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.
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National First-Time Homebuyer Loan Programs
- FHA Loans – FHA 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 Loans – Conventional 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 Loans – USDA 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
- Adams County Housing Authority – (303) 227-2719
- Arapahoe County – (303) 738-8060
- Bent, Crowley, and Otero counties – (719) 263-5168
- Boulder County – (303) 651-8530
- Cheyenne, Elbert, Kit Carson, and Lincoln counties – (719) 348-5562 or (800) 825-0208
- Delta Housing Authority – (970) 874-7266
- Douglas County Housing Partnership – (303) 784-7857
- Durango – HomesFund Homeownership Program (970) 259-1418
- Eagle County Housing or (970) 328-8770
- El Paso County – (719) 520-6481
- Grand County Housing Authority – (970) 725-3071
- Huerfano and Las Animas Counties – (719) 846-7882
- Logan, Morgan, Phillips, Sedgewick, Yuma and Washington counties – (970) 542-1221
- Weld County – (970) 353-7437, ext. 103