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Total Mortgage in Colorado

Who doesn't like the remote mountains or vibrant metropolitan ambiance of Colorado? Buying a house in Colorado is a lifelong dream for many people. However, getting property here is a challenging job, especially for a first-time home buyer in Colorado with restricted funds. And that is why you need Total Mortgage, one of the most trusted lending agencies in Colorado and all over the US. Do you know that the CHFA offers an array of programs for first-time home buyers in Colorado? Prospective buyers scouring the market for initial homes may find their efforts eased through CHFA's diverse programs and affordable loans. But it may not be easy to scroll through so many programs and grants and find the right one curated especially for you. This is why we at Total Mortgage are here to help you at every step of your home-buying process. We offer end-to-end mortgage assistance in Colorado. Give us a call today to share your requirements and questions.

Colorado Map

Frequently Asked Questions

What is the average mortgage rate in Colorado?

 

Colorado mortgage rates are the interest rates charged by lenders for home loans or refinances. These rates directly affect the total cost of borrowing for homeowners in Colorado.

What are the current mortgage rates in Colorado?

 

You may look at the current mortgage rates in Colorado above for each of our lending options. We update our rates twice a day to make sure you see an accurate representation of current mortgage rates.

How do Colorado interest rates affect mortgages in the state?

 

Colorado mortgage rates are significantly impacted by the health of the real estate market. The demand for houses, regional real estate values, and overall economic conditions are some of the variables influencing Colorado's current mortgage rates.

Where can Colorado residents find the best mortgage rates?

 

Examine the table to evaluate each program's monthly payments, annual percentage rate (APR), and mortgage rates to find out which one gives the best rates in Colorado.

How can Colorado borrowers lock in a favorable home interest rate?

 

Given the uptick in 30-year fixed rates, Colorado house hunters would be wise to invest time in obtaining the most favorable terms possible to maintain affordable ownership. Though a higher interest rate environment muddles estimates and makes planning more difficult, attentive research of moving foreign currency markets and inventive cost-cutting elsewhere can mitigate the impact of higher rates on budgets.

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Colorado first-time homebuyer loan programs

Access to fixed-rate mortgages and financial assistance for your down payment and closing fees are made possible by the Colorado Housing and Finance Authority (CHFA). Generally speaking, you could qualify for a Colorado housing grant if you:

  • Own a minimum credit score of 620
  • Avoid going over the 50 percent debt-to-income (DTI) ratio limit if your mid-FICO score is between 620 and 659 or the 55 percent DTI restriction if your mid-FICO score is 660 or above.
  • Finish the homebuyer education course.
  • Fulfill the income requirements, which vary depending on the loan type, household size, and housing location.
  • Can provide a minimum of $1,000 toward the acquisition
  • Meet the lending standards set out by your mortgage lender.

The CHFA homebuyer programs are:

CHFA FirstStep

First-time homebuyers, veterans, and any buyer purchasing in a designated region can apply for a 30-year fixed-rate FHA loan through CHFA's FirstStep and FirstStep Plus programs. If necessary, Colorado down payment assistance is also provided. The house you're purchasing and your income must both fall within the program's purchase price and income restrictions, in addition to fulfilling CHFA basic loan conditions.

CHFA HomeAccess

A 30-year fixed-rate FHA or USDA loan can be made available to a first time home buyer Colorado, veteran, or custodial parent of a person living with a permanent handicap under CHFA's HomeAccess and HomeAccess Plus programs. In addition to the income and purchase price limitations seen in other CHFA programs, qualified applicants may additionally receive up to $25,000 in financial help toward the down payment.

CHFA SectionEight

A first-time homeowner or veteran who is simultaneously receiving Section 8 assistance from a Section 8 agency may be eligible for a 30-year fixed-rate FHA or USDA loan under CHFA's SectionEight and SectionEight Plus Homeownership programs. This benefit is not included in the normal SectionEight program; instead, it can only be combined with the SectionEight Plus program.

CHFA SmartStep

CHFA offers 30-year fixed-rate FHA, VA, or USDA loans together with Colorado down payment assistance through its SmartStep and SmartStep Plus programs.

Other Colorado Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

FHA Loans

Individuals with bad credit ratings or limited cash can receive FHA loans. These loans need a minimum credit score of 580 & a down payment as low as 3.5%.

VA Loans

VA loans provide a chance without requiring a down payment if you are a veteran or member of the armed forces.

USDA Loans

USDA loans waive down payments for borrowers making purchases in rural regions qualifying for USDA assistance, which requires a credit score of 640 or more.

Good Neighbor Next Door program

Under this HUD-managed program, houses in certain neighborhoods can be purchased for up to 50% less with a much smaller down payment and no additional costs.

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