First Time Home Buyer

First Time Buyers Programs for Colorado Residents

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.