Colorado Helps First Time House Buyers with Down Payment Assistance and FHA Loans
The State Of Colorado Announced New First Time Home Buyer Loans with Downpayment Assistance Programs. As with so many other states in the US, there are down payment programs for first time home buyers in Colorado available to those individuals and families that qualify for them. First-time homebuyers are defined as those individuals who have never owned a home within the past 3 years. Colorado down payment assistance programs do not have contribution requirements to meet nor are there any seller conditions required. The only requirement is that you or your family must meet the income limits that are stipulated.
How To Determine If You Qualify
In order to qualify for down payment assistance in Colorado, you need to start by finding an approved lender. This applies to all individuals and families whether it is 1st time home buyers in Boulder, individuals who are considering FHA house buying in Denver, or persons anywhere else in the state of Colorado. When you find a lender and start working with them, you can expect the following:
- Based on the requirements of the program, your lender will be able to determine whether or not you qualify.
- You will have to enroll in homebuyer education counseling (must be offered by an eligible organization).
- Your lender will know the limit on housing sale prices and the maximum loan amount available based on the county where the home that you want to purchase is located as well as any income limits that apply.
Once you have completed the required documents, submitted them to the lender, and are eligible for one of the down payment programs for first time home buyers in Colorado, the lender will start working on securing a home loan for you. Interestingly enough, there is a common misconception regarding down payment assistance in Colorado. Many prospective homebuyers feel that this type of financial help is only available to those individuals and families who are first-time homebuyers. In reality, Colorado down payment assistance is available to most homebuyers provided they do not own any homes when they are closing on a purchase. Just be sure that you research what is available in the county where your residence will be.
Colorado Home Buying Resources:
HUD Help for First Time Home Buyers in Colorado
- Adams County - Homebuyer Education: (303) 227-2719
- Arapahoe County - (303) 738-8060
- Boulder County - (303) 651-8530
- Delta, Montrose and San Miguel Counties - (970) 874-7266.
- Douglas County Housing Partnership - (303) 784-7857
- Eagle County - Eagle County Housing (970) 328-8770
- El Paso County -(719) 520-6481
- Grand County Housing Authority - (970) 725-3071.
- Huerfano and Las Animas Counties - (719) 846-7882
- Jefferson County - (303) 572-9445
- Larimer County - (970) 667-3232
- Weld County - (970) 353-7437
- Bent, Crowley and Otero counties - (719) 263-5168
- Logan, Morgan, Phillips, Sedgewick, Yuma & Washington - (970) 542-0955
- Cheyenne, Elbert, Kit Carson & Lincoln - (800) 825-0208