Colorado First-Time Homebuyer | The Wise Team
Colorado First-Time Homebuyer
Assistance – Programs – Grants
Are you in the market for your first home? Colorado has some great programs to help you find your Dream Home and become a first-time homebuyer. Sticker shock is an unfortunate reality in the Colorado Real-Estate Market in 2024. With mortgage interest rates hanging out around 6.5%-7%, home valuations and sales prices rising almost 4% across the metro area, and down payments following suit it seems a distinct improbability to find a decent home for a first-time home buyer. Worry not! The Wise Team knows of phenomenal programs to help you get the keys to your new home.
Colorado First-Time Buyers Assistance Programs
Colorado Housing and Finance Authority
CHFA FirstStep
The CHFA FirstStep programs are designed to help first-time home buyers find lower interest rates and downpayment assistance. These programs are restricted to first-time home buyers, qualified veterans, and non-first-time home buyers looking to buy in targeted or specific locations. There is an application process, so speak to your mortgage lender to see what steps you need to take to qualify.
CHFA Preferred
If, perhaps, you’re looking to get into a standard or conventional 30-year mortgage and your down payment is coming to you as a gift, then the CHFA Preferred, or Preferred Plus, loans may be the way to go. The minimum gifted amount must be more than $1,000. There are income limits associated with this type of loan as well, but the credit score requirement has a little more leeway.
CHFA HomeAccess
To qualify for a CHFA HomeAccess loan you have to be either qualified veteran who are either living with a permanent disability or are the parents/guardians of someone with a permanent disability.
CHFA Loan Requirements
All Colorado Housing and Financial Authority (CHFA) loans have standard minimum requirements to apply. These include credit score levels, home buyer education, income limits, and purchase price limits.
Colorado Down Payment Assistance
The CDPA helps first-time homebuyers navigate the process of securing a down payment, including grants that you don’t have to pay back. They also offer a free consultation to set you on the right path for a mortgage loan.
The Colorado Home Grant is a grant for first-time and repeat homebuyers of up to $29,000.
One thing to note about searching for first-time homebuyer assistance programs. There are a lot of predatory loan companies who claim to offer assistance. It’s best to stick with reputable and/or state sponsored programs to ensure you are protected as you work toward homeownership. As your local realtors for the best local first-time home buyer assistance programs and other information about mortgage loans and the home buying process.
When you’re ready to start jump into the real estate market, get in touch with The Wise Team.
