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Buying Your First Home…
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How Much Home Can You Afford As A First Time Buyer

Call (303) 222-0027 or e-mail contact@firsttimehomebuyersdenverco.com for a free list of first time home buyers loans, including some that require only $1,000 down and credit scores as low as 580.

When it comes to buying your first home, it’s important to calculate how much you can afford, as well as how much you can qualify to borrow.

To figure out how much you can afford, the best place to start is with the amount you’re paying in rent. Are you comfortable with this monthly outlay? Would you like to trim back a little, or even increase that amount by a little each month? Do a simple budget, one that calculates how much money you make each month and how much you’re currently spending, and come up with a number that you’re comfortable with.

Once you have that monthly amount, you can use a mortgage calculator to figure out how much your monthly payment can be.

Below are examples of payments, for different loan amounts, at 4% interest, for 30-years (which is the typical length of a loan for a first time home buyer).

Loan Amount             Payment
$100,000                      $477
$150,000                      $716
$200,000                      $955
$250,000                      $1,194
$300,000                      $1,432
$350,000                      $1,671
$400,000                      $1,910

It’s important to note that the figures above only reflect the principal and interest payments on your loan, not property taxes, mortgage insurance, or homeowners insurance. Give us a call, and we can help you accurately calculate those additional costs.

If you would like to start looking for your first home, please contact us. Over the years, we’ve helped hundreds of first time home buyers. And even with Denver’s housing market being as competitive as it is, we’ve still had great success in helping clients find a first home (or condo or townhome) and getting their offers accepted by the sellers.  And often, first homes lead to second homes!  So don’t despair if your first home isn’t quite your dream home.

We also have several mortgage companies we work with that can help you find the first time home buyers loan program that’s right for you.

For more information on how much home you can afford or to start looking for a home, please call (303) 222-0027, or e-mail contact@firsttimehomebuyersdenverco.com.

Please make note: If you’re ready to find out which types of properties you’ll be able to afford in the Denver metro area, give us a call for a free consultation. We work with buyers in all price ranges, throughout Denver and the suburbs. We’re experienced real estate agents, and we love to work with first time home buyers!