The first step towards buying your first home is to get prequalified to know how much of a house you can afford. You can find out what purchase price you are comfortable with and qualify for. This will assist you in determining what price range to look at.
We can help you figure what is the best first time home buyer loan for you. The majority of homebuyers will be able to choose between a conventional loan and an FHA loan. The only other options are for veterans (VA loans), and rural properties (USDA loans).
Our requirements for both FHA loans and conventional loans is a 640 credit score. You must be able to prove 2 years of employment (W-2 only, no self-employed). If you wish to place a small down payment, we have options as low as 3% (with excellent credit on a conventional loan) or 3.5% (for fair or good or excellent credit with an FHA loan).
Home Buying FAQ:
Is down payment assistance available?
Yes, Colorado has several down payment assistance programs available. This includes those offered statewide through the Colorado Finance Housing Authority, as well as many locally offered programs by cities and counties. You can read about such local programs on our down payment assistance overview page, or the HUD website.
Can I buy a home if I have had a bankruptcy?
Generally, you must wait 3 years after a bankruptcy to be eligible for a mortgage. If your bankruptcy was due to job loss, you may be able to get a FHA loan after 1 year.
What does the process of getting a mortgage consist of?
The first step to getting a mortgage is to get prequalified or pre-approved. This will tell you how much you can borrow, what your payment will be based on certain loan amounts, and other details of your loan. You can see if you qualify for a conventional, FHA, VA, or USDA loan. Once you are ready to buy a home, you can apply and get an official approval. You will then need to submit all required documentation (such as pay stubs and tax returns), and also order and submit an appraisal. Once you have provided all the necessary documentation, your loan can close and you can move into your new home.
How do I apply for a home loan?
To apply for a first time home buyer mortgage, send us an email or give us a call. You may also come into our downtown Denver office and apply in person at:
Colorado Home Loans
1020 15th Street 12th Floor
Denver, CO 80202