First-time home buyers can use:
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.
Funds for closing costs.
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.
Pride of home ownership
🛈 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%.
🛈 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.
VA Loans $0 down payment option available for U.S. Military (active duty, veterans, and their spouses). No mortgage insurance.
🛈 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.
🛈 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.
Down Payment Assistance Programs and Home Loans
The Colorado Housing and Finance Authority (CHFA) provides first time homebuyer programs.
CHFA Loan Programs
CHFA Down Payment and or Closing Cost Help
Noteworthy: Most first time homebuyers opt for a conventional rather than a CHFA/FHA loan program to avoid lifetime FHA mortgage insurance.
Your lender should take time to walk you through mortgage process— home loans available, recommended solutions, and the current market.
Knowledge of Home Loans; Including First Time Buyer Loans
Years of Experience
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
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 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.
Frequently Asked Questions
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.
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.
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.
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.
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
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.
Loan amounts vary based on income, monthly debts, down payment, and credit.
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.