.jpg){kind=avatar}
New - 8 Hours Ago
$415,000
Active
3
Beds
3
Baths
1932
Sqft
0.0626
Acres
7732 Carabiner Vw, Colorado Springs, CO 80923
MLS#: 2272918
25%of first mortgage
$0monthly payment
Nopurchase price limit
$178,920income limit
$1,000minimum borrower contribution
The short version
CHFA Schools To Home is a Colorado down payment assistance program for eligible full-time public school employees. If you work full time for District 49 (also known as Falcon School District 49), you may qualify for a 30-year fixed first mortgage paired with a deferred second mortgage worth up to 25% of that first mortgage — potentially useful for a home in Falcon, Peyton, or eastern Colorado Springs.
The assistance can provide a meaningful way to address the upfront cost of buying a home, but it is important to understand what you're receiving. The CHFA second mortgage has no monthly payment and 0% interest while outstanding, but it is not a grant. The original assistance eventually has to be repaid, and the program also includes a shared-appreciation obligation.
- Up to 25% of the first mortgage amount in second-mortgage assistance.
- $0 monthly payment and 0% interest on the second mortgage.
- No separate purchase price limit under Schools To Home.
- $178,920 statewide income limit, regardless of county or household size.
- $1,000 minimum borrower contribution, which may be a gift subject to applicable requirements.
- 620 minimum mid-credit score, subject to applicable loan requirements.
- You do not have to be a first-time buyer.
- Only one borrower on the loan has to be the eligible full-time school employee.
One important consideration: the CHFA second mortgage eventually becomes due, and you also share a portion of the home's appreciation. The right question isn't simply whether you qualify — it's whether the benefit of buying sooner makes financial sense compared with waiting and using a conventional loan.
Program terms below reflect the CHFA Schools To Home program matrix effective July 1, 2026. Always confirm current requirements with a CHFA participating lender before making an offer.
On this page
- What is CHFA Schools To Home?
- Who qualifies at District 49 — and who doesn't?
- District 49 and the military/Fort Carson crossover
- How much assistance can I receive?
- A worked example at a $475,000 Falcon home
- How shared appreciation works
- Falcon, Peyton, and eastern Colorado Springs
- District 49 market considerations
- What types of homes qualify?
- Complete eligibility checklist
- When Schools To Home may not be the right move
- How to use the program step by step
- District 49 Schools To Home FAQ
What is CHFA Schools To Home?
CHFA Schools To Home is a Colorado down payment assistance program for eligible full-time public school employees. It pairs a 30-year fixed-rate first mortgage with an optional deferred second mortgage worth up to 25% of the first mortgage amount.
The second mortgage is a zero-percent deferred loan with no monthly payment and no accrued interest while it remains outstanding. However, it is a real financial obligation that must eventually be repaid under the program's maturity rules.
The assistance can potentially be used toward:
- Down payment
- Closing costs
- Prepaid expenses
- Principal reduction
Schools To Home came out of bipartisan legislation passed during the 2025 Colorado legislative session, funded through the Public School Permanent Fund and launched by the Colorado Housing and Finance Authority (CHFA) in 2026.
District 49 — also known as Falcon School District 49 — serves a large and growing area of El Paso County. For a paraprofessional, bus driver, custodian, administrator, or first-year teacher, saving a traditional down payment while renting in a growing housing market can take considerable time. Schools To Home may provide another path toward homeownership.
Is Schools To Home free money?
No — and this is one of the most important things to understand about the program. Schools To Home is not a grant. The assistance is a second mortgage. You don't make a monthly payment on it, but you still owe the original assistance later, plus the applicable shared-appreciation amount when a maturity event occurs. For someone who would otherwise need several more years to save a down payment, buying sooner may make sense. For someone who already has a substantial down payment saved, avoiding the future CHFA obligation may be more attractive. That's why comparing both options matters.
Who qualifies at District 49 — and who doesn't?
CHFA's eligibility language is broad. At least one borrower must be classified full time by an eligible Colorado preK–12 public school, school district, charter school, institute charter school, board of cooperative educational services (BOCES), or innovation zone.
For a District 49 employee, the key question isn't simply whether you are a classroom teacher. The important question is whether you are classified as a full-time employee of an eligible public-school employer.
Do I have to be a teacher?
