The CHFA Advantage program requires a mid-credit score of 680
Thinking about Buying a Home in Colorado?
With strong economic growth, robust job market, and beautiful scenery, it’s no wonder Colorado is one of the top 10 fastest growing U.S. states. If you’re a first-time home buyer, you may not know what to expect from the process. So, in this article, we’ll break down our top tips for first-time buyers in Colorado, and help you learn what you should expect.
Take Advantage of Colorado’s First-Time Homebuyer Programs
Colorado has several programs designed to help first-time homebuyers come up with a down payment. The Colorado Housing and Finance Authority works with a network of approved lenders and community partners to offer first-time homebuyer loans and help with down payments and closing costs.
The following are some of CHFA’s general requirements:
Get started on the CHFA website.
Homebuyers using one of CHFA’s first mortgage loan programs to finance their home purchase are eligible for the CHFA Down Payment Assistance Grant. Even if you contribute towards a down payment, you may still take advantage of this program.
CHFA Down Payment Assistance Grant
Don’t assume a mortgage payment will be a lot higher than your current rent
If you’re hesitant to make the leap from renting a Colorado home to purchasing your own, make sure you have all the facts. You may be surprised to find out that it’s more cost-effective to buy when looking at monetary impact over time. Being well-informed about your real estate options can help you make the right decision. However, there may be other factors that determine what’s best for your situation.
Don’t buy new furniture in advance
Unless you’re starting from scratch, chances are you have the basics in terms of furniture. Moving into a new place is an exciting time and it’s not unusual to want to upgrade your furniture, but it’s best done after moving when you know exactly what makes sense for each room. Even if you know the square footage of the room, you’ll want to be able to measure the furniture so that it will fit nicely and not take up too much space. You’ll also want to make sure that whatever you buy will fit through your doors. Holding off on buying furniture might also help you set some extra cash aside in case of surprise expenses.
Don’t skip the inspection
There are a lot of costs associated with buying a home and you might be wondering which optional expenses are really worth it in the long run. Skipping the home inspection may seem like a good way to save a few bucks, but think about it for a moment. A home inspector identifies problems that can help you negotiate a lower selling price, or realize that the home needs more work than it’s worth. Even if you think everything looks fine, it’s a really good idea to have a professional inspector take a look. After all, buying a home might be the biggest financial investment you ever make.
What does a Home Inspector do for Homebuyers?
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