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Boulder County, CO – First Time Home Buyer

Boulder County First Time Home Buyer

First time home buyer mortgage loans in Boulder County, Colorado.
Best Home Loan Program Options – Down Payment Assistance.

Boulder County, Colorado is one of the best places in live in the country, and anyone who has spent time here can tell you why.  With excellent weather, around the year sunshine, immaculate mountains and incredible cities, Colorado is a great place to live.  If you are looking to purchase your first home and don’t know where to begin, you are in the right place.  We will show you just how easy it is to apply, qualify, and secure home financing through us.

Which loan program is the best option for a first time home buyer?

The best mortgage program for a first time home buyer is influenced by several different factors.  This includes what your credit looks like, the price of the home you want to purchase, and how much you want to put down.  There are currently 5 standard first time home buyer programs in Boulder County, CO:

  • Conventional Loan – Borrowers with good or excellent credit will likely find a conventional loan to offer the the best terms.   Conventional loans offer the option to buy a home with as little as 3% down.  If you have the ability to place 20% or more down, you will be able to avoid costly mortgage insurance.
  • FHA Loan –  A large portion of the first time home buyers in Boulder County select an FHA loan.   The FHA only requires a 3.5% down payment, and this can be borrowed from another source, such as a down payment assistance program without any restriction.   The 2019 FHA loan limits in Boulder are as follows:  1 unit: $626,750.  2 units: $802,350.  3 units: $969,850.  4 units: $1,205,300.
  • VA Loan – If you currently serve in the military or are a veteran, a VA loan is a great way to get into your first home. No down payment is required, and interest rates are negotiable. Closing costs tend to be minimal, no mortgage insurance is required and it’s often possible to finance the VA funding fees too. Thousands of first-time Colorado home buyers take advantage of these flexible, affordable home loans.
  • USDA Loan – The USDA offers a no down payment loan program available for rural and select suburban area properties.  They are available for very low income, low income, and moderate income borrowers.  In addition to 100% financing, USDA loans are a great choice for many who will not qualify for other types of mortgage loans.  While low income is allowed, you must not have a lot of debt, and a 620 credit score is required.    There are restrictions to where you can buy a home with a USDA loan since it is intended for rural homes, and not in cities.
  • Jumbo Loan – Any loan that does not meet the conforming or FHA loan limits is a jumbo loan.  Boulder County has the same loan limits for conforming loans as FHA loans (outlined above, such as $474,950 for one unit).  For homebuyers who need a little more, we provide jumbo loans up to $2,000,000 for those who qualify.

We hope the above descriptions help you gather an idea of what might be the best loan for you.  The best way to narrow down the search to find the best loan for you is to give request a free consultation, or get pre-approved.  We will help you make sense of the everything by simplifying the mortgage process and assisting you in determining what is the best home loan for you.  We are also here to educate you of the home buying process and will work closely with any real estate agent of your choosing.

First Time Buyer Application

It is easy to get a quote for your first home loan!

Boulder County Down Payment Assistance Programs and Grants

There are several down payment assistance programs available in Boulder County, Colorado.  This includes national programs offered through HUD, such as Community Development Block Grant (CDBG) and HOME Investment Partnerships Program (HOME).  There are also statewide programs through the Colorado Housing Assistance Corporation (CHAC), as well as the Colorado Housing Finance Authority.

In addition to these statewide programs, there are also some local initiatives, offered at the county level, and some available within certain municipalities in Boulder County.  The status of these DPA programs and grants changes constantly as funds become available and often are used up until replenished.  We suggest speaking with a home loan representative and they can inform you of what is currently available and what you may be eligible for.

The following program is expected to be available through all of 2018:

  • Boulder County DPA Program – Homes outside of the city limits of Boulder may apply for the Boulder County Down Payment Assistance Program.  This is administered through the city of Longmont, but is available outside of Longmont.  Any city, town, or unincorporated area of Boulder County, other than within the city limits of Boulder is in an eligible zone.  The maximum assistance available is $15,000 or 8.5% of the purchase price.  There are strict income limits, which restrict the program to homebuyers whose income is not higher than 80% of the median average.  You can view several frequently asked questions and answers for this program, or speak with one of our home loan specialists to find out more.