No. Potentially eligible District 49 positions can include:
- Classroom & SPED teachers
- Paraprofessionals & aides
- Counselors, psychologists, nurses
- Front office & registrars
- Custodial & maintenance staff
- Nutrition services staff
- Bus drivers, mechanics, dispatch
- Coaches & athletic staff
- Administrative, IT, HR, finance, and security staff
How to verify your employer: CHFA directs lenders and borrowers to the Colorado Department of Education's SchoolView database for employer verification. "Public" needs to appear in the School Type column for the specific employer. Private and parochial school employees are not eligible.
Do I have to be full time?
Yes. At least one borrower must be classified full time by an eligible public-school employer. Part-time, substitute, and seasonal roles do not independently qualify.
What if my spouse doesn't work for District 49?
That's okay. Only one borrower on the loan needs to be the eligible full-time school employee. The other borrower can work in another industry, including healthcare, construction, technology, or active-duty military.
This flexibility can be particularly useful in the District 49 area because of the number of military-connected households. A household could include one spouse who works for District 49 and another spouse who works at or around a nearby military installation.
Cosigners and non-occupying co-borrowers are not permitted, and non-borrowing spouses cannot take title without being on the loan.
Do I have to be a first-time buyer?
No. Schools To Home is not restricted to first-time homebuyers. If you previously owned a home, sold it, and have been renting since — including following a PCS move or relocation — you may still qualify if you meet the program and mortgage requirements.
Do I have to buy inside District 49 boundaries?
No. Your eligibility comes from your employment, not from where you purchase. A qualifying District 49 employee could potentially purchase in Falcon, Peyton, Colorado Springs, Fountain, Monument, or elsewhere in Colorado, subject to the program's owner-occupancy and mortgage requirements.
District 49 and the military/Fort Carson crossover
District 49's service area sits close to several major military installations in the Colorado Springs area, including Peterson Space Force Base and Schriever Space Force Base, and within commuting distance of Fort Carson.
That creates a real overlap between the D49 employee population and military households — a spouse who teaches or works in D49 while the other spouse serves, or a veteran who now works for the district after separating from service.
Schools To Home can be combined with your own VA loan eligibility for the first mortgage in some cases, but the specifics of layering a VA-eligible first mortgage with a CHFA second mortgage need to be confirmed directly with a participating lender. Not every lender structures this combination the same way.
If you expect a PCS move within a few years, consider that timing carefully. A short ownership period may not leave enough time to build equity before the CHFA obligation becomes due.
If only the non-military spouse is the District 49 employee, remember that only one borrower needs to meet the eligible-employee requirement. The military spouse's income can still potentially count toward qualifying, subject to applicable underwriting requirements.
Military-connected buyer? Ask your lender specifically about VA eligibility, PCS timing, BAH, the CHFA second mortgage, and how the combined financing would work before making an offer.
How much assistance can I receive?
The headline number is up to 25% — but it's important to understand 25% of what. It is not 25% of the purchase price. It is up to 25% of the first mortgage amount.
$475,000 Falcon Home — Illustrative
| Purchase price | $475,000 |
| First mortgage | $380,000 |
| Maximum second mortgage (25%) | $95,000 |
| Buyer down payment | $0 |
That $95,000 is not a grant. It is the CHFA second mortgage.
Two possible structures
| Structure A — Zero Down | Structure B — Higher First Mortgage |
|---|---|
| $475,000 purchase | $475,000 purchase |
| $380,000 first mortgage | $399,000 first mortgage |
| $95,000 Schools To Home second | $99,750 Schools To Home second |
| $0 buyer down payment | 105% combined CLTV example |
| PMI: none at 80% LTV | PMI may apply |
Structure A uses the assistance to cover the full down payment with no PMI. Structure B provides more assistance under the program's maximum 97% LTV / 105% CLTV limits, but comes with a larger first mortgage and possible mortgage insurance. Have a participating lender price both before you decide.
Why the $1,000 contribution matters
The $1,000 is your minimum required borrower contribution, not the total amount of assistance you receive. On the example above, that could mean $1,000 of borrower funds against $95,000 of CHFA assistance.
Your actual cash needed at closing can still be higher than $1,000 once you account for closing costs, prepaids, escrows, lender fees, earnest money, and other transaction expenses. Ask your lender for a full cash-to-close estimate before writing an offer.
Is there a purchase price limit?
No separate Schools To Home purchase-price limit applies. There is still a maximum first-mortgage amount — the lower of $832,750 or the applicable Fannie Mae limit plus financed mortgage insurance — but that's a loan-amount ceiling, not a cap on the home's purchase price.
What's the income limit?
The current statewide qualifying-income limit is $178,920, regardless of county or household size. The income counted is the qualifying income your lender uses for mortgage credit qualification, not simply your gross salary.
