home with a small repair list does not have to wait for the work before closing; the escrow holdback carries it, within the program’s cap and timeline, with an inspection when the work is done.
From a Centennial pre-approval to keys with the assistance in place.
Lendmire runs a Centennial assistance file in a set order: pick the option, match the first lien, clear the property, close both liens together.
Pick the option
Lendmire reads the Centennial scenario against the options offered in Colorado: the credit tier, the first lien, the unit count, the category, and whether the help must reach closing costs.
Get the mortgage approved
Lendmire packages the Centennial file for the first lien first, because the assistance follows its approval; the option’s floor and the first lien’s rules both have to clear.
Clear the property
Property review runs in parallel with the first lien; the Centennial home is checked against the option’s rules and the first lien’s, from the unit count to the association package.
Close both loans together
Final underwriting reads the whole Centennial, CO file against the first lien’s rules and the option’s; the loan funds with the assistance in place and the second lien, where there is one, recorded behind it.
A brokerage that pairs the assistance to the loan.
Pairing the right assistance to the right first lien for a Centennial buyer means knowing which option the credit opens, which the property allows, and what each costs to carry — before the contract is signed.
The option, matched to the buyer
The nothing-to-repay option where it fits, the forgivable options where it does not, the repayable option where closing costs are the hurdle — chosen for the Centennial, CO buyer, not by default.
The mortgage, matched to the property
FHA, USDA, or HUD-184 is chosen with the Centennial property — its address, its unit count, its type — so the assistance option that pairs with it is the one that attaches.
The right wholesale program
Assistance programs differ across wholesale lenders in what they offer and where; Lendmire places a Centennial, CO file where its credit, its first lien, and its property read best, subject to lender program eligibility.
Trusted by first-time buyers & families alike.
Centennial down payment assistance FAQs
Straight answers for Centennial buyers weighing down payment assistance; the mortgage approval and the option’s rules decide every actual figure.
Do I have to be a first-time homebuyer?
No option requires it. A Centennial buyer who has owned before qualifies for the second-lien options on credit, first lien, and property alone, and for the nothing-to-repay option through any of the other categories.
Is there an income limit?
A Centennial buyer above the area income limit still reaches the nothing-to-repay option through an occupation, a first purchase, or the tract, and reaches the second-lien options regardless of income.
What first-time home buyer programs are available in Centennial?
Assistance measured as a percentage of the price, in shapes that differ by what you owe afterward: nothing, nothing if the first lien stays current, or a second loan with a balloon. Credit, the first lien, the property, and the eligibility category decide which fits.
Do I have to pay the assistance back?
For a Centennial buyer, the nothing-to-repay option where offered, otherwise a forgivable second lien; the options table on this page shows what each costs to carry.
What credit score do I need?
Each option has its own floor, starting in the low six hundreds on the nothing-to-repay option and stepping up on the forgivable and repayable second liens; every borrower needs a score, and two-borrower files may qualify on a blended score on the second-lien options. The snapshot shows the floors in force.
Do I need a homebuyer education course?
On the nothing-to-repay option, yes — a HUD-approved course, online or in person, with the cost credited back at closing. The second-lien options do not require it, though the course is worth taking on any first purchase.
What is the repayable option and when does it make sense?
It is a loan — the only purchase option with a payment — in exchange for covering the most. A Centennial buyer chooses it for the closing-cost coverage or the high-balance pairing.
How does a forgivable second lien work — the small second loan behind the mortgage?
A lien that costs nothing to carry and disappears on schedule; the clock runs with the first lien’s payments.
What is the rate on the mortgage and on the assistance?
It depends on the first lien, the option, and the file; the rate shown in the calculator is an editable market benchmark, not a quote, and the payment it produces is an illustrative estimate. A scenario review produces the terms.
What property types are eligible?
A Centennial home that the first lien accepts and the option’s property rules allow; the property side is checked before the option is confirmed.
Talk through a Centennial assistance file before the contract is signed.
Share the property, the price, and a little about your situation; a Lendmire loan officer names the option that fits and follows up.
This guide covers Centennial — for the statewide options, categories, and property rules, see Down Payment Assistance in Colorado, part of Lendmire’s down payment assistance program.
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