We can help you buy a home for as little as $1,000 down. Call (303) 222-0027 or e-mail firstname.lastname@example.org for more info and a free list of first time home buyers loans.
If you’re ready to buy your first home – or you’re getting ready – we’d love to help you!
We are experienced real estate agents who love to work with first time home buyers. Combined, we have more than 20 years experience in the Denver market. We’ve been inside most of the condo buildings in Denver, and we can tell you which buildings meet the criteria for different types of first time home buyer loans.
We also work closely with several mortgage brokers and lenders who have first time home buyers programs available, including down payment assistance grants that never have to be paid back and zero-down loans!
We’ll guide you through the home buying process, step by step, making it easy, simple, and fun! We’ll help you decide on criteria for your first home, show you properties that meet your needs, put in an offer on the one you want, and keep supporting you through the contract and loan approval process. We’ll be right by your side, through the closing, and beyond!
There are great reasons to buy a first home, particularly when you compare buying to renting. If you’ve been thinking about it for awhile, but putting it off, give us a call. We can chat about whether this is the right time to make the move into your first home!
For additional information, or to talk about buying your first home, please call (303) 222-0027, or e-mail email@example.com.
Please note: We work with first time home buyers in all price ranges, across all parts of the Denver metro area. We’ll be happy to set you up on e-mail alerts, so that you can find out about properties as soon as they become available!
Fast Facts About First Time Home Buyers
Below are some fast facts about first time home buyers in Denver.
Down Payment Assistance: Down payment grants are available for low to moderate income first time home buyers through many mortgage companies and lenders in the Denver metro area.
Low To Moderate Income Definition: The definition of “low to moderate income” for most first time home buyers programs is more lenient than you might think. It can go as high as $96,120 for one or two buyers. The rules vary from program to program, and city to city. We can put you in touch with a mortgage broker or lender who is familiar with various programs.
Debt-To-Income Ratio: As a general rule of thumb, to be able to qualify for a first time home buyer loan, your monthly debt to income ratio shouldn’t exceed 41%-45%. This is gross income, and the monthly debt includes your new mortgage payment, plus all other debts (such as a car loan, student loans, credit card payments, etc).
Mortgage Payments Are Tax Deductible: Most first time home buyers aren’t aware of this, but part of your monthly mortgage payment (the interest and real estate taxes) is tax deductible. It’s important to factor in the tax savings when comparing a monthly payment on your new home to the rent you’re currently paying. We can help you do this, in just a few minutes.
Pre-Qualifying Letter From A Lender: It’s a good idea to meet with a lender at the beginning of your search for your first home. You can submit financial information and get pre-qualified for a loan. Your lender can then write a letter, verifying that you’ve been pre-qualified to buy something that costs up to a certain amount ($150,000, for example). When you find a property you like and are submitting a contract to the seller, this pre-qualifying letter can help get your offer accepted.
Credit Scores: Your credit score largely controls whether you’ll be able to qualify for a first time home loan and what your interest rate will be. At minimum, most mortgage companies and lenders prefer FICO credit scores of 620 or above, but some will go as low as 580.
Keep An Open Mind: When you look at properties that might be good first homes, try to see past the owner’s personal items and any flaws that can be corrected. For example, if you don’t like the color of paint in the bedroom, that can easily be changed for very little cost. If, on the other hand, the condo or house is on a busy street, and traffic noise bothers you, move on and look at something else.
Protect Your Credit Score: Throughout the first time home buying process, it’s important to protect your FICO credit score. Don’t open or close any accounts, and don’t make any large purchases.
Read The HOA Documents: If you’re buying a condo, loft, or townhome, you’ll be part of a homeowners association (HOA). It’s a good idea to find out the primary rules and regulations of the HOA before you submit a contract. Once you’re under contract, the seller is required to provide the complete set of HOA documents, and you can then look over those in more detail. Different rules include: how many pets you can have (and how big they can be), how many people can live in the unit, and whether or not you can eventually rent out the unit.
Know What Matters: No first time home (or even fifth time home) is perfect! Decide what trade-offs you’re willing to make to be able to buy your first home. For example, you may opt to buy a smaller unit in a better condo building. Or you might decide that you can live with the kitchen (even though it needs updating) because you’re on a great block.