First Time Home Buyer

 Programs in Colorado

Complete First Time Home Buyer Programs Available in Colorado.

The state agency created by the legislature in Colorado to offer first time home buyer programs is the Colorado Housing Assistance Corporation. Here is a summary of the current first time home buyer programs that are offered:

CHAC provides down payment assistance loans statewide.

The borrower must be a first-time home buyer.
The lender must submit the application for the borrower. 
Once an application has been reviewed the borrower will need to attend a meeting at CHAC - 670 Santa Fe Drive. These meetings are held on Thursday afternoons. All Borrowers and Co-Borrowers must attend.
Borrowers are required to provide at least $1,000 of their own funds towards their down payment and closing costs.
All properties built prior to 1978 must have a visual lead based paint inspection (this is not the same as the appraisal or inspection).
CHAC assistance is in the form of a second mortgage loan. Terms, rates, and amounts vary based on location, income of family, assets available, etc.

For complete details on this first time home buyer program available to Colorado residents, visit the Colorado Housing Assistance Corporation website.

Se also the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources