First-time home buyers

You're more ready than the internet told you you were.

Most of what people believe about buying a first home — the down payment, the credit score, the timeline — is wrong, or at least out of date. Here's what's actually true in Colorado right now, and the programs that can close the gap.

See what you'd qualify for  → Talk to Charles
What people assume vs. what's true Colorado, 2026

The three things that stop most renters from even starting the conversation.

Down payment needed 20% down 3–5%
Credit score to qualify 720+ 580+
Down payment from your savings All of it Maybe $1,000
These are program minimums, not guarantees. Your actual rate, required down payment, and program eligibility depend on credit, income, the property, and underwriting approval. The fastest way to know your real numbers is a short, no-pressure conversation.
580+ FICO
Minimum for FHA financing
Up to $25,000
Available through Colorado DPA programs
$1,000
Typical minimum borrower contribution
Why the myths stick around

Nobody updates you when the rules change.

The "20% down, 720 credit score" advice came from somewhere — it just wasn't built for first-time buyers, and it hasn't been true for a long time. Here's the actual picture.

The 20% down myth

20% down avoids mortgage insurance — it was never a requirement to buy. FHA loans go to 3.5% down, conventional loans to 3%, and VA and USDA loans can go to 0%. Most first-time buyers put down far less than they think they need to.

The credit score myth

FHA loans go as low as 580 with 3.5% down (500+ is possible with 10% down). Conventional loans typically start around 620. 720 gets you better pricing, not the ability to qualify — those are two different questions.

The "I need to save for years" myth

Down payment assistance programs in Colorado can cover most or all of what's needed beyond a minimum borrower contribution — often around $1,000. For a lot of renters, the real timeline is months, not years.

Down payment assistance

Programs that can cover the down payment.

Colorado has several down payment assistance programs built for exactly this situation. Eligibility depends on credit, income, loan type, and the property — but here's the shape of what's out there.

Common starting point

CHFA Preferred

Conventional loans
  • 620+ credit score
  • Assistance up to 4% of the loan, capped at $25,000
  • Household income limits apply
  • $1,000 minimum borrower contribution

CHFA SmartStep

FHA or VA loans
  • 620+ credit score
  • Same assistance structure as Preferred
  • Often the most flexible on credit history
  • $1,000 minimum borrower contribution

Orion Elevate Grant

FHA or conventional
  • 640+ credit score
  • Grant — no minimum borrower contribution required
  • Income limits apply for non-first-time buyers
  • Often the highest assistance of the three
These are program guidelines, not a quote or a guarantee. Assistance amounts shown are maximum program limits — actual amounts depend on your qualification, the property, and program availability at the time of closing. Programs are subject to change or discontinuance without notice. The fastest way to see which of these actually fits your situation is to run your numbers through the DPA calculator or talk it through directly.
From "just looking" to keys

Four steps, no surprises.

No pressure to commit at any point along the way — just a clear picture of where you actually stand.

Quick conversation

Tell Charles where you're at — credit, savings, timeline. No judgment, no obligation.

Soft credit pull

A soft pull doesn't affect your credit score, no matter how many you do. It's how we scan every DPA program you might fit.

Your real numbers

The top 1–2 programs that actually fit, an estimated monthly payment, and what you'd need to bring to closing.

Pre-approval or a plan

Ready now? We move to pre-approval. Not quite? You leave with a clear, specific plan for what changes that.

Free live class

Want the full walkthrough before you talk to anyone?

Charles and Becky run a free 60-minute class covering everything on this page in more depth — the real numbers, the Colorado-specific programs, and live Q&A at the end. No pitch.

Save my seat  → Live on Zoom · free · no obligation

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Bring your situation as it is — credit, savings, questions and all. Twenty minutes with Charles and you'll know exactly where you stand.

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