First time buyers flock to Colorado for its nature and cultural diversity. The mountains within the state provide the source of many excellent hiking trails which encourage both tourists and residents to get out into the surrounding nature as often as possible. The clean air and greater emphasis on a healthier lifestyle when living in a city or town within Colorado state is of great interest to home owners, including buyers of their first home, in the United States.

Why People Want To Move To Colorado

There are many events, like the Crested Butte Music Festival, that are held annually, bringing a mixed group of visitors, young and older, to different towns within Colorado. The overall quality of life, level of amenities, low unemployment and low crime rates are some of the other attractions for all types of home buyers and renters.

Fantastic Communities for First Time Buyers in CO

Lakewood in Jefferson County is one of the smaller cities on the list with only 143,000 residents according to the most recent census. For families, they’ll be pleased to learn that the teacher to student ratio of 15:1 is one of the lowest in the state. Whilst the median income is $67,560, the typical monthly rent is $1,066 which makes Lakewood more affordable than other locations within Colorado.

 The town of Superior boasts plenty of attractions and low crime rates, but the home prices are fairly high. Cherry Hills Village is exclusively for the rich. Boulder is more expensive than some other parts of Colorado, but it is bustling with a strong job market. Fort Lupton, Wellington, Evans and Estes Park also have their attractions too.

2017 First Time Buyer Programs & Loan Pre-Approval In Colorado

Looking for a buyer program specific to CO? Confused about your options give us a call at 800-348-1160

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed