Schools To Home funds are limited. Colorado Champions for first responders is open, and CHFA says its funds are not limited.Run the eligibility check →
Colorado Down Payment AssistancePrograms, limits & free eligibility check Am I eligible?

Dearfield Fund (administered by Impact Development Fund)

Dearfield Fund Purchase Program: shared-appreciation help for buyers from lower-income tracts

First-time buyers who currently live in a Colorado low- or moderate-income census tract can get up to 20% of the purchase price, max $50,000, and buy anywhere in the state.

Fact sheet

Dearfield Fund Purchase Program

Open

Dearfield Fund (administered by Impact Development Fund)

Buyers
First-time buyers who currently live in a Colorado low- or moderate-income census tract (FFIEC tract median family income at or below 80% AMI), buying anywhere in Colorado
Amount
Up to 20% of purchase price, max $50,000 (up to $10,000 may buy down the rate)
Form
Deferred loan, repaid later
Income cap
150% of HUD median family income for the property's area, by household size
Price cap
FHFA baseline conforming loan limit (high-cost county limits not used)
First-time only
Yes
Pairs with CHFA Schools To Home
no - requires a Fannie Mae conventional or portfolio first; Schools To Home is a Fannie Mae CHFA loan but Dearfield is a shared-appreciation loan, not a grant

Not compatible with FHA, VA, RD or Freddie Mac. Repay principal only if paid off within 18 months; after that principal plus lower of 8% or pro-rata share of appreciation. Elevation CLT and Habitat deed-restricted homes eligible. Max DTI 48%. U.S. citizen or permanent resident. Guidelines revised Sept/Oct 2026 (third-party summaries describing it as limited to Black homebuyers appear outdated).

Checked November 2026 · method

Check my eligibility →

How the Dearfield loan works

Dearfield Fund, administered by Impact Development Fund, makes a deferred second loan with no monthly payments. Up to $10,000 of the assistance may be used to buy down the interest rate. Repayment depends on timing: pay the loan off within 18 months and you return only the principal. After that, you repay the principal plus the lower of 8% or a pro-rata share of appreciation, so the appreciation cost has a ceiling.

Who qualifies for Dearfield?

Eligibility is based on where you live now, not where you buy. Your current home must be in a Colorado census tract whose median family income is at or below 80% of the area median (FFIEC data). You must be a first-time buyer, a U.S. citizen or permanent resident, and earn no more than 150% of HUD median family income for the area where the new home sits. The purchase must fit within the FHFA baseline conforming loan limit; high-cost county limits are not used. Maximum debt-to-income is 48%. Elevation Community Land Trust and Habitat for Humanity deed-restricted homes are eligible. Guidelines were revised in September and October 2026; older summaries describing other eligibility rules appear outdated.

Dearfield vs. CHFA programs: what it is not

Dearfield is not compatible with FHA, VA, USDA-RD or Freddie Mac loans; it needs a Fannie Mae conventional or portfolio first mortgage. It is also not a grant, which rules it out behind Schools To Home, since that program only accepts another provider's grant. Buyers choosing Dearfield are usually comparing it against CHFA's own seconds, not stacking them.

The appreciation charge is limited: after 18 months you pay the lower of 8% or the pro-rata share, so a sharp jump in your home's value does not translate into an open-ended bill. Ask IDF to show the calculation on your own numbers before closing. The 18-month rule also gives buyers who expect a quick sale or a windfall a way to repay principal only. Because the FHFA baseline limit is used everywhere, buyers in high-cost counties should confirm the loan fits before shopping.

How to apply

Look up your current address's census tract income level, then contact IDF or a partner lender with a Fannie Mae conventional product. If you are eyeing an Elevation CLT home, mention it early. See the credit score guide, the Denver page, and check eligibility.

Questions about Dearfield Fund Purchase Program

Do I have to buy in a low-income area to use Dearfield?

No. You must currently live in a qualifying tract, but you can buy anywhere in Colorado.

What does Dearfield cost to repay?

Principal only if repaid within 18 months; after that, principal plus the lower of 8% or a pro-rata share of appreciation.

Can I use Dearfield with an FHA loan?

No. It requires a Fannie Mae conventional or portfolio first mortgage.

Similar programs

Summarized from the program's official page, November 2026. Money and rules shift; check today's terms with the administrator or a participating lender. Colorado Down Payment Assistance has no tie to this program.

Check this program and the state option together

A lender who offers Colorado programs can compare both against your file. No credit check.

Start the eligibility check