First Time Buyers Programs for Colorado Residents

Dec 5, 2019 | First Time Home Buyer

First Time Buyers Programs for Colorado Residents

Many first time buyers programs are available for prospective home buyers. These programs are designed to make home ownership accessible. Each of the available programs has its own eligibility requirements that must be met. However, if you are eligible, you can realize significant savings on your first home.  

 

National and State First Time Buyers Programs Available

Programs to encourage homeownership are offered at both the national and state levels. These programs have a number of benefits including zero or low down payment, down payment assistance, grants for closing costs, federal tax credits, etc. The benefits vary by program and are dependent on your eligibility.  

 

Colorado Programs for First Time Buyers

Colorado has several programs to encourage home ownership and incentivize first time home buyers. These programs are backed by the Colorado Housing and Finance Authority (CHFA). Colorado defines a first time buyer as someone who has never owned or co-owned a home before or in the last three years. 

  • CHFA FirstStep Loan
  • CHFA SmartStep Loan
  • CHFA Preferred Loan
  • CHFA Advantage Loan
  • CHFA HomeOpener Loan
  • CHFA HomeAccess Loan
  • CHFA SectionEight Homeownership Loan
  • CHFA Down Payment Grant

 

National Programs for First Time Buyers

A number of national programs are available to Colorado first time home buyers. Some of these programs are available to all home buyers, not just first timers.  

  • Conventional Mortgages (special offers for first time home buyers)
  • FHA Loans
  • VA Home Loans
  • USDA Loans 

 

Mortgage Insurance

Many of these programs require the buyer to have private mortgage insurance. This is insurance that protects the lender in case of default on the loan. Mortgage insurance is typically paid for via a monthly premium that is directly rolled into your mortgage payment. However, there are instances where mortgage insurance may be paid upfront at closing. 

 

Learn More

The loan officers at Mortgage Solutions Financial are familiar with the first time buyers programs for Colorado residents. We can coach you through the benefits of the different programs and discuss which programs you qualify for. Contact us today to learn more about the financing options you have available. 

First-Time House Buyers with Pets: What You Should Prioritize

First-Time House Buyers with Pets: What You Should Prioritize

Buying your first home is exciting, but it can feel even more meaningful when you have pets to consider. First-time house buyers need to think not only about their own needs but also about creating a safe, happy space for their furry family members. Here’s what you...

VA Loan Requirements for Income-Restricted Homes

VA Loan Requirements for Income-Restricted Homes

Finding a good home can be exciting, especially when it fits your budget and needs. But if you’re eyeing an income-restricted property, it’s important to understand how VA loan requirements apply. Let’s take a closer look at what you need to know before moving...

How to Handle a Home Purchase Where the Seller Won’t Leave

How to Handle a Home Purchase Where the Seller Won’t Leave

Buying a home should be an exciting experience. But sometimes, unexpected challenges come up—like a seller who refuses to move out. If you find yourself in this tricky situation during your home purchase, don’t panic. There are ways to handle these problems and...