Not Sure Which Structure Fits Your Situation?
Send us your target price range and we'll run the numbers side by side — free, no obligation.
A worked example at a $475,000 Falcon home
Let's say you're a full-time District 49 employee purchasing a home in Falcon for $475,000, using an illustrative Structure A.
| Illustrative structure | |
|---|---|
| Purchase price | $475,000 |
| First mortgage | $380,000 |
| Schools To Home assistance | $95,000 |
| Your down payment | $0 |
| Minimum contribution | $1,000 |
| Illustrative shared-appreciation percentage | 20% |
Seven years later: illustrative sale at $605,000
| Original purchase price | $475,000 |
| Illustrative sale price | $605,000 |
| Appreciation | $130,000 |
| Illustrative shared appreciation at 20% | $26,000 |
| Original assistance repaid | $95,000 |
| Illustrative total CHFA obligation | $121,000 |
This is an illustration only, not a projection of future home values or your actual payoff. Have a lender run the real numbers for your situation.
Shared appreciation, explained without the spin
This is the part that costs money, so it deserves careful attention. The assistance doesn't simply disappear after closing. When the second mortgage becomes due, you repay the original assistance amount plus the applicable shared-appreciation amount.
How is the shared-appreciation percentage calculated?
CHFA's formula is based on the original assistance amount divided by the original purchase price. On the $475,000 purchase / $95,000 assistance example, the calculation is $95,000 ÷ $475,000 = 20%.
How is appreciation measured?
For a standard sale, appreciation is based on the contract sales price minus the original purchase price. For a refinance or other applicable payoff event, appraised or fair market value may be used instead. The applicable appreciation amount is multiplied by the locked shared-appreciation percentage.
What if my home loses value?
Negative appreciation is treated as zero. You still owe the original assistance amount, but you do not owe a share of a loss.
When does it come due?
The CHFA second mortgage can become due when you sell, refinance, pay off the first mortgage, or the property stops being your primary residence. If you move out and rent the property, the obligation can accelerate.
This is particularly important for households considering a future PCS or relocation. Schools To Home is not designed for buyers who intend to quickly convert the home into a rental while the CHFA obligation remains outstanding.
Can I refinance later?
Yes, but a refinance can trigger repayment of the assistance and applicable shared appreciation. Before closing, ask your lender to model what the future CHFA payoff could look like and whether the refinance would still make financial sense.
Falcon, Peyton, and eastern Colorado Springs
District 49's service area covers Falcon, Peyton, and the eastern edge of Colorado Springs. These communities have different housing options, price points, growth patterns, and commute considerations.
Falcon
The district's namesake community and one of the area's fastest-growing locations, with a large mix of newer subdivisions, master-planned communities, and expanding retail and services along major corridors. Buyers will find substantial new-construction inventory as well as established homes.
Browse Falcon homes.Peyton
A more rural, lower-density option east of Falcon, with larger lots and a slower pace. It can appeal to buyers prioritizing space and privacy, but property condition, utilities, well and septic systems, and winter access deserve additional attention.
Browse Peyton homes.Eastern Colorado Springs
The portion of the district overlapping Colorado Springs city limits can provide access to the Powers Boulevard corridor, Peterson Space Force Base, and other Colorado Springs amenities. Commute times vary considerably depending on where you work and which military installation you need to reach.
Browse Colorado Springs homes.These submarkets can move at different speeds. Rather than relying on a stale median price, compare active listings, price reductions, pending sales, and current market conditions for the specific neighborhoods you're considering.
District 49 market considerations
1. Metro District Taxes
Falcon's newer master-planned communities frequently sit inside metro districts that finance roads, parks, and infrastructure. These can push property taxes above what an older Colorado Springs neighborhood may carry.
2. HOA Fees
Many Falcon-area subdivisions carry HOA dues covering common areas and amenities. Include HOA expenses in your total monthly ownership budget rather than looking only at the mortgage payment.
3. Growth & New Construction
Falcon is one of the fastest-growing parts of El Paso County. New-construction incentives can be attractive, but compare the total cost of ownership against resale homes in established neighborhoods.
4. Commute to Base
For military-connected households, factor in commute time to Peterson Space Force Base, Schriever Space Force Base, or Fort Carson. Eastern Colorado Springs and Falcon can produce very different drive times.
5. Well & Septic in Peyton
Some Peyton-area properties rely on well and septic systems rather than municipal utilities. Have these systems inspected separately and factor maintenance and replacement costs into your budget.
