Buy your first Colorado home with less money down

For most programs, a first-time homebuyer is someone who hasn't owned a home in the past three years. That includes people who have never owned, and past owners who have been renting for three or more years. Some programs also extend eligibility to veterans and buyers purchasing in targeted areas.

Options include CHFA (Colorado Housing and Finance Authority) programs, which pair a 30-year fixed first mortgage with optional down payment assistance, FHA loans with 3.5% down, conventional loans with 3% down for qualified buyers, USDA loans with no down payment in eligible rural areas, VA loans for eligible service members and veterans, and local assistance programs. Many can be combined.

It depends on the program: FHA requires 3.5% with a 580+ score, conventional HomeReady and Home Possible allow 3% for qualified buyers, and USDA and VA loans offer 0% down for eligible borrowers. CHFA and local programs may provide assistance toward the down payment, and gift funds are often allowed too.

Requirements vary: FHA accepts scores from 580 (or 500–579 with 10% down), most conventional lenders look for 620+, and CHFA programs require a 620+ mid-score. If your score isn't there yet, we can help you build a plan to become mortgage-ready.

Yes. Some CHFA and local programs can be used toward closing costs as well as the down payment. Sellers can also contribute toward your costs — up to 6% on FHA loans and 3%–9% on conventional loans, depending on your down payment. We'll help you combine what's available to reduce your out-of-pocket costs.

Once you're under contract, closing typically takes 30–45 days — as few as 21 with a complete file. The full journey — preparing your credit, saving and house hunting — varies. Starting pre-approval a few months before you plan to shop seriously puts you in a position to make competitive offers.