Integrity Mortgage & Financial Inc. loan specialists can help guide you through the first-time home buyer loan process. We will get you pre-qualified for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with very little down and we will work to ensure the loan payments meet your unique needs.
We have issued thousands of first-time home buyers loans in Colorado Springs and the surrounding areas and helped them move into their first homes. Speak with one of our experts to find out more and see if you qualify!
First-Time Home Buyer Loan Programs:
FHA Loan
Perfect for the buyer who wants to put less money down. Purchase your house with as little as 3.5% down!
30-Year Loan
The most secure loan program. Lock in a low payment and sleep tight knowing your rate will not change.
VA Loan
An amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. Find out if you qualify today!
Not sure which first-time home buyer loan program is right for you? Contact one of our specialists today! Integrity Mortgage & Financial Inc. can get you pre-qualified and find you the loan that best suits your needs. Find out how you can get pre-qualified today!
Working with Integrity Mortgage & Financial Inc.
- We put YOU first.
- Integrity Mortgage & Financial Inc. provides some of the most competitive rates and mortgage options in the country!
- Our efficient process ensures that most loans are closed within 30 days.
- We offer a range of first-time home buyer loan programs and are dedicated to securing the loan that best fits your needs!
What is the typical down payment amount for most first-time home buyers?
The average first-time buyer pays about 6% of the home price for their down payment, while repeat buyers put down 17%, according to data from the National Association of REALTORS® in late 2022.
How to buy a house in Colorado with no down payment?
If you are interested in buying a home in rural areas of Colorado, the U.S. Department of Agriculture (USDA) offers loans with zero down payment options. These loans are specifically intended for low to moderate-income buyers looking to purchase a property in eligible rural zones.
Does Colorado have a first time buyers program?
Yes, Colorado offers a series of first-time buyers’ programs issued through the Colorado Housing and Finance Authority. Down payment assistance is available as both a grant or a second mortgage, and there are also options for loans with advantageous interest rates as well.
What do you need to qualify for a house in Colorado?
Lenders will generally require homebuyers to have a 3-5% down payment and meet certain credit scores as well as income requirements. The specific mortgage requirements will depend on the type of mortgage you qualify for.
Is it worth buying property in Colorado?
Investing in Colorado real estate is often viewed as a wise financial decision. Owning rental properties in Colorado can provide ongoing passive income and prove to be profitable over the long term due to increasing property values.
What are the stages of getting a home loan?
Here are eight steps to secure a mortgage loan and become a homeowner:
Determine your budget and what you can afford.
Select a lender and obtain preapproval for a loan.
Search for your dream home and make an offer.
Decide on your mortgage lender.
Apply for the mortgage.
Undergo the mortgage underwriting process.
What is the process of getting approved for a home loan?
The mortgage process, though complex, can be divided into several key stages: obtaining pre-approval, searching for a house, submitting a mortgage application, loan processing, underwriting, and closing. It is advisable to secure a mortgage pre-approval early in your property search to have a clear understanding of your budget.
What credit score do you need to get a home loan in Colorado?
The general FHA loan requirements in Colorado include: a credit score of 580 or higher, although lenders might consider scores between 500-579 under specific conditions. If your credit score is below 580, a larger down payment may be necessary. Additionally, applicants must have a minimum of two years of verifiable, steady, and consistent employment.
What are the five stages involved in obtaining a mortgage?
The Five-Step Mortgage Process:
Prepare: Gather and organize your financial documents before meeting with a mortgage lender.
Preapprove: Submit the necessary documents to a mortgage lender such as MOP or Cornerstone Home Lending for preapproval.
Apply: Officially apply for the mortgage.
Clear Conditions: Fulfill any remaining conditions set by the lender.
Close Escrow: Finalize the process and close escrow.
How long is the home loan approval process?
The mortgage process, from application to approval and closing, typically ranges from 30 to 60 days. However, the timeline can extended based on specific factors related to the transaction and the time it takes to process the home loan.
What is the affordable homeownership program in Colorado?
The Colorado Housing Assistance Corporation (CHAC) offers low-interest, flexible loans to low and moderate-income first-time homebuyers. CHAC helps with down payments and closing costs associated with purchasing a home across Colorado.
Does Colorado have a down payment assistance program?
The Colorado Housing and Finance Authority (CHFA) offers fixed-rate mortgages along with financial assistance for down payments and closing costs. Generally, you may qualify for a CHFA program if you have a credit score of at least 620, though exceptions may apply if you lack a credit score entirely.
Get started today!
Fill out the questionnaire on this page to start a discussion about your mortgage needs today!
