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Top 5 Low/No Down Payment Mortgages in Colorado

Posted by Greg Selters on Thursday, January 26th, 2012 at 11:38am.

While the main stream media continues to report mortgage loans are near impossible to obtain without a down payment of 20% or more, there are plenty of low/no down payment mortgage programs available in Colorado.  Here is a list of our Top 5 low/no down payment mortgage programs in Colorado.

 

  • USDA Rural Housing Mortgage in Colorado:  USDA’s mortgage program offers home buyers the ability to purchase a home in Colorado with no down payment.   USDA mortgage loans are limited to designated “rural” areas of Colorado and have limited income restrictions.  USDA does charge an upfront guarantee fee of 2%, which can be financed in to the mortgage loan, and a 0.3% annual fee.   If are purchasing a home in Colorado that is eligible for a USDA mortgage loan, you won’t find a better option.
  • VA Mortgage Loan in Colorado:  VA mortgage loans are one of the best benefits offered to the men and women who serve our county.  VA mortgage loans offer qualified veterans the ability to purchase a home with no down payment and no annual fee/private mortgage insurance.  VA mortgages in Colorado offer lenient guidelines and very competitive mortgage rates.
  • Colorado Housing & Finance Authority (CHFA) Mortgage Loans:  CHFA offers down payment assistance to first time home buyers and previous home owners to home buyers throughout Colorado.  While CHFA’s interest rates are typically higher than the market, CHFA offers more flexibility than other down payment assistance mortgage programs in Colorado. 
  • Adams County Down Payment Assistance Mortgage:  Adams County Down Payment Assistance programs offer Colorado home buyers purchasing a home in Adams County a 2nd mortgage up to $7,000 at no interest and no payments.   Adams County program does have limited funds and is limited to Adams County and Westminster (Adams & Jefferson counties).
  • Boulder County Down Payment Assistance Mortgage:  Boulder’s down payment assistance programs offer first time home buyers in Colorado a 2nd mortgage up to $15,000 to purchase a home in Boulder County at 3% over 10 years.  Like most Colorado down payment assistance programs Boulder requires the home buyer to take a home buyer class. 

 

There are other great low/no down payment mortgage programs throughout Colorado.  If you are looking to purchase a home in Colorado and you don't have money for down payment there maybe options available to you.  For more information, questions, or to obtain a pre-approval please contact us at any time.  

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