Colorado First-Time Home Buyer Programs

 If you have been thinking that home ownership is out of reach think again! There are no money or low down payment options out there and we are here to help you realize your dream of getting on the first rung of home ownership…Even if you have owned a home in the past and thought you didn’t qualify for any down payment assistance.  It’s easy to get started, with no cost or obligation to you, start thinking possibilities and STOP paying rent!

We Know Just The Right People

At EXP Realty we know just the right people to help guide you through process of home ownership so buying your first home won’t feel so scary.  As a buyer it doesn’t cost you a penny to have a buyer agent working for YOU.  When you hire a Realtor to work for you they bring a wealth of knowledge and a team of experts to guide you through the loan process, the home inspection and more…Ready to start…Good…Now lets get YOU on the path to home ownership TODAY!

Loan Program

Minimum Down Payment

Minimum Credit Score

Closing Time/Misc

FHA

3.5%

580

15 - 21 Days

VA Loans

0%

580

15 - 21 Days

Conventional

3%

620

10 - 15 Days

CHAFA

$1,000 - Can Be gift funds

620

30 - 45 Days

USDA

0%

580

30 - 45 Days

Jumbo

10%

TBD

21 - 30 Days

Federal Housing Administration (FHA)

  • 1st time home buyers – low to moderate income.
  • Additional costs for water testing with homes that have well water
  • Down payment 3.5%
  • Loan limits depending on County purchaser buying in.
  • Other restrictions may apply with regards to appraisal

Veterans Administration (VA)

  • GET YOUR BOOT CAMP TICKETS – ASK ME HOW!
  • 1st time & non first time home buyers that are active duty military members or veterans
  • 100% financing nationwide.
  • VA loans can be used again to purchase additional homes.

Conventional

  • ASK ABOUT MORTGAGE INSURANCE YOU WILL BE SO HAPPY YOU DID!
  • 3% Down payment for 1st time home buyers & those who have not owned a home in 3 years

Colorado Housing And Finance Authority (CHAFA)

  • 1st time home buyers, previous home owners & qualified veterans.
  • A 30-year, fixed rate mortgage that can be paired with a 4% down payment grant or a 5% zero interest second mortgage (silent second) that can help with down payments, closing costs & more.
  • minimum $1,000 down payment.
  • Must complete home buying education course prior to purchasing

US Department Of Agriculture (USDA) - Rural Development Loans

  • Household Income Limit depending on size of family
  • Check available locations with Loan Officer
  • For 1st time & non first time home buyers
  • Provides 100% financing eliminating the need for a down payment
  • Nationwide rural loans.

10 Top Tips For Buying A Home

Always Check Your Credit Annually

Before even starting the home buying process you should always check your credit. You can get a FREE annual credit report from the credit bureau’s. Go through the report carefully checking to see if any negative reporting is on there and more importantly that the negative report is actually yours. If you need help with credit repair I can help…just reach out to me. If everything looks good then you can move forward to finding your first home.

A Pre Approval Is A Must In Any Market

Having the pre-approval in hand when you start looking for a home puts the power in your hands in any market. In a sellers market..where there is shortage of home and multitude of buyers you can make a good solid offer and close quickly. In a down market, such as the one we had a few years ago, where most of the homes were Foreclosures (REO) you had to close on time or pay a per diem for every day you went past the closing date…at $100 per day that could cost you big time! Put the power in your hands not someone else’s.

Buyer Representation Is FREE

Signing a buyer agency agreement is a must when buying a home and best of all it is FREE! That’s right I said FREE. A buyer agent gets paid by the seller from the proceeds of the sellers home at closing. With buyer agency agreement in place with a buyer the Realtor then has a set of fiduciary duties, usually set out in the agreement, they MUST perform on behalf of the buyer. If the buyers agent is not performing the duties the as stated the buyer can then FIRE the agent.

Why You Should Never Call Listing Agent

Calling the listing agent to show you a property is like going into court with opposing sides attorney! Would you do it?…NO, you wouldn’t. So why do buyers call the listing agent from the sign in the yard thinking they will get a better deal. The listing agent represents the seller and is looking out for the interests of the seller.  

Why You Should NEVER Make Large Purchases before Closing

Getting to closing is the most important part of the house buying process! Sadly some buyers decide that just before closing they will go & buy a new car, new furniture or make other large purchases . What the buyers don’t know is although they have loan approval the underwriter will  do another credit pull a few days before closing and if they see new open lines of credit the loan will be denied and you, the buyer, will not be going to closing after all!

Never Quit Or Change Your Job When Buying A Home

If you are looking for a sure fire way NOT to close on your new home then changing or quitting your job just before closing is a good way to do it! Underwriters can and will go back and check any details about the buyers loan application they want to just before closing….I know an agent whose buyer decided to become self employed because they wanted to make more money, sadly going self employed stopped the buyers VA loan immediately!.

Why Your Should Use A Buyers Agent To Purchase A New Home

New home builders DO pay buyer agency fees not the buyer! I once got a buyer out of a contract with a builder when the builders rep decided to keep all the signed contracts in her desk drawer and so technically the contract was not ratified as delivery to all parties had not happened. I bet that is one mistake that builders rep won’t ever make again!.

Why You Should Get A Home Inspection On A New Home

A home inspection is a must when buying a home…even a brand new home. Attending the home inspection is one of the most important things you can do to learn more about the home you are purchasing and for a relatively small fee upfront can save you big time later on, on major costly repairs. Yes, you should have a Home Inspection on a brand new home. I have heard of instances like builders not putting insulation in the attic or not tying in the duct work to the vents and more..

Why You Should ALWAYS Do A One-On-One With A Buyers Agent

Most buyers and agents miss this most important step out in the home buying process. A good buyers agent will meet with a buyer for at least an hour before even looking at any homes with them. This is the opportunity for the buyer to discuss their wants, needs and desires in a new home. The buyers agent should discuss agency and what their duties are to the buyers. The buyers agent will answer questions and concerns so that the buyer is educated in the process of buying a home and prepared. A good buyers agent will offer loan company information at the first meeting and often will be able to have the buyer speak with a loan officer in person or over the phone during the initial meeting..

Don't "Zestimate" With Zillow When Buying A Home

Zillow is so well known for it’s FREE house buying information and buyers love to search Zillow and look at the zestimate of homes. Zillow agents do not go out and preview homes before giving their zestimate. They don’t know the homes is close to a busy road or the house has a pool…NO, Zillows algorithm zestimates the home….That zestimate can be $40,000 over the correct value for a home..