First Time Home Buyers

Colorado Springs First Time Home Buyers

FHA Loan

VA Loan

GNND Program

As a first time home buyer, there are a number of programs available to help you purchase a home. Grants and loans, also called down payment assistance, are available to help you  become homeowners. These programs provide financial assistance to qualified buyers who meet certain income restrictions. The benefit of qualifying as a First Time Home Buyer is that you will receive a grant toward your home, to help pay your down payment and closing costs. There are a number of loan assistance programs available, the most common ones are listed below.

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Loans & Programs

FHA loans are loans backed by the Federal Housing Administration. First-time homebuyers, and repeat buyers over 3 years since their last purchase, are a good match for those with not so good credit and little cash savings

Active-duty service members, veterans and their eligible spouses may qualify for a loan. The VA loan is insured by the U.S. Department of Veterans Affairs. One benefit is that you don’t always need to make a down payment to qualify for a VA loan. VA also offer an adaptive housing grant, which can help make the home accessible to accommodate a buyer service related disabilities.

The Good Neighbor Next Door program, supported by the Department of Housing and Urban Development (HUD) can save the buyer up to 50% off the price of a home. This program is available to educators, emergency medical technicians, firefighters and law enforcement officers. For a home to qualify for the GNND Program, the buyer is required to purchase in an area designated for revitalization of a specific community. Currently, Colorado Does not have any designated revitalization communities. 

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