First Time Homebuyer Loans

First Time Homebuyer Loans in Denver – What Do I Need to Do? 

There is a lot of much misinformation in the general public surrounding first-time homebuyer loans in Denver. If you want to break through the mistruths to get to the real truths, it’s time to get in touch with 5280Lend. We offer so many options for new buyers – so that coveted homeowner status may be more within reach than you think.

Contrary to popular belief, buying your first home doesn’t have to be stressful or dramatic. In fact, with our help, it can be a straightforward process. All it takes is a little bit of research, time to find your dream home, and help with catering a first-time homebuyer loan in Denver to your needs.

Step 1) Find out how much you want to spend: With the help of experts, you will be able to determine how much you can live on, what your incomes are, and what you can realistically afford.

Step 2) Choose a loan type: There are several first-time homebuyer loans in Denver, so why not get in touch so we can walk you through each one? An FHA loan might be for you. Or, if you’re planning to buy rurally, a USDA loan could even be an option.

Step 3) Shop around: Now that you know how much you can realistically afford, it’s time to go shopping. Choosing your new dream home is a memorable moment, so take your time to find the right one. It also helps to carry out inspections and do your due diligence.

What Are My Options for a First Time Homebuyer Loan in Denver?

The most popular first-time homebuyer loan in Denver is the FHA loan. The FHA loan, which is Government-backed, is one of the easiest loans to qualify for. As a result, first-time buyers will have a higher rate of success in securing their loan. What’s more, you only need to put down a 3.5 percent down payment, while benefiting from such options as deferment, and low interest rates.

However, there are also other first-time homebuyer loan options in Denver as well. If you’re a veteran, you may qualify for a zero-deposit VA loan that enables you to cash out up to 90 percent of your home loan. Or, if you’re a police officer, firefighter, teacher, or EMT, there are options for you too. Through the HUD-sponsored Good Neighbor Next Door program, you can pay half of your property’s listing price in revitalization regions, as long as you remain in the home for three years.

If you prefer the quiet life, then a USDA-backed loan is also a valid option. These loans are suitable for those who prefer to become involved in agriculture or live rurally. You have a better chance of securing this loan if your credit score is higher than 640. However, even lower scores may be approved as long as you provide the correct documentation. If you get a USDA loan, you benefit from no down payment and fixed repayments.

If you’re not sure what’s available and you’re new to the property market, get in touch with 5280Lend to get the ball rolling.