What to Know as a First Time Home Buyer in Denver
First time home buyers in Denver are driven by lots of different attractions. Denver, Colorado, is a breathtaking destination, so it’s no wonder that so many people have fallen in love with the Mile High City. In fact, many first-time home buyers are making their way to the Denver area to settle down. No matter where you are, buying a home for the first time can be an overwhelming process. Thankfully, doing just a bit of research can clear up the process exponentially. Here are a few tips as you move forward as a first-time home buyer in Denver.
About the City of Denver
The capital of Colorado, Denver is the biggest city in the state with a population of approximately 715,000 people. This city truly offers a little something for everyone, including four major league sports teams, plenty of breathtaking natural attractions, and fun destinations like the Denver Art Museum and the Denver Zoo.
In addition to the entertainment, there are plenty of practical reasons to live in Denver. There are multiple modes of transportation available throughout the city, including cars, buses, and commuter rail, and residents have access to the Denver International Airport. Denver is a key point of trade, offering jobs in virtually every field imaginable, and the weather offers something unique in every season. (https://www.denver.org/things-to-do/)
Typical Denver Home Prices
If you’re considering purchasing your first home in Denver, you’re likely curious about what you can expect to spend. According to Zillow, the average home price in Denver sits at approximately $650,000, as of the time of writing. This figure is a bit higher than the average home price in Colorado as a whole, which is approximately $590,000, but it is still quite affordable when compared to other major cities across the country.
Assistance Programs for First Time Home Buyers in Denver
Being a First Time home buyer in Denver gives you access to a wide range of assistance programs to help you afford your dream home. FHA loans can be appealing, as they often require low down payments, meaning that you don’t have to use your entire savings to purchase a home. These loans also offer more relaxed requirements in terms of credit history and job history when compared to other types of mortgage loans. FHA loans also require the least amount of down payment. With a 3.5% down payment, you can purchase a new house, townhome, or condo with an FHA loan.
For additional support, consider working with the Colorado Housing Assistance Corporation. Not only can they provide assistance in getting you approved for a loan, but they also offer convenient and informative classes for first-time home buyers. These classes provide valuable insights into homeownership and the financial considerations involved throughout the entire process, even after you’ve closed on your property.
Work with 5280Lend (https://www.5280lend.com)
Purchasing a home can be overwhelming in any case, but when you’re a first-time home buyer, this statement is especially true. At 5280Lend, we understand that you likely have lots of questions about the process, and we’re here to help you get through it.
Our team has more than 25 years of experience in real estate and are well-equipped to help you get approved for a mortgage loan that meets your needs. We can help you find the right loan, perfect your application, and get the financing you need to purchase your first home. Having an experienced and dedicated team by your side can make a world of difference when you’re buying your first house. 5280Lend is ready to step in and help you achieve your dream of home ownership. Contact our team today to learn more and to get started!