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Last updated: Jun 20, 2024
6.119% APR 30 Year Fixed
$1,487 / month
Rate: 5.920%
Fees: $625
Points: 1.908
Pts amt: $4,770
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Colorado Mortgage Overview

Colorado, the 'Centennial State' earned its nickname because it joined the union 100 years after the Declaration of Independence. It's also known as the 'Colorful State' and is the reason many first-time homebuyers move here — the majestic scenery including mountains and plains can't be beat. Whether you love sunshine, snow, skiing, or hiking, there's something for everyone in Colorado.

The median home value in Colorado is around $343,300 and over 65 percent of the homes are owner occupied.

Thinking about living in Colorado? Here are your home loan options:

Colorado conventional loans

Borrowers with great credit and low debt levels can take advantage of the low conventional loan rates. This non-government backed loan offers great terms, but without a 20 percent down payment, you'll pay Private Mortgage Insurance. Fortunately, you can cancel it once you pay your balance down to 80 percent of the home's value.

Colorado FHA loans

Borrowers with slightly lower scores or higher debt-to-income ratios find great rates with Colorado FHA loans. The FHA doesn't underwrite or fund these, loans, you'll still use a lender, but you'll have more flexible guidelines including a 580 credit score minimum and 3.5 percent down payment. If you have a credit score between 500 - 579, a 10 percent down payment will get your foot in the door.

Colorado VA loans

The VA department rewards those who served our country with a 100 percent loan program. Colorado VA loans have the most flexible guidelines, making it easy for veterans to buy their first home. With just a 620 credit score and a 50 percent debt-to-income ratio, you could be on your way to owning your first home.

Colorado USDA loans

If rural living is something you enjoy and you have low to moderate-income, the USDA loan is another 100 percent funding option. You'll need a 640 credit score and debt-to-income levels of 41 percent or lower to qualify.

First-Time Homebuyer Programs in Colorado

The Colorado Housing Finance Authority helps 10,000 people a year buy a home in Colorado. With a median loan amount of $279,000, they help borrowers with these programs:

Down payment assistance grant

Receive up to 3 percent of your first mortgage with no repayment required

Second mortgage loan

Receive up to 4 percent of your first mortgage to help with down payment and closing costs. No payments are required until you sell the home or refinance the loan.

CHFA loans

Borrowers with at least a 620 credit score, and who don't make more than the CHFA income limits may qualify for a CHFA 30-year fixed-rate mortgage with down payment assistance. Borrowers must contribute at least $1,000 of their own funds and prove they'll live in the home as their primary home to qualify.

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