First Time Home Buyer in Lakewood CO | Nathan Mortgage

First Time Home Buyer in Lakewood CO | Nathan Mortgage

Transition from Renting to Owning

Becoming a first-time home buyer has benefits— customize your living space, build equity, enjoy a stable affordable monthly payment, save on taxes, protect yourself against inflation, and enjoy pride of home ownership. 

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Affordable Monthly Payment

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Market Watch Video

Is now a good time to be a first-time home buyer?

Mortgage rates are rising, and buying competition is cooling. Learn what to expect in the video presented by Realtor Bryan Molaska and the Nathan Mortgage Managing Broker Nathan Beauchamp. 

Interest Rates
Mortgage Calculators

Buy Your First Home

Down Payment Myths

You don’t need a 20% down payment to buy a home. Conventional loans start as low as 3% down, and FHA loans start at 3.5%. You can put down less or add more if you have the funds. 

First-time home buyers can use:

  • Savings
  • Cash Gift 
  • Assistance Programs
  • 401K Loan 
FHA Loan
Mortgage Calculators

The Right Time To Buy A Home

First time buyers make up 50% of the home purchase market. While the market is hot, you can buy a home knowing it’s a wise financial move.

What You NEED

What You’ll GAIN

  • Your own domain – You decide when to move, not a landlord who suddenly decides to sell.

  • Affordable monthly payments – Set loan payments, no more unexpected rent increases or change without notice.

  • Build equity fast – Prices in Denver forecast to rise by 17.5% in 2022.

  • More Net Worth – Homeowners average 80x net worth than renters.

  • Tax benefits

  • Pride of home ownership

  • LOANS Conventional Mortgages

    Best for: borrowers with a good credit score of 620 or higher

    🛈 The overall borrowing costs of conventional loans tend to be lower than other types of mortgages. You can cancel private mortgage insurance (PMI) once you’ve hit 20% in equity, unlike FHA loans in which the Mortgage Insurance Premium (MIP) lasts the lifetime of the loan. Down payments as low as 3%.

  • LOANS Jumbo Mortgages

    Best for: borrowers with very good credit who want to buy a more expensive home (over $684,250)

    🛈 Jumbo loans allow you to borrow more money but do require more loan documentation and a higher down payment.  Learn More

  • LOANS Government Backed Mortgages

    Best for: borrowers with lower credit scores and minimal cash for a down payment

    🛈  Government-backed loans help make homeownership possible for borrowers who don’t have a large down payment saved up or don’t have pristine credit. 

    FHA Loans Credit requirements are more relaxed with an FHA loan. FHA loans require Mortgage Insurance Premium (MIP) for the lifetime of the loan.

    USDA Loans For rural areas. 

    Best for: all borrowers who qualify as active military, veteran, or spouse.

    VA Loans $0 down payment option available for U.S. Military (active duty, veterans, and their spouses). No mortgage insurance.

  • LOANS Fixed Rate Mortgages

    Best for: borrowers who want the predictability of loan payments the entire loan

    🛈 Fixed rate loans have a set principal and interest rate over the life of the loan. Most often used by buyers who plan on living in their homes for 10+ years.

  • LOANS Adjustable Rate Mortgages (ARMs)

    Best for: borrowers who do not plan to stay in their home for a long time OR beginning professionals who start with a moderate income and anticipate significant income increases

    🛈 Adjustable Rate Mortgages (ARMs) have an initial fixed rate that can change based on a specific benchmark, such as the prime lending rates.

  • LOANS Interest Only Mortgages

    Best for: borrowers who know they can sell or do a home refinance within a few years

    🛈 Allows you to pay only interest for the first 5 years and defer principal payments until later. No home equity is built through monthly payments.

First Time Homebuyer Programs

Down Payment Assistance Programs and Home Loans

The Colorado Housing and Finance Authority (CHFA) provides first time homebuyer programs.

CHFA Loan Programs

  • CHFA fixed-rate mortgage

CHFA Down Payment and or Closing Cost Help

  • Grant
  • Second mortgage  (not due until the property is sold or is no longer your primary residence)

Noteworthy: Most first time homebuyers opt for a conventional rather than a CHFA/FHA loan program to avoid lifetime FHA mortgage insurance.

Get Pre-Approved
Free Consult

Shopping For a Mortgage Lender

Your lender should take time to walk you through mortgage process— home loans available, recommended solutions, and the current market. 

What to Look For in a Lender

  • Knowledge of Home Loans; Including First Time Buyer Loans

  • Years of Experience

  • Timely Responses

  • Positive Reviews

What to Expect at Your Consult

  • Learn About First Time Home Buyer Loans

  • Learn About First Time Homebuyer Programs

  • Credit Approval Status (credit approval status post application)

  • Today’s Mortgage Rates

  • Steps in the Buying Process

Free Consult
Brokers vs Big Banks

Home Buying Team

Your Realtor + Your Lender

Your lender and real estate agent should work together to help you land a contract on your new home. The best lender + an expert real estate agent is KEY in a hot market.