6. No Purchase Price Limit
Because Schools To Home has no separate purchase-price ceiling, compare Falcon new construction against established eastern Colorado Springs neighborhoods rather than assuming one option is automatically out of reach.
What types of homes qualify?
The current program requirements allow several eligible owner-occupied property types, subject to applicable CHFA and Fannie Mae requirements:
- One-unit single-family homes, attached or detached
- PUDs
- Condominiums
- Modular homes
- Manufactured housing on a permanent foundation, subject to applicable guidelines
- Homes with qualifying existing ADUs
What about a duplex?
Schools To Home is structured around eligible one-unit owner-occupied properties, so a typical duplex does not qualify. Ask your participating lender to review any unusual property configuration before making an offer.
What about the appraisal?
A Property Inspection Waiver (PIW) is not permitted under this program. A full appraisal is required. This means your offer strategy should account for the appraisal requirement from the beginning, particularly in a competitive Falcon or eastern Colorado Springs market.
Complete eligibility checklist
Before you start shopping, discuss these requirements with your participating lender.
Employment
- At least one borrower classified full time by an eligible Colorado preK–12 public-school employer.
- Employer verified through CDE SchoolView.
- "Public" must appear in the School Type column.
Credit & Income
- Minimum mid-credit score of 620.
- Maximum DTI: 50% for FICO 620–659 / 55% for FICO 660+.
- $178,920 statewide income limit.
- Automated underwriting through Fannie Mae DU only.
Money In
- $1,000 minimum borrower contribution, which may be a gift subject to applicable requirements.
- Second-mortgage proceeds may not come back to the borrower as cash at closing.
Education
- CHFA-approved homebuyer education course, valid for 12 months.
- Every borrower must complete applicable education requirements.
- CHFA's "Understanding Your Financial Commitment" course and quiz.
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.
- Full appraisal required — PIW not permitted.
When Schools To Home may not be the right move
We like the program. But we don't think every District 49 employee should automatically use it. Consider slowing down if:
- You might move in under three years. Short ownership periods may not provide enough time to build equity to comfortably absorb the CHFA payoff. This matters especially for military-connected households anticipating a PCS.
- You already have a substantial down payment saved. If you're sitting on 15–20% in cash, compare a conventional loan without shared appreciation against Schools To Home.
- You want to keep the house as a rental. The primary-residence requirement means the CHFA obligation can become due if the property stops being your primary residence.
- You're planning a major renovation. If the improvements substantially increase the home's value, you'll still participate in the program's shared-appreciation calculation.
- You're near the top of your budget. Zero down does not mean zero risk. Leave room for a roof, HVAC system, well pump, septic repair, taxes, insurance, HOA fees, and other unexpected costs.
- Your credit is under 620. Improving your credit may open up additional financing options. Ask a lender whether waiting and improving your profile makes sense.
Step by step: how to actually use it
- Confirm your employer is eligible. Check CDE SchoolView and verify that "Public" appears in the School Type column for your employer.
- Confirm you're classified full time. Your HR or payroll office can confirm your employment classification.
- Talk to a CHFA participating lender. Find someone experienced with Schools To Home specifically. If you're military-connected, ask whether they have structured the program alongside VA financing before.
- Get fully pre-approved. A fully reviewed pre-approval is more useful than a basic pre-qualification letter.
- Start both education courses early. Complete the required education while you're house hunting rather than waiting until you're under contract.
- Compare loan structures. Look at monthly payment, cash needed, mortgage insurance, loan amount, and the future CHFA payoff and shared-appreciation obligation.
- Get your agent involved before you tour homes. The appraisal requirement and no-buydown rule can affect your offer strategy.
- Write, negotiate, inspect, appraise, and close. Once the lender, underwriter, title company, and CHFA requirements are satisfied, close and enjoy the new home.
District 49 Schools To Home FAQ
Is CHFA Schools To Home a grant?
No. It is a deferred second mortgage with a shared-appreciation obligation.
Do I make monthly payments on the assistance?
No. The second mortgage has a 0% interest rate and no monthly payment while outstanding.
How much assistance can I get?
Up to 25% of the first mortgage amount, subject to the program's loan structure and underwriting limits.
Is there a purchase price limit?
No separate Schools To Home purchase-price limit applies, although the amount you can actually borrow remains subject to applicable mortgage loan limits and underwriting requirements.
What's the income limit?
The current statewide qualifying-income limit is $178,920, regardless of county or household size.
What credit score do I need?
A minimum mid-credit score of 620, subject to applicable mortgage requirements.
Do I have to be a teacher?