Boulder County Mortgage Credit Certificate

The Mortgage Credit Certification (MCC) tax credit provides you an opportunity to reduce your tax bill, as well as enhance your home loan application by reducing your debt-to-income ratios.  How this works, is you can deduct up to $2,000 off your federal tax bill each year.  The MCC allows up to 40% of your annual interest to be eliminated (with the cap being at $2,000).  Some great news, is this can be used in addition to standard mortgage interest deductions!

Frequently Asked Questions About Buying Your First Home

Where in Boulder County are your first time home buyer loans available?
Our home buying programs are available throughout all of Boulder County, including: Allenspark, Boulder, Coal Creek, Eldora, Eldorado Springs, Erie, Gold Hill, Gunbarrel, Jamestown, Lafayette, Longmont, Louisville, Lyons, Niwot, Superior and Valmont, as well as unincorporated areas.

How much do I need for a down payment?
It depends on the type of loan you want.  USDA and VA loans often will not require any down payment.  FHA loans require a 3.5% down payment, which if you get down payment assistance, only .5% is required.  Conventional loans typically require either 3% or 5%.

How do I know if I am ready and prepared to own a home?
It is critical to consider the often unexpected expenses of buying a home. This includes repairs, maintenance, and of course furnishing the home, monthly utilities, and all other expenses that are associated with homeownership. A common mistake is to just look at the difference in rent to your total mortgage payment. Almost every year, you can expect to have to pay for various upkeep to keep the property functional. This can include anything from repairing a hot water heater that broke, to landscaping, and various maintenance.

Something else financial consultants advise is that you have at least 3 months of reserves. This means that you could afford to make your new mortgage payment for at least 3 months in the event that you lose a job or have some other unforeseen circumstance that the savings would be needed for. This is not a requirement for most home loans, but it is good advice to consider.

How much can I afford to borrow?
The amount that you can borrow depends on your particular loan type and income. There are maximum loan limits which are set at the county level. Conforming loan limits are the maximum lending amount allowed for conventional mortgages. FHA loans have their own loan limits. You can search the maximum loan amount for your county for each particular loan type by entering your zip code (or any zip code for the county you want to buy a home in). This will display the maximum amount available for all loan types. This is not necessarily how much you can borrow though, but the max amount in your location. Your personal limits will be based upon your income and how much debt you have. For instance, with most loans, you can not have a mortgage payment and debts exceed 43% of your income.

Can I buy a home without a real estate agent?
It depends on your state and the type of loan program.  For some states, you must use an agent.  In other states, you are not required to use a real estate agent for many loan program, such as conventional mortgages.  However, some loan types require that you use a real estate agent regardless of your location, such as USDA loans.

Can I buy a home if I owe tax debt?
For government-backed loans, such as FHA, VA, and USDA loans, you can buy a home with tax debt as long as you have made a payment plan with the IRS and are not behind on the payments. Any federal debt must be in good standing in order to get a government-based mortgage. If your tax debts have moved into the status of a tax lien, this will prevent you from getting a home loan until it is resolved.

Can I buy a home if I have student loans?
As long as you are not delinquent on the student loan payments and the monthly payments do not cause excessive debt-to-income ratios, you can still get a mortgage.

Can I buy a home without my spouse?
A common question is if you can buy a house without your wife or husband.  The short answer is yes. There are numerous reasons someone may want to exclude their spouse from a mortgage application, such as lower credit, lack of job history or income, or one spouse having excessive debt that could prevent an approval. You may be able to qualify and get a home loan without your spouse.

Can I buy a home after foreclosure?
Most loan programs will require you to wait 3 years before you can buy again after a foreclosure.  There are some instances that you might be able to get an approval in as little as 12 months.  This includes the FHA extenuating circumstances program (more commonly known as the “FHA back to work program”).  If you lost your job due to a job loss or some other event out of your control, you might be able to purchase a home with a FHA loan after only 1 year.

I do not have much credit, can I still get approved?
A 580 minimum is required for a FHA loan. A 620 is required for all others. You may find a lender who can help you if you have poor credit. We do not offer any bad credit mortgage programs

Have more questions about buying your first home?  View our list which covers even more commonly asked questions about buying a home.  Or you can give us a call at 1-800-731-3560.

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