FROM OUR BLOG
November 20, 2017

First-Time Homebuyer Grants and Programs

Buying a home can feel overwhelming if you’re doing it for the first time. We want to make the process easier for you. We’ve assembled a list of applicable First-Time Homebuyer Grants and Programs for Colorado.  The upside is, there are a lot of programs! The potential downside is, there are a lot and it can be confusing keeping them all straight. Have no fear, though! We’re here to help! You can call us any time and we’d be happy to walk you through your options!

 

  1. CHFA- Colorado Housing and Finance Authority

CHFA is an organization that aides Coloradans in achieving affordable rental housing and homeownership. They have programs that help with everything from down payment assistance to reducing or removing Private Mortgage Insurance (PMI).  The requirements of the applicant vary depending on which program you’re interested in. If you’d like to look into these programs on your own, you can visit https://www.chfainfo.com/homeownership/down-payment-assistance

 

  1. CHAC- Colorado Housing Assistance Corporation

Colorado Housing Assistance Corporation offers low interest, flexible loans to low and moderate income first-time homebuyers that assists in down payment assistance, as well as, closing cost aid. To read more about this program, you can visit http://www.chaconline.org/

 

  1. Habitat for Humanity

Habitat for Humanity is a NPO that has been offering homeowner assistance since 1976. Their program is a little more robust, by comparison, to some of the other programs. Their program goes beyond just financial support. They have a full process that helps the new homeowner to understand the full responsibility of becoming a homeowner. To learn more about how to qualify and Habitat for Humanity’s history, you can visit their website here. https://www.habitat.org/

 

  1. USDA- US Dept of Agriculture Rural Development

USDA aides not just in housing, but in all areas of development in rural areas. They offer loans and loan guarantees. Additionally, their program includes affordable loans to make repairs to homes. More information can be found on their website https://www.rd.usda.gov/about-rd/agencies/rural-housing-service

 

  1. VA loans

The US Department of Veterans Affairs offers assistance to servicemembers, Veterans, and eligible surviving spouses.  VA loans offer assistance with down payments and PMI. The loans still go through the private lender, the VA just guarantees the loan, which allows the lender to provide better terms.

 

  1. Good Neighbor Nextdoor

This program is for law enforcement officers, teachers grades pre-K through 12, firefighters, and emergency medical technicians. Through this program, those eligible receive a discount of 50% of the list home.  There is a stipulation that the homeowner must live in the home for 36 months as their sole residence.

 

  1. Energy Efficient Mortgage Loan

This loan receives a credit to mortgage itself for energy efficient qualifying homes.  Homes must be reviewed by a home energy rater and undergo a review before homeowners can qualify.  There are a few different types of loans, you can learn more by clicking here https://www.energystar.gov/newhomes/mortgage_lending_programs/energy_efficient_mortgages

 

  1. Native American Veteran Direct Loan

This loan program is specifically for Native American Veterans. Its perks are: no down payment required, easy to qualify, no PMI, low closing costs and more.

 

In addition to these programs and grants, there are city and county programs available. You can research here to see if your city or county has any available programs. https://www.hud.gov/states/colorado/homeownership/buyingprgms

 

Source list:

 

http://athomecolorado.com/2017/05/01/9-grants-programs-first-time-homebuyers/

https://www.hud.gov/states/colorado/homeownership/buyingprgms

http://www.firsthomeadvisor.com/index.php/your-state-first-time-home-buyer-loans-tax-credit-down-payment-a/colorado/

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.