colorado first time home buyer programs
Wyatt Home Loans is a CHFA (Colorado Housing and Finance Authority) approved lender, helping Colorado first time home buyers achieve their home ownership goals. Becoming a first time home buyer in Colorado is an exciting step, which may seem overwhelming at first. Our team of Castle Rock, Colorado mortgage loan officers can help you navigate through the grants and DPA (down payment assistance programs) available in 2022 and beyond.
First time home buyers in Colorado may qualify for conventional loans with 20% down, but when home prices average $719,381 (via Colorado Association of REALTORS- March 2022) many first time borrowers might fall short of these down payment requirements. CHFA loan programs can often help these buyers with grants that can be used for down payments, with NO payback required!
Colorado First Time Home Buyer Grants and DPA
Colorado first time home buyer grants and Down Payment Assistance programs exist to help home buyers with down payments and closing costs. These programs are subject to income limits and generally require each borrower to carry a 620 minimum FICO score.
CHFA First Time Home Buyer Grants
As a top CHFA approved lender, we are able to assist first time home buyers with grants up to 3 percent of their first mortgage. For example, first time buyers may qualify for a $12,000 grant on a $400K home. The best part is… these grants DO NOT need to be paid back! In addition, CHFA offers DPA second mortgage loans up to 4% of your first mortgage loan amount.
CHFA Income Limits
CHFA income limits vary from county to county and range from $66,000 to $94,200 in Douglas County and Denver County, and up to $100,320 (Boulder County). These income limits are regardless of the size of the household. All borrowers must have a minimum FICO score of 620 to qualify for these programs. Buyers must complete a CHFA homebuyer education class before closing their loan.
CHFA MORTGAGE LENDERs
Wyatt Home Loans is a division of Fairway Independent Mortgage Company. Based in Castle Rock, CO, we provide comprehensive CHFA loan options to borrowers throughout the state of Colorado including:
Wyatt Home loans is a Castle Rock, CO based full service mortgage lender, offering home buyers access to a wide variety of home loan and mortgage programs custom tailored to their individual needs.
115 Wilcox St, Ste #309
Castle Rock, CO 80104