First-Time Buyers
Buying your first Denver home, without the panic
A practical guide for first-time buyers — including Colorado's down payment assistance programs, lender options, and the realities of buying in Denver in 2026.
Buying your first home in Denver is exciting and genuinely stressful. The market is competitive, prices aren't cheap, and the process has more moving parts than most first-timers expect. This guide is built to make the path clear before you take your first step.
Colorado Down Payment Assistance Programs
Colorado has more help available than most people know. Several programs exist specifically for first-time buyers, and most can be combined with FHA or conventional loans.
CHFA (Colorado Housing and Finance Authority)
Offers down payment assistance grants and below-market-rate loans for first-time buyers across Colorado. Income limits apply and vary by county. Their Homebuyer Education course is required for most CHFA programs — it's genuinely useful, not just a checkbox.
metroDPA
Denver-area-specific down payment assistance. Up to 5% of the loan amount as a grant — no repayment required. Income limits and primary residence requirement apply.
FHA Loans
3.5% down with a minimum 580 credit score. More lenient credit requirements than conventional. Comes with mortgage insurance for the life of the loan, but a strong option for buyers building credit or with smaller down payments.
Conventional 97% LTV
3% down conventional loans through Fannie Mae HomeReady or Freddie Mac Home Possible. Private mortgage insurance drops off when you reach 20% equity — unlike FHA.
The Path from Renter to Homeowner
1. Improve credit if needed
640+ for FHA, 700+ for best conventional rates. Even 30–60 days of careful credit hygiene can move your score 20–30 points.
2. Save down payment and closing costs
Plan on 5–7% total — 3–3.5% down for FHA or conventional plus 2–3% closing costs. Down payment assistance programs can cover the down payment portion, but closing costs usually come from your pocket.
3. Get pre-approved
Talk to 2–3 lenders. Compare rates, programs, and how they communicate. Pre-approval typically takes a few business days and is essential before you start making offers in Denver.
4. Tour homes and learn the market
Spend a few weekends touring in your price range. You'll quickly learn what matters to you and which neighborhoods feel right.
5. Make an offer and negotiate
I'll guide you through pricing, contingencies, and inspection strategy. First-time buyers have more leverage in some situations than they realize.
6. Inspection, appraisal, and close
Inspections run $400–$700 in Denver. The appraisal is ordered by your lender. By close day, you'll know exactly what to expect at the table.
Common Questions
What income do I need to buy in Denver?
For a $500K home with 5% down at current rates, you'd typically need $90–$110K household income to qualify comfortably. A higher down payment lowers the income requirement; CHFA and DPA programs can help further.
How much should I save before buying?
Realistically — 5–7% of purchase price plus a 3–6 month cash reserve. For a $500K home: $25–$35K for down payment and closing, plus $10–$20K for emergencies and initial repairs.
Should I use my agent's recommended lender?
Compare at least 2–3 lenders. I have lenders I trust and recommend — but you should always shop. Rate differences of 0.25% across lenders are common and add up to thousands over the life of the loan.
What if my credit isn't great?
FHA loans accept scores as low as 580 with 3.5% down. Some lenders go lower with larger down payments. If your score is below 640, we can talk through a 60-day improvement plan that often gets you to a significantly better rate.
Let's Start
A first-time buyer consultation, free of charge.
No pressure, no commitment. A 30-minute conversation to understand where you are and what a realistic path to homeownership looks like for you.