Loan Programs for First-Time Home Buyers Living in Denver

There is nothing easy to being a first-time buyer in Colorado as house prices are relatively high and houses sell fast. In a way, owning a house may seem like a bridge too far.

But don’t despair because as a first-time home buyer you are entitled to certain privileges. A few national and State loan programs can help your dream come true. The trick is to know the programs and how to make the most of them.

So, stop Googling “Denver Mortgage” and instead check out the following programs for first-time homebuyers.

CHFA’s Loan Program for first-time homebuyers
CHFA works with a network of mortgage lenders from across Colorado to purchase loans, closing cost assistance, and down payment. The program includes FHA loans, VA loans, ESDA loans, and classic loans.

The program is available for all US citizens that have a minimum 620 credit score, meet the lender’s qualification requirements, meet the minimum income limit, make a financial contribution (at least $1,000), and complete their homebuyer education course.

FHA Loans

This is a great program if your credit score is low. They are willing to insure your loan even if your credit score is as low as 580. They can even insure a score that is as low as 500, but they will ask for a ten percent down payment. That’s the price of the low score.

USDA Loans

This program is run by the USDA Rural Development Guaranteed Housing Loan Program. The program includes zero-down-payment mortgage, but only for suburban and rural homebuyers. Plus, your credit score needs to be at least 640 so that your application is speedily processed. Those with lower credit scores can also apply, but the procedures are quite strict.

There is no reason why not try and get some assistance from these programs. Their benefits are substantial and considerable. After all, if you don’t qualify you can always return to Googling “Denver mortgages”.

Property market trends for buyers and sellers in Denver

The housing market in Denver and other parts of the USA was in the best condition in 2019. However, every year we need to know the latest information about this market. Realtors, house sellers, and buyers must learn about Denver real estate market trends. As the real estate market is not stable, we have to interpret the varying trends.

Property rates are increasing-

In the previous year, there was a slower rate of the increase in home price. Some real estate professionals have predicted that the rate may have a rise by almost 2% in the present year.

Thus, sellers can grab the opportunity of gaining a higher profit by selling their properties. To win the competition, they can rely on a realtor to make the best deal.

Buyers have to prepare them in different ways to manage high-priced property deals. While obtaining mortgage, you can make at least 10% down payment.

Loan interest rates can decrease-

It is good news for homebuyers who have started looking for a home mortgage. For a 30-year home mortgage, the interest rate may be about 3.7%. For a 15-year home loan scheme, it can be 3.2%. You can learn more about Denver real estate market trends

The lower loan interest rate will benefit buyers in other ways. Buyers will become highly motivated to purchase your house. Thus, mortgage rate is one of the important factors for sellers and buyers.

The real estate market with buyers from different age ranges-

Most of the millennials look for properties in the suburbs. They prefer single-family homes with three bedrooms. The age of buyers may cause a difference in their needs. That is why Denver real estate market trends can be different for homebuyers of every age group. Look for other trends related to the property market.