Help For Colorado Springs First-Time Home Buyers

There are many programs and grants available to help Colorado first-time home buyers achieve the dream of home ownership.  The dedicated staff at Best CS Homes have the experience and expertise to guide and advise you along this journey.

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Loan Types

Conventional Loans 

Many people associate a conventional mortgage loan and requiring a 20% down payment.  The truth is that you can get a conventional loan with as little as a 3% down payment. In order to qualify for the lower down payment, your loan will need to meet the requirements set by Fannie Mae or Freddie Mac. Additionally, you should know that any down payment less than 20% will require PMI (private mortgage insurance). 

FHA Loans 

FHA loans typically require a lower credit score and you down payment can be as low as 3.5%. One important piece of information is that mortgage insurance will be necessary and can't be removed from the FHA Loan. This means that you will need to re-finance in order to rid yourself of the mortgage insurance.

VA Loans 

VA loans are available to all members of the military, veterans, and their spouses. This loan type does not require a minimum credit score and the borrower may get a loan at 100% of value without mortgage insurance. There is typically a funding fee for VA loans and the amount of this fee varies depending a couple variables.Right now the fees range from 1.4% to 3.6%. There are some situations were the funding fee is waived, such as if you have a VA related disability. 

Down Payment Assistance

CHFA

CHFA stands for Colorado Housing and Finance Authority. CHFA sponsors home buyer education, and offer home buyer programs and down payment assistance. To qualify for this program, you must have a minimum credit score of 620, have a total income that is lower than the CHFA income limits, attend the CHFA homebuyer class, and contribute $1000.00 towards your down payment. 

Contact an CHFA approved Lender

El Paso County Mortgage Bond Program

El Paso county offers a "Turnkey Plus" mortgage program. This program helps with down payments in partially forgivable assistance. If you qualify, you could receive up to 4% or 5%. This assistance is called a "soft-second," which means that there is a second mortgage on the home that you don't need to make payments on at a 0% interest rate. This "soft-second" is only due when you sale or refinance your home. If you qualify for the partial forgiveness, 50% will be forgiven over the first 5 years and the remaining 50% may be forgiven upon the maturity date of the 30 year mortgage. 

Contact El Paso County for more information

CHAC

CHAC stands for Colorado Housing Assistance Corporation. This program is similar to the CHFA assistance program. One key difference is that the assistance amount is paid back in monthly installments.

Contact CHAC for more information

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Best CS Homes has the experience and expertise to help you every step of the way in the purchase of your first home.

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