Not always. While many CHFA programs are designed for first-time buyers, some loan options are available to repeat buyers as well. Eligibility depends on the specific program, household income, purchase price, occupancy requirements, and completion of a homebuyer education course when required. Reviewing the current CHFA guidelines is the best way to determine which options may be available.    CHFA Guide

The amount you'll need depends on the loan program you choose. Some conventional loans require as little as 3% down, while FHA loans generally require 3.5% for qualified borrowers. Colorado also offers down payment assistance programs that may help cover part or all of your required down payment or closing costs. Your actual cash needed at closing depends on the home's purchase price, loan type, and available assistance.

There isn't one minimum credit score that applies to every buyer. Different loan programs and lenders have different credit requirements, and they also consider factors such as income, debt, employment history, and available assets. A higher credit score can improve your financing options, but many first-time buyers qualify with scores that are lower than they expect. If your score needs improvement, there are often steps you can take before purchasing a home.

Yes. Many Colorado buyers combine an FHA loan with a CHFA down payment assistance program. FHA financing provides flexible qualification guidelines, while CHFA may help reduce the amount of cash needed at closing. Whether you qualify depends on the specific loan program, lender requirements, and your financial situation.   FHA Guide

Some Colorado down payment assistance programs have household income limits, while others do not. Certain programs also have maximum purchase price limits or geographic restrictions. Because eligibility requirements change periodically, it's important to review the current guidelines before beginning your home search.

Many first-time homebuyer programs, including several CHFA options, require buyers to complete an approved homebuyer education course before closing. These courses explain budgeting, mortgage financing, homeownership responsibilities, and the buying process. They help prepare buyers for long-term success and are often available online.

In many cases, yes. Eligible property types often include single-family homes, townhomes, condominiums, and certain multi-family properties, depending on the loan program. Some loan types have additional property requirements or occupancy rules, so it's important to confirm eligibility before making an offer.

Most home purchases take approximately 30 to 45 days from the time an offer is accepted until closing, although timelines vary depending on financing, inspections, appraisals, and underwriting. Preparing with a mortgage pre-approval before shopping for homes can often help the process move more smoothly.

The best program depends on your financial goals, income, credit profile, available savings, and the type of home you plan to purchase. Rather than focusing on just one loan option, it's usually best to compare several programs to determine which offers the greatest overall benefit. A conversation with your lender and real estate agent can help you understand your options and build a plan that fits your situation.