Exploring your options for purchasing your first home? You have come to the right place. There are several different loan programs and options for people who are interested in owning their homes rather than renting. Everything from down payment assistance to lower interest rates are available for first-time home buyers. You may be thinking you do not qualify as a first-time home buyer as you may have owned a home in the past. Not to worry! There are many programs that will still grant first-time home buyer benefits if there have been at least three years time passed since you owned your primary residence.

The first step in the purchase process of a new home is to get a Realtor. Since there is no cost to you for the services of a Buyer’s Agent, they can prove invaluable in the purchase of a property. Not only will they have access to all the properties currently on the market, but they will be able to connect you with a trusted lender who will be able to provide the most beneficial first-time home buyer program for you.

There are several different first-time home buyer programs available so please contact us directly in order to discover the best program for you. Here we will look at the FHA loan option, CHFA or Colorado Housing and Finance Authority loan program and the Good Neighbor Next Door housing discount.

FHA loans are insured through the Federal Housing Administration which is a part of HUD or U.S. Department of Housing and Urban Development. Because of the FHA backing, lenders are provided protection against loss in the event of default and homeowners are given the benefit of lower interest rates and closing costs. FHA approval is a great option for those with lower credit ratings and other down payment assistance programs may be applied in conjunction with the FHA loan.

The Colorado Housing and Finance Authority (CHFA) is another loan program available with several different options. For the highest value CHFA option on credit ratings of 680 or above, there is no requirement to carry private mortgage insurance and the down payment can be as little as 3%. Interest rates through CHFA are typically lower than other conventional loan programs and CHFA offers other loan options for lower credit ratings. CHFA offers down payment assistance grants through most of their programs and their Section Eight home ownership program allows housing assistance payments to go toward the purchase of a home.

For law enforcement officers, firefighters, emergency medical personnel and pre-kindergarten through 12th-grade school teachers, the Good Neighbor Next Door discount may be available. Through this program, one can receive a discount on a selected home of up to 50% of the listing price in regions known as “revitalization areas”. A commitment to live in the home for a minimum of 36 months is required for this program and a search for available properties can be done through the program’s website or through your Realtor.

Given the variety of different loan and down payment assistance programs, it can become very confusing in knowing where to start. Our job is to do the heavy lifting and find the program that would benefit you best. We have over 20 years of experience and would love to provide our expertise for a smooth and seamless home purchase.

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This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.