Colorado First-Time Homebuyer Programs | The Lenders Network

Housing prices are on the rise in Colorado making it more challenging than ever to become a first-time homeowner.

Thankfully, the Colorado Housing and Finance Agency (CHFA) has several home buyer programs and grants for down payment and closing cost assistance for first-time homebuyers.

Get Pre-Approved for a Mortgage and Check Rates

National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Get Pre-Approved for a Home Loan Today

Helpful Resources

 

California First-Time Home Buyer Programs

CHFA offers down payment assistance and grants to first-time home buyers. You must meet the minimum requirements for a mortgage.

Requirements

  • Minimum 620 credit score
  • Take a home buyer education course
  • Income cannot exceed 100% of the area median income (AMI)
  • Up to 3% to use for your down payment
  • No repayment required

County Programs

 

City Programs

 

Statewide Down Payment Assistance Programs



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