First Time Homebuyer Information

Have you been itching to settle down into your own home? Do you find yourself lingering in front of houses with For Sale signs, wondering if you can afford to buy them? Are you constantly on the internet seeing what’s out there? If you are considering buying your first home, you should consider planning for it now.

The first step toward buying a home is understanding your financial picture. Figure out your monthly income and budget, including regular and incidental expenses. This will give you an accurate picture of your finances to help determine how fast you can save for a down payment.  Try to give yourself a timeline, such as a year, and a target amount to save. Once you have a budget, see if you can trim your spending.

The up-front costs associated with buying a home can add up. Most lenders require a minimum of 5 to 20 percent of the home’s purchase price as a down payment. On top of that, you will have closing costs to consider, which can be anywhere from 2 to 6 percent of your mortgage amount, as well as the cost of a home inspection, which can cost from a few hundred to a thousand dollars.

It’s a good idea to get pre-approved for a mortgage, before you even consider looking at homes.A lender will pre-approve you based on your income, debts and credit. By getting pre-approved, you will know in advance how much you will be able to borrow.  It’s heartbreaking to fall in love with a home you simply can’t afford.

Don’t panic if you can’t save 20 percent for a down payment. There are ways to buy a house with a smaller down payment. Look for lenders that offer low-down-payment products.  There are many programs that help First Time Home Buyers with the purchase of a home.  Below are some of the programs that are available in Colorado to help first time buyers with their purchase.

County Programs

Adams County Housing AuthorityHomeownership or Program HOTLINE (303) 227-2089

Arapahoe County - HomeBuyer Program or (303) 738-8060

Boulder County – Outside city limits of Boulder - Down Payment Assistance Program or (303) 651-8530

Eagle CountyColorado Housing Assistance Corp or (303) 572-9445

El Paso CountySingle Family Mortgage Bond Program or (719) 520-6481

Fremont, Chaffee, Custer and Lake counties - Upper Arkansas Area Council of Governments- Mutual Self-Help Housing or call (719) 269-7687 ext. 107

Huerfano and Las Animas CountiesDown Payment Assistance Loan Program and Homebuyer Education, or call (719) 846-7882

Jefferson CountyColorado Housing Assistance Corp or (303) 572-9445

Larimer CountyLarimer Home Ownership Program – Outside city limits of Ft. Collins  - (970) 667-3232, ext. 39

Weld County – High Plains Housing Development Corp. (970) 346-7660, ext. 6540

Bent, Crowley and Otero countiesTri-County Housing – Downpayment and closing cost assistance, 2nd mortgages for repairs to a home being purchased, and Home Ownership Counseling (719) 263-5168

Cheyenne, Elbert, Kit Carson and Lincoln counties – Prairie Development Corp. Down payment assistance program or (719) 348-5562 or (800) 825-0208

Logan, Morgan, Phillips, Sedgewick, Yuma and Washington counties – Northeast Colorado Housing, Inc. in Fort Morgan - Down payment assistance program call (970) 542-0955

All counties - Colorado Housing Assistance Corp or (303) 572-9445

City Programs

ArvadaHouse to Home Ownership Down Payment Assistance Loan Program (970)-494-2021

Aurora - Homeownership Assistance Program or (303) 739-7900

BoulderHomeownership Programs or (303) 441-3157

Colorado SpringsHomeownership Programs - Affordable homeownership opportunities (719) 385-5985

Commerce CityCommerce City Housing Authority or call (303) 289-3698

Delta – West Central Housing Development - Down payment assistance (970) 874-8204, ext. 24

DenverDel Norte’s Homeownership Program or (303) 477-4774, ext. 18

DenverColorado Housing Assistance Corp at (303) 572-9445

DenverNew West Side Economic Development (NEWSED) or (303) 534-8342 ext. 124

Denver – Southwest Improvement Council (SWIC) - First Time Homeownership Program or (303) 934-2268

CarbondaleMountain Regional Housing Corporation – Down payment assistance program (970) 384-6447

Fort CollinsHome Buyer Assistance Program or (970) 221-6758

Glenwood SpringsValley Housing Partners or (970) 384-6447

Greeley – High Plains Housing Development Corp. (970) 346-7660, ext. 6540

LongmontDown Payment Assistance Program or (303) 651-8530

LovelandLarimer Home Ownership Program or (970) 667-3232, ext. 39

PuebloHousing Department or (719) 553-2850

Pueblo - Colorado Bluesky Enterprises-Down payment assistance for individuals with developmental disabilities (719) 546-0572

PuebloNeighbor Works of Pueblo – Affordable Housing Program (719) 544-8078

WestminsterHome ownership Assistance or (303) 227-2075

Wheat Ridge – WRHA Home Ownership Program (303) 422-8600

Statewide

Colorado Housing Enterprise or (303) 428-1448

Colorado Housing and Finance Authority (CHFA) or (303) 297-7376 or (800) 877-2432, ext. 376

Colorado Housing Assistance Corporation or (303) 572-9445

Home Buyer Workshop Class Schedule

Colorado Division of Supportive Housing and Homeless ProgramsSection 8 Homeownership Program or (303) 866-7350