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Littleton, CO First Time Home Buyer

Apply to Get a Mortgage Loan to Buy Your First Home in Littleton, CO
Down Payment Assistance - Best Program Options - Low Interest Rates

Littleton, CO – First Time Home Buyer

Are you looking to purchase your first home? Our Littleton, CO first time home buyer loan programs might be the perfect solution to help you obtain the financing you need to buy the home you desire.  We provide excellent home financing options, and encourage you to compare our offered loan terms to other mortgage lenders.

Our Home Buying Programs in Littleton, Colorado Offer:

  • Low Rates – Very competitive interest rates resulting in lower monthly payments.
  • Down Payment Options – Lowest down payment options on a variety of different types of mortgages, such as highly popular choices like FHA and conventional loans.
  • Assistance Programs – We work with all major down payment assistance programs and can help you see if qualify for any down payment assistance from national or locally offered programs.
  • Best Program Options – Wide range of options to suit different types of home buyers, including government-backed mortgages such as: FHA, USDA, and VA loans, as well as conventional and jumbo mortgages.
  • Fast Processing – Simple and efficient processing with many loans closing in two weeks or less.
  • USDA Loans – 100% financing on USDA loans (no down payment is required).
  • Flexible Options – Choose from different repayment schedules such as the most popular 30 year fixed rate mortgage, as well as 15 year fixed rate mortgages.  We also offer a variety of adjustable rate mortgages (ARM loans).  We can help you select the right loan terms to best meet your needs.

Would you like to get pre-approved to see what you qualify for?  We offer free, no obligation pre-qualifications and applications.  This includes determining what options are available to you, checking to see if you qualify for down payment assistance, and covering all of your questions about buying your first home.

If you would like to learn more about the different types of mortgages available, down payment assistance programs, and view frequently asked questions, review more information below.

Littleton, Colorado First Time Home Buyer Loan Programs

  • FHA Loans – May consider FHA loans to be the best first time home buyer loan .  They are easy to qualify for and fair credit is allowed (620 or higher).  FHA loans also offer a low down payment requirement of only 3.5% and FHA allows down payment assistance programs.
  • Conventional Loans –  Conventional mortgages are best for those who can afford to pay a large down payment.  They also are often better than FHA loans for those who have good or excellent credit.  Conventional loans also have low down payment options.
  • USDA Loans – USDA loans are the best option for most who want to purchase a home in a rural and select suburban areas.  They are available for very low income, low income, and moderate income borrowers.  USDA loans do not require any down payment and closing costs can be financed into the loan.  This means you can essentially buy a home with no money out of pocket!
  • VA Loans – Active duty military members and veterans can apply for a VA loan which allows you to buy your first home without any down payment.  These loans are not available to the general public, but exclusively to military/veterans.
  • Jumbo Loans – Any loan that does not meet the conforming or FHA loan limits is a jumbo loan.  Littleton is located in  Arapahoe, Douglas, and Jefferson counties, which all share the same FHA loan limits:  Single unit: $458,850.  Two units: $587,400.  Three units: $710,050.  Four units: $882,400.  For conforming loans, which are used for conventional and VA loans, the maximum loan limits are:  Single unit: $417,000.  Two units: $533,850.  Three units: $645,300.  Four units: $801,950.  If you want to buy a more expensive home, and have the income to qualify, we provide what are known as jumbo loans up to $2,000,000.

The above 5 types of loans are the main first time home buyer options that exist.  We can help you determine which loan is the right fit for you based on your particular needs and eligibility.

First Time Home Buyer Application

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

Littleton, Colorado – Down Payment Assistance Programs

There are a couple different down payment assistance programs available statewide throughout Colorado.  This includes the CHAC program, which is available statewide, and a program for teachers, police officers, firefighters, and emergency medical technicians.

Colorado Housing Assistance Program

For more assistance, potential buyers can look to the CHAC. Their organization provides flexible loans with low interest to low- to moderate-income families. It is processed as a second mortgage and is repaid on a monthly basis, however, the start date for repayment can vary. Borrowers are also expected to be able to pay $1,000 of their own money to cover general mortgage fees.

To begin the application process, borrowers must first attend a CHAC approved home buyer class. This is required and non-negotiable. Following this, an application for assistance can then be filled out. Successful applicants are expected to adhere to certain guidelines.

  • The borrower cannot have owned a property in the past three years.
  • The property must be inhabited as a primary residence. Should it not be used this way, the loan will be due back in full plus any accumulated interest immediately.
  • Full disclosure of assets and income of every person that will be living in the home has to be given.
  • At closing, no money back is provided.
  • Should the borrower pay off the entire first mortgage, the remaining amount on the CHAC loan will be due.

HUD Good Neighbor Next Door Program

The HUD Good Neighbor Next Door initiative provides teachers, firefighters, police officers, and emergency medical technicians an opportunity to buy a home with only $100 down.  Another enormous benefit of this program is that select homes are available at a 50% discount!  This means a home that would usually be listing for sale for $200,000, is offered for only $100,000.   The homes are in limited supply and only available in “revitalization areas” which are designated areas that the government would like to see benefit from having “good neighbors”.

Frequently Asked Questions About Buying Your First Home

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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