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Programs For First Time Home Buyers In Denver
With high home prices and inventory on the low side, it may feel like homeownership in Denver is unattainable, especially for first-time buyers. Fortunately, there are several programs that make homeownership a more attainable goal. These national loan programs - which aren’t restricted to first-time home buyers - make it possible to get a mortgage with lower credit scores or a limited down payment. Read on to see if these programs are a fit for you!
Best for: Low down payment and limited mortgage insurance premiums
First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance. Most lenders require a minimum credit score of 620 to qualify for a conventional mortgage, but a score around 740 earns you the best interest rates.
Best for: Low credit score and low down payment This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment for a score that low. Mortgage insurance is required for the life of an FHA loan and cannot be canceled.
CHFA Loan (Colorado Housing and Finance Authority)
Using a network of participating mortgage lenders across the state, the Colorado Housing and Finance Authority offers purchase and refinance loans, as well as down payment and closing cost assistance. CHFA defines a first-time home buyer as anyone who hasn’t owned or co-owned a home in the past three years. Veterans or repeat home buyers in Colorado can get CHFA loans and assistance if they meet certain requirements.
While home prices in the Mile High are cooling a bit and inventory numbers are creeping up, Denver is still an exceptionally popular destination for movers. Now could be the perfect time to examine what programs can turn your dream of homeownership into a reality. Contact Metrowest today – we’d love to help you start the process!
A Real Estate expert with a career spanning almost 20 years in multiple facets of the industry. I'm known for my extensive knowledge in foreclosure, asset management, title, loan origination, and gen....
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