With concerns about the Coronavirus heightening every day and information updating nearly constantly, droves of Coloradans are coming together to help their neighbors far and wide. It’s important
5 Financing Options For First Time Home Buyers
As a first time home buyer, you may think you’ve only got a handful of financing options to choose from when selecting your first property. However, there are actually several options to choose from that may fit your needs and budget – check out these 8 loan options/programs from Nerdwallet that can help first-time buyers get into the home of their dreams!
FHA Loan - This is the go-to program for many Americans, especially first-time home buyers and those who have a credit history that’s less than stellar. The Federal Housing Administration (FHA) guarantees a portion of FHA home loans, which frees lenders to broaden their acceptance standards. With FHA backing, borrowers can qualify for loans with as little as 3.5% down.
VA loan - The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, often requiring no down payment or mortgage insurance. But like a lot of military operations, the approval track is built for accuracy, not speed.
USDA loan - It may surprise you, but the U.S. Department of Agriculture has a home buyer’s assistance program, and it has nothing to do with farming. The program targets rural areas and allows 100% financing by offering lenders mortgage guarantees. There are income limitations, which vary by region.
Fannie Mae and Freddie Mac - These names may sound most familiar as they are the engines behind the home loan machine. These government-sanctioned companies work with local mortgage lenders to offer some appealing options on conventional loans, such as 3% down payments.
State first-time homebuyer programs - In addition to these national programs, many state and local governments offer assistance to home buyers. In Colorado, for example, there is a CHFA Loan (Colorado Housing and Finance Authority). Utilizing 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 homebuyers in Colorado can get CHFA loans and assistance if they meet certain requirements.
Prices in Colorado are remaining steady and inventory is becoming more plentiful. This could make it the perfect time to buy in Denver. If you’re considering one of the programs above to get you into homeownership, contact Metrowest – we’d love to help you start the process!
I was raised and spent most of my life in Denver, Colorado, but a quick fun fact … I was actually born in Vicenza, Italy! My professional career path has continuously centered around serving people ....
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