How to Get a Loan as a New Home Buyer in Colorado

Frank Duran Real Estate West Highland Homes

Although purchasing your first West Highlands real estate home can be exciting, it may also be intimidating for first-time homebuyers. The good news is that they have plenty of support throughout the process. This includes guidance and programs for homebuyer education and actual cash in the form of down payment and closing cost aid. Look into your alternatives to see what you might be eligible for in the Centennial State.

You can obtain a conventional loan in Colorado as a first-time buyer with a 20% down payment, probably at a reasonable interest rate and without private mortgage insurance (PMI).

Your monthly mortgage payments will remain modest if you make a 20 percent down payment. Additionally, it could give you an advantage in highly competitive home areas such as Denver or Boulder.

Unfortunately, few first-time home buyers have that much money saved up. The good news is that several different mortgage loan alternatives are available that can assist buyers in purchasing a new home with little or no down payment.

The following are a few low- and no-down payment mortgage loan options in Colorado:

  • Traditional 97: a 620 minimum credit score and a 3% down payment. You can typically stop paying mortgage insurance after a few years.
  • FHA loan: 3.5 percent down and a minimum credit score of 580. Until you refinance to a different type of mortgage, move, or pay off your loan, you are responsible for paying mortgage insurance premiums (MIP).
  • V.A. loan: Veterans and active-duty military members only. No down payment is necessary. Lenders may have different requirements for credit scores, but it is typically 620.


source https://blog.frankduranhomes.com/how-to-get-a-loan-as-a-new-home-buyer-in-colorado/

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