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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.

Preferred Loan Type:
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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

County Programs:

  • 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

Down-Payment Help for House Buying in Colorado
◾CHFA offers programs to both first time and non-first time homebuyers.
◾CHFA offers down payment and closing cost assistance.

NSP2 Home Buyer Assistant Loan
The program offers a forgivable loan to qualified borrower(s) set at a minimum five thousand dollars ($5,000.00) and up to twenty-five percent (25%) of the homes appraised value, depending on need, with the maximum amount of assistance capped at fifty thousand dollars ($50,000).
The loan is recorded as a second mortgage lien with a fifteen (15) year forgivable affordability period.

Aurora CO Downpayment Assistance
•Assistance for the minimum required down payment, depending on the loan program and all allowable closing costs under HOAP guidelines up to a maximum of $10,000.
•Assistance is currently at 0 percent interest

Related Articles:
WISH Down Payment Assistance
FHA House Loans for Home Buying

Down Payment Assistance Loans by State:
California | Arizona | Washington | Utah | Colorado | Texas | Illinois | Michigan | Maine | Massachusetts | New Jersey | Pennsylvania | Maryland | Virginia

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