Are you a first time home buyer in Colorado? Here’s what you need to know.
At Affordable Interest Mortgage, we know that purchasing your first home is an exciting but daunting milestone. We’re here to help make your dream of buying your first home a reality with our first time home buyer programs.
AIM’s First Time Home Buyer Programs for Colorado Residents
Having the knowledge and experience of all the loan and assistance programs available can help get first-time home buyers into the market. Feel confident getting a loan that meets your down payment and closing cost requirements with AIM’s first time home buyer programs.
Our range of products for first time home buyers include:
- VA Loans up to 100% of appraised value
- FHA Loans with a down payment as low as 3.5%
- Down Payment Assistance Programs with a contribution of only $1000.00
- Conventional loans with as low as 5% down
- Adjustable rate mortgages and 2/1 Buydowns to get the lowest payment possible
VA mortgage loans are for Colorado veterans and extend to the Army, Air Force, Navy, Marines, Reservists, and National Guardsmen.
These loans do not require a downpayment, they limit closing costs, and are easier to get approved for than traditional loans. You can also use Down Payment Assistance programs to cover all the minimal closing costs.
The VA uses traditional credit scoring, where you can be approved even if you have faced financial difficulties. A good payment record can help assure you qualify for a VA mortgage.
AIM’s loan specialists can set up a VA loan that covers 100% of the selling price, while the seller covers the closing costs.
FHA Loans are ideal for those in lower income brackets or who have had their credit impacted. These loans are backed by the Federal Housing Administration, which helps protect lenders against potential losses.
When it comes to FHA loans, AIM has been helping lower down payment and closing costs with less restrictive qualifying credit for years. Our loan specialists will customize a home loan to meet your specific needs.
More Mortgage Options with AIM
At Affordable Interest Mortgage, we also offer Down Payment Assistance Programs that let you put down as little as $1,000.
With adjustable mortgage rates and conventional loans as low as 5% down, AIM can help you find options that work for you in the short and long term.
By consistently reviewing your options, we can also arrange conventional mortgages that are custom to you. With constant communication and unwavering dedication, we provide you with the best mortgage rates and make your dream of owning a home come true.
How to Buy a Home in Colorado
Now that you know the first-time home buyer programs available to you, how do you go about buying your first house?
The process is exciting but can take time. To start, make sure you’re saving up for your down payment, if necessary. This is the amount you will pay at closing. Many lenders look for a down payment of 20% of the purchase price, but with Down Payment Loan Assistance that can depend on what loans work for your needs.
Step 1: Talk to an AIM loan specialist
Before you start looking for your first house, speak with an AIM loan specialist to determine what loans are right for you. There are constantly new loan programs to help first-time home buyers.
We’ll encourage you to get pre-approved for a mortgage. Pre-approval shows that you are financially qualified to make an offer on a home, and most sellers in Colorado will require pre-approval before accepting your offer.
Step 2: Start house hunting
Searching for homes in Colorado is the fun part! Consider working with a real estate agent, as they can show you the best properties that fit your needs and budget.
Step 3: Make an offer
When you find your dream home, it’s time to make an offer! If you have a real estate agent, they can help you write a compelling offer that convinces the homeowner to sell to you.
Step 4: Inspections and appraisals
Before officially purchasing your property, a licensed inspector should inspect the property. You will also want to order an appraisal to make sure the house is worth the purchase price or more.
Step 5: Close the deal on your first home
Once everything is ready, you can close the deal on your home. Be sure to read each document thoroughly before signing!
Step 6: Start enjoying the benefits of home ownership
Expect to earn 4-5% appreciation on your home. You will also build equity that you will get when you sell, unlike renting where you are paying someone else’s equity. You also don’t have to worry about someone raising your payments.
And most importantly, you are in control. Make your house unique. Make it yours.
Disclosures: NMLS 298191, Regulated by Dora, Equal Credit Lender AZ NMLS MB1021756, WY MBL 4594