Buying your first home is a big step, and one of the most rewarding. Whether you’re just starting to explore your options or you’re ready to make an offer, this home buyer guide will help you understand the process, prepare your finances, and choose the right first-time home buyer programs in Colorado.
At Integrity Mortgage & Financial Inc., we specialize in helping first-time buyers navigate the mortgage process with confidence. From how to prequalify for a mortgage to selecting the best loan for your budget, we’re here to help you succeed.
Why Prequalification Matters
Getting prequalified is one of the most important steps in your home-buying journey. It shows sellers that you’re serious, helps you understand your budget, and speeds up the approval process when you’re ready to make an offer.
Benefits of prequalification include:
- Know how much home you can afford
- Gain a competitive edge in a tight housing market
- Address credit or financial issues early
- Make confident, informed decisions
Our team will guide you through the process of how to prequalify for a mortgage, including reviewing your credit, income, assets, and debt. We’ll help you gather the documents you need and provide tips to strengthen your financial profile.
First-Time Home Buyer Programs We Offer
Colorado offers a wide range of first-time home buyer programs, including options backed by the FHA, VA, USDA, and the Colorado Housing and Finance Authority (CHFA). At Integrity Mortgage, we offer:
- FHA Loan: Buy with as little as 3.5% down and flexible credit qualifications.
- VA Loan: No down payment or PMI for eligible veterans and active-duty military.
- 30-Year Fixed Loans: Lock in a stable monthly payment for long-term affordability.
- USDA Loans: No down payment options for rural buyers in eligible areas.
- CHFA Programs: Down payment assistance and favorable loan terms for qualified buyers.
Not sure which loan is right for you? Our specialists will match you with the program that fits your needs and financial goals.
Compare First-Time Buyer Loan Options
| Loan Type | Down Payment | Credit Score | Ideal For |
| FHA | 3.5% | 580+ | Buyers with limited savings or credit challenges |
| VA | 0% | 620+ | Veterans, military members, and spouses |
| USDA | 0% | 640+ | Rural homebuyers in eligible areas |
| 30-Year Fixed | 3–20% | 620+ | Buyers seeking payment stability |
| CHFA Programs | Varies | 620+ | First-time buyers needing down payment help |
First-Time Home Buyer Tips to Prepare
To get ready for prequalification and a successful home purchase, follow these proven first-time home buyer tips:
- Check Your Credit – Run your credit reports, fix any errors, and aim for a FICO score of at least 620 (or 580 for FHA loans).
- Build Your Budget – Calculate how much home you can afford, factoring in taxes, insurance, and maintenance.
- Save for a Down Payment – While some loans require little or no money down, a higher down payment can reduce your monthly costs.
- Gather Financial Documents – Organize pay stubs, W-2s, bank statements, and asset information.
- Explore Your Loan Options – We’ll help you compare first-time home buyer programs to find the best fit.
Why Choose Integrity Mortgage?
Buying your first home can feel overwhelming, but with Integrity Mortgage, it doesn’t have to be. We put relationships first and simplify every step of the process — from prequalification to closing.
- Free, fast prequalification to start your search with confidence
- Access to competitive rates and trusted loan programs
- A local team that closes most loans in 30 days or less
- Thousands of successful first-time buyers served in Colorado Springs and beyond
Our commitment is to make your first home purchase a smooth, positive experience with no surprises and plenty of support.
Ready to Start Your Journey?
Let’s take the next step together. Whether you need help prequalifying, choosing a loan, or understanding your options, our experts are here to help.
Contact Integrity Mortgage & Financial Inc. today to learn more about our first-time home buyer programs in Colorado and get prequalified for the home of your dreams.
What is the typical down payment amount for most first-time home buyers?
The average first-time buyer pays about 6% of the home price for their down payment, while repeat buyers put down 17%, according to data from the National Association of REALTORS® in late 2022.
How to buy a house in Colorado with no down payment?
If you are interested in buying a home in rural areas of Colorado, the U.S. Department of Agriculture (USDA) offers loans with zero down payment options. These loans are specifically intended for low to moderate-income buyers looking to purchase a property in eligible rural zones.
Does Colorado have a first time buyers program?
Yes, Colorado offers a series of first-time buyers’ programs issued through the Colorado Housing and Finance Authority. Down payment assistance is available as both a grant or a second mortgage, and there are also options for loans with advantageous interest rates as well.
What do you need to qualify for a house in Colorado?
Lenders will generally require homebuyers to have a 3-5% down payment and meet certain credit scores as well as income requirements. The specific mortgage requirements will depend on the type of mortgage you qualify for.
Is it worth buying property in Colorado?
Investing in Colorado real estate is often viewed as a wise financial decision. Owning rental properties in Colorado can provide ongoing passive income and prove to be profitable over the long term due to increasing property values.
What are the stages of getting a home loan?
Here are eight steps to secure a mortgage loan and become a homeowner:
Determine your budget and what you can afford.
Select a lender and obtain preapproval for a loan.
Search for your dream home and make an offer.
Decide on your mortgage lender.
Apply for the mortgage.
Undergo the mortgage underwriting process.
What is the process of getting approved for a home loan?
The mortgage process, though complex, can be divided into several key stages: obtaining pre-approval, searching for a house, submitting a mortgage application, loan processing, underwriting, and closing. It is advisable to secure a mortgage pre-approval early in your property search to have a clear understanding of your budget.
What credit score do you need to get a home loan in Colorado?
The general FHA loan requirements in Colorado include: a credit score of 580 or higher, although lenders might consider scores between 500-579 under specific conditions. If your credit score is below 580, a larger down payment may be necessary. Additionally, applicants must have a minimum of two years of verifiable, steady, and consistent employment.
What are the five stages involved in obtaining a mortgage?
The Five-Step Mortgage Process:
Prepare: Gather and organize your financial documents before meeting with a mortgage lender.
Preapprove: Submit the necessary documents to a mortgage lender such as MOP or Cornerstone Home Lending for preapproval.
Apply: Officially apply for the mortgage.
Clear Conditions: Fulfill any remaining conditions set by the lender.
Close Escrow: Finalize the process and close escrow.
How long is the home loan approval process?
The mortgage process, from application to approval and closing, typically ranges from 30 to 60 days. However, the timeline can extended based on specific factors related to the transaction and the time it takes to process the home loan.
What is the affordable homeownership program in Colorado?
The Colorado Housing Assistance Corporation (CHAC) offers low-interest, flexible loans to low and moderate-income first-time homebuyers. CHAC helps with down payments and closing costs associated with purchasing a home across Colorado.
Does Colorado have a down payment assistance program?
The Colorado Housing and Finance Authority (CHFA) offers fixed-rate mortgages along with financial assistance for down payments and closing costs. Generally, you may qualify for a CHFA program if you have a credit score of at least 620, though exceptions may apply if you lack a credit score entirely.
Get started today!
Fill out the questionnaire on this page to start a discussion about your mortgage needs today!