No. Eligible full-time employees of qualifying public-school employers can potentially qualify regardless of job title.
Do bus drivers, custodians, and paraprofessionals qualify?
Potentially, yes, provided the employee satisfies the full-time employment requirement and all other program and mortgage requirements.
Does my spouse have to work for District 49?
No. Only one borrower needs to satisfy the eligible full-time public-school employee requirement.
Can I combine Schools To Home with a VA loan?
It may be possible in some situations, but the exact structure needs to be confirmed with a participating lender experienced with both programs.
Do I have to be a first-time homebuyer?
No.
Can I buy in Falcon?
Yes, an eligible owner-occupied home in Falcon can potentially qualify, subject to CHFA, lender, mortgage, appraisal, and property requirements.
Can I buy in Peyton?
Yes, potentially. Peyton properties may have additional well, septic, lot, and property-condition considerations.
Can I buy outside District 49?
Yes. Eligibility is based on qualifying employment, not on purchasing inside District 49 boundaries.
Can I buy a condo or townhome?
Eligible condominiums, attached single-family properties, and PUDs can potentially qualify subject to applicable requirements.
Can I buy a duplex?
A typical duplex does not meet the program's one-unit property requirement.
Can I buy a home with an ADU?
Yes, a property with an existing qualifying ADU can potentially qualify subject to applicable Fannie Mae and CHFA requirements.
Can I use Schools To Home for closing costs?
Yes. Second-mortgage proceeds may be used toward eligible down payment, closing costs, prepaids, and/or principal reduction.
Can I combine it with another down payment assistance program?
No. Subordinate financing is not permitted under the current program requirements.
Can I refinance later?
Potentially, but refinancing is a maturity event that can trigger repayment of the CHFA second mortgage and applicable shared appreciation.
Can I rent the house later?
The property must remain your primary residence while the CHFA obligation is outstanding. If it stops being your primary residence, the obligation can become due.
What happens if my home is worth less than I paid?
Negative appreciation is treated as zero. You still repay the original assistance, but you do not owe a share of a loss.
How is shared appreciation calculated?
The applicable percentage is based on the original CHFA assistance amount divided by the original purchase price, established under the applicable CHFA documents at closing.
Is $1,000 all I need at closing?
Not necessarily. $1,000 is the minimum borrower contribution. Your actual cash-to-close can be higher because of closing costs, prepaids, escrows, lender fees, earnest money, and other transaction expenses.
Can I use the program anywhere in Colorado?
Potentially, yes. Your eligibility comes from qualifying District 49 employment, while the property must satisfy the program's owner-occupancy, mortgage, and property requirements.
Need a CHFA Schools To Home lender?
If you're a District 49 employee and want to know whether Schools To Home actually works for your numbers, we can connect you with a participating lender familiar with the program.
Ask about your eligibility, maximum loan amount, monthly payment, cash-to-close, DPA amount, mortgage insurance, future CHFA payoff, and potential shared-appreciation obligation before making an offer.
CHFA Lender Partner: Mike Oswald, New American Funding · NMLS #261003.
The lender can evaluate the financing side while our team helps you compare homes, neighborhoods, commute, and overall ownership costs.
Let's Find Out If Schools To Home Works for You
If you work full time for District 49 and homeownership in Falcon, Peyton, or eastern Colorado Springs has felt out of reach, let's look at the numbers together. We'll compare Schools To Home with other financing options and help you decide what actually makes financial sense.
More Colorado Schools To Home Guides
Every eligible Colorado public school district gets its own Schools To Home breakdown. Explore the statewide hub and district-specific guides below.
If you work for another Colorado public school district, use the hub above to find your district-specific guide.
Program details summarized here are based on the Colorado Housing and Finance Authority (CHFA) Schools To Home program matrix effective July 1, 2026, and are subject to change. This article is for general informational purposes only and is not a commitment to lend, an offer of credit, or a guarantee of eligibility, terms, assistance amounts, loan amounts, or shared-appreciation calculations. Eligibility, income limits, loan limits, credit requirements, homebuyer education requirements, loan structure, property requirements, and shared-appreciation terms are determined by CHFA and a CHFA participating lender. Loan structure examples are illustrative only. VA loan combination details should be confirmed directly with a participating lender. Verify eligible employers with the Colorado Department of Education. The Kenna Real Estate Group is a real estate brokerage team and does not originate loans. Not affiliated with, sponsored by, or endorsed by District 49 (Falcon School District 49), the U.S. Department of Defense, or any branch of the U.S. military. Each office is independently owned and operated. Equal Housing Opportunity.
