First-time home buyer loans in Colorado
You do not need 20% down to buy your first home. Max shows you which low down payment loans and Colorado assistance programs you can use, and what the monthly payment would look like.
A short call. No obligation,
no paperwork to start.
Max Henry · Senior Loan Officer · NMLS #2186109
- Down payment
- From 3% to 3.5%, or less with assistance
- Assistance
- CHFA programs for buyers who qualify
- Loan types
- FHA, conventional or VA
- Good to know
- Gift funds from family are often allowed
Who it is for
- You have never owned a home, or have not owned one in the last three years
- You have steady income but limited savings
- You want to know your real budget before you start touring homes
- You are not sure your credit is good enough and want a clear answer
What it takes
- A down payment plan
- FHA loans start at 3.5% down. Some conventional loans for first-time buyers start at 3%. VA loans can require nothing down for eligible borrowers.
- Down payment assistance
- The Colorado Housing and Finance Authority (CHFA) offers assistance to buyers who meet its income limits and credit guidelines, and complete a homebuyer education class.
- Proof of income
- Recent pay stubs, W-2s or tax returns, and bank statements.
- Cash to close
- Besides the down payment, plan for closing costs. Max shows you the full number up front, and where a seller credit or assistance can reduce it.
General guidelines. Lenders set their own requirements, and Max confirms what applies to you.
Estimate the down payment and the monthly payment
Set the price and how much you would put down. Type in an interest rate to see the monthly principal and interest. Max gives you today’s rate for your situation on the call.
- Down payment 3.5%: FHA, with a 580+ credit score
- $15,750
- Loan amount
- $434,250
Add a rateEnter an interest rate to see the monthly principal and interest.
An estimate for planning, not a quote or a loan offer. It leaves out property taxes, homeowners insurance, mortgage insurance and association dues, which add to the payment.
The order that saves you time
- Get pre-approved first. You learn your price range and sellers take your offer seriously.
- Then shop. Tour homes you can actually buy.
- Make an offer with a letter that fits it. Max can write the pre-approval letter for the specific offer.
- Close. Appraisal, underwriting and signing, with Max telling you what is next at each step.
On the call with Max
First-time buyers usually qualify for more than one program. Max puts them next to each other so you can see the down payment and the monthly payment for each.
Tell Max what you want to do. You get a straight answer on what is possible and the exact documents he needs. FHA, conventional and assistance options side by side: down payment, monthly payment and cash to close. Then a pre-approval you can shop with.
First-time buyer questions
- How much do I need for a down payment?
- It depends on the loan. FHA loans start at 3.5% down, some conventional loans for first-time buyers start at 3%, and VA loans can require no down payment for eligible borrowers. Down payment assistance can lower what you bring yourself.
- What is CHFA?
- The Colorado Housing and Finance Authority. It offers home loans and down payment assistance for Colorado buyers who meet its income and credit guidelines. Max can tell you whether you are likely to qualify.
- Do I need perfect credit?
- No. Loan programs have different credit guidelines, and FHA loans are designed to be more flexible. A short call is the quickest way to know where you stand.
- Should I get pre-approved before looking at homes?
- Yes. A pre-approval tells you what you can afford and shows sellers that your financing has been reviewed.
Talk through your loan today
One call tells you which loan fits, what it takes and what comes next.