Colorado Housing and Finance Authority (CHFA) This is probably the biggest one in our state. CHFA offers loans with down payment assistance, and depending on the program, you might be able to get help with 3-5% of your purchase price. They work with approved lenders throughout Colorado, so you'll want to find one who knows these programs inside and out.

The interest rates through CHFA are often competitive with conventional loans, and sometimes even better. They also have programs specifically for moderate-income buyers and for homes in targeted areas where they're trying to increase homeownership.

Down Payment Assistance CHFA offers down payment assistance that can come as a second loan. Some of these are forgivable after you live in the home for a certain number of years. That's essentially free money if you're planning to stay put.

FHA Loans FHA loans are backed by the Federal Housing Administration and only require 3.5% down. Your credit doesn't have to be perfect either - many lenders will work with scores as low as 580. The trade-off is you'll pay mortgage insurance, but it gets you in the door.

VA Loans If you're a veteran or active military, VA loans are incredible. Zero down payment required, no mortgage insurance, and typically great interest rates. If you qualify, this is hands down one of the best options out there.

USDA Loans Think USDA loans are just for farms? Think again. A lot of areas outside the main metro areas in Colorado qualify as "rural" for USDA purposes. These loans offer zero down payment and are for low-to-moderate income buyers. Parts of the Front Range suburbs actually qualify, which surprises people. Check the USDA eligibility map to see if your target area qualifies.

Don't overlook conventional loans just because you're a first-time buyer. Many conventional loans now allow as little as 3% down for qualified buyers. Fannie Mae and Freddie Mac both have first-time buyer programs worth exploring.

The Mortgage Interest Deduction is real and it matters. When you're paying a mortgage, you can deduct the interest you pay on up to $750,000 of mortgage debt. In your first few years of homeownership, most of your payment is going toward interest, so this can make a real difference at tax time.

Some Colorado counties and cities also offer property tax relief programs for first-time buyers or low-to-moderate income homeowners. It varies by location, so check with your local county.