Learn More

Home Buying Checklist

A Free Guide

Learn the essential steps to home buying that will put your mind at ease and ready you for the journey. Learn more about what should be done before you even begin house hunting.

Download

Frequently Asked Questions

First Time Homebuyers’ FAQs

I have a moderate income, can I become a homeowner?

Use our affordability calculator, mortgage calculator,  or contact us for a free consult. We can quickly determine if you meet the income requirements to be a first-time homebuyer. Learn more about first-time homebuyer programs.

Is it normal to feel overwhelmed or worried as a first time homebuyer?

Yes, as a first time homebuyer there are a lot of  mortgage options and decisions. Select a lender who is patient, can walk you through the mortgage options and rationale, and is available to you 100% of the time.

Should I buy a house if I plan to move soon?

Yes, as a first time homebuyer there are a lot of mortgage options and decisions. Select a lender who is patient, can walk you through the mortgage options and rationale and is available to you 100% of the time.

What are down payment assistance programs?

There are several payment assistance programs to help with mortgage down payment for first time homebuyers. They typically have income limits. Learn more about  assistance programs.

What is an FHA loan?

FHA loan is a government backed loan. FHA loans work really well for low–to–average credit scores (580 and above) with a 3.5% down. FHA mortgage insurance is required in the monthly mortgage payments for the life of the loan, unlike Conventional loans. Learn more about FHA loans.

Is an FHA loan or USDA loan right for me?

An FHA loan is great for first time home buyers with lower credit and 3.5% down. Similar to an FHA loan, but for rural homes, a USDA loan requirements are more forgiving. 

FHA loan Consult

Are there downsides to an FHA mortgage?

An FHA loan can signal a weaker position to the seller. Even more true if using an assistance program to help with the down payment requirement. The seller may go with another offer based on the loan type.

Are Jumbo Loans common in Denver?

Yes, due to high home values jumbo loans are frequently used to buy a home.

Glossary

Loan Amount

Loan amounts vary based on income, monthly debts, down payment, and credit.

Mortgage Calculators

Closing Costs

Pay closing costs at your home buyer closing appointment by certified check or wire (requires bank account and routing number). Includes your mortgage down payment and closing cost fees. 

Learn More About Closing Costs

Interest Rates

Mortgage Calculator

Refinance Calculator

Affordability Calculator

5.0 67 reviews

  • So happy we used Nathan! Some family members recommended him and we are glad they did. He went above and beyond to get us the best deal possible with our loan. Nathan was very knowledgeable and able to get us the best possible loan terms … More imaginable. The title company was even surprised with how great of a deal we got.Even though our home buying experience was filled with bumps and deals falling through for months on end, he was easy to get a hold of and made us his priority every time we needed him. Nathan was always our advocate and the #1 person on our side through this process. Highly recommend!
    Avatar ★★★★★ 2 years ago Hayley Sprenger
  • We cannot recommend Nathan's work enough - he takes the time to make his clients comfortable and educated in the mortgage process. He is always quick to respond and extremely professional. We worked with Nathan on the purchase of our … More first house, so we knew very little about the entire process. Nathan took the time, in multiple meetings, to walk us through step by step to understand not only the high-level steps but all the details, including terms and calculations, to make sure we could make an informed decision on what we could comfortably afford. We knew he was an invaluable resource in the first 15 minutes we worked with him and never regretted the choice. I have already recommended Nathan to friends and family who are very pleased with his work.
    Avatar ★★★★★ 3 years ago Jack Kern
  • We are very happy with our new mortgage! The process was quick, efficient and relatively painless. Everyone we dealt with was really responsive and professional. You have a great team and we will definitely recommend you to anyone we … More know who is thinking of refinancing.
    Avatar ★★★★★ a year ago Mark Leach
  • Everyone was very nice, quick to respond and answer any questions. Staff is very knowledgeable and professional. As stressful as buying a new home is they made it as smooth and quick as possible! I highly recommend them!Thank you
    Avatar ★★★★★ a year ago heidi marquard
  • Very friendly and informative. Quick and responsive to any issues or questions that arose. The entire team was professional, helpful and polite. Great experience!
    Avatar ★★★★★ a year ago Douglas Weber
  • We felt like we were in the best hands during a crazy housing market. We found Nathan Jennison when we quickly went under contract and realized we needed a more competitive interest rate at the last minute. In addition to helping us lock … More in a lower rate, we required a quick closing date which he was able to pull off successfully. Throughout the process, he provided exemplary customer service by being immensely communicative every step of the way providing immediate updates and answering all of our questions in a quick manner. He worked tirelessly to help us close quickly at the best rate with no hiccups. We will be using Nathan again for future deals and highly recommend him and his team!
    Avatar ★★★★★ a year ago Hanh-Nhi Baik

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