Washington County, CO – First Time Home Buyer Programs
Are you a first time home buyer looking to purchase a home in Washington County, Colorado? On this page you can learn about some of the different types of mortgage programs that are available to first time home buyers. You may also view down payment assistance programs that are currently being offered in Washington County, CO.
Washington County, CO – First Time Home Buyer Loans
Below are some of the mortgage options that may be available to you.
Types of Mortgages:
- Conventional Loans – Conventional loans offer the best loan terms to borrowers with good or excellent credit (620 or higher credit score), as well as those who can afford to place a larger down payment. If you are able to put 20% or more down, you will be able to avoid paying private mortgage insurance (PMI). However, conventional loans also offer low down payment options, such as programs that only require 3% down.
- FHA Loans – FHA loans are a good option for borrowers who may not be able to qualify for a conventional loan. The qualification requirements for FHA loans are much more lenient than conventional loans. This includes options for home buyers with credit scores as low as 500 (in order to qualify for a 3.5% down payment, you must have a credit score of at least 580).
- USDA Loans – USDA loans provide home buyers the opportunity to purchase a rural home without any down payment. These loans are intended for borrowers with low-to-moderate income. In addition to not requiring any money down, you can also finance the closing costs 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 mortgage that does not meet the conforming loan limits is a jumbo loan. You can lookup the 2020 conforming loan limits for Washington County, CO (or any other county) using this conforming loan limits calculator. If you want to buy a more expensive home, and have the income to qualify, jumbo lenders offer loan amounts up to $5,000,000.
- Non-Prime Loans – If you do not qualify for any of the above types of loans, you may consider a non-prime loan. These programs are helpful to people with a variety of credit issues (such as low credit scores, or a recent bankruptcy). Non-prime loans do not require any waiting periods after a bankruptcy, and most non-prime lenders allow credit scores as low as 500. Regardless of your situation, you should consider learning more about non-prime loans if you do not qualify for any of the other types of mortgages featured above.
These are some of the mortgage options that are available to first time home buyers.
Would You Like to Get Pre-Approved for a Mortgage?
Click Here to Get Pre-Approved for a Home Loan
Upon receiving your request, we will match you with a mortgage lender that offers first time home buyer loans in Colorado. You will be provided with a free consultation, and the opportunity to get pre-approved for a mortgage.
Washington County, CO – Down Payment Assistance Programs
First time home buyers in Washington County may be eligible to receive down payment assistance. This includes programs that are offered throughout the entire state of Colorado, as well as a program offered in Washington County through Northeast Colorado Housing, Inc.
Northeast Colorado Housing, Inc. Program
You may qualify to receive up to $5,940 in down payment and closing cost assistance from Northeast Colorado Housing, Inc. This comes in the form of a 5% interest rate for 5 years. These funds could be used for an FHA, conventional, or USDA loan.
- Be a first time home buyer.
- Attend a homebuyer education class.
- Occupy the home as your primary residence.
- Meet the income limits shown below.
- 1 Person: $34,000
- 2 Persons: $38,850
- 3 Persons: $43,700
- 4 Persons: $48,550
- 5 Persons: $52,450
You can learn more about this program on the FAQ page of Northeast Colorado Housing, Inc.