First Time Home Buyer Programs
Denver / Lakewood: There are many options for first time home buyers in Denver that can help you get started with home ownership. These programs can help you buy a home with little or no down payment, starting you on the path to creating wealth through owning real estate.
In many neighborhoods in Denver, Lakewood, and the rest of Colorado, you can purchase a home with a monthly payment the same or sometimes even lower than you would pay for rent! And the great thing about owning is that a portion of your payment each month goes toward the principal reduction of your loan. Combine principal reduction with the appreciation of home values that we have historically seen in Colorado, and you can quickly build equity in your home. We have helped many first time home buyer families build tens of thousands and even hundreds of thousands of dollars in real estate wealth.
Here is a breakdown of some of the most popular first time home buyer programs in Denver and the rest of Colorado. These programs focus on low or no down payment options. We understand how challenging it can be to save up for a down payment!
Down Payment Assistance Programs:
If you don’t have a large down payment saved up, down payment assistance programs in Colorado can be a great choice. Some of the more popular programs are CHFA (Colorado Housing Finance Authority) and the Metro DPA programs. These programs combine a low down payment conventional or FHA loan with either a down payment grant that doesn’t need to be repaid, or a “silent” 2nd mortgage on your home. A silent 2nd is an additional mortgage on your home with no payment and a 0% interest rate, which does need to be repaid when you sell your home in the future.
These programs can be a great way to start on the path to home ownership and can be structured for as little as $1000 out of your pocket, less than your rental security deposit in most cases. There are many options for down payment assistance programs in Colorado.
As one of the top lenders in Colorado for down payment assistance programs, Fairway has access to all of the various programs, and we can help you find the right fit and determine if you qualify. Just give us a call at 303-670-0137 or fill out our no obligation purchase assistant form to get us some basic information and we will get back to you quickly.
FHA Home Loans are a great choice for first time home buyers because this program offers a low 3.5% down payment, and underwriting standards are more flexible. If you have some credit issues, or need more flexible underwriting (we will help with this!), then FHA home loans may be for you. FHA home loans are commonly paired with the down payment assistance programs mentioned above.
For active duty military personnel or Veterans, VA home loans are an excellent choice. With VA home loans, you do not need a down payment, and the monthly payment on your loan will be lower than any other home loan choice. We can help you determine your eligibility in minutes!
USDA home loans are another 100% financing choice ($0 down). USDA home loans are for residential housing in rural areas. Even small towns up to a size of 10,000 people can be eligible. USDA can be a little more difficult to qualify for, so it’s very important to work with a lender who knows this program. We have helped many families over the years obtain USDA financing, so can determine quickly if you qualify for the program and if the home or area you are interested in is eligible for USDA home loans.
Which first time home buyer option is right for me?
As you can see, there are many different first time home buyer home loan options available in Colorado. We pride ourselves in helping families find the best program for their needs and the lowest possible payment. We love answering questions and working with first time home buyer families, and we understand the importance of explaining the home loan process every step of the way in terminology that you understand (no mortgage-ese here!).
We would be honored to help you on the journey to become a home owner. Give us a call or text us at 303-670-0137 or email us at firstname.lastname@example.org. It doesn’t cost a penny to talk!