Current Mortgage Rates In Colorado
To summarize the average mortgage rates across various types in Colorado as of mid-December 2023:
- 30-Year Fixed Mortgage Rate: 6.555%
- 15-Year Fixed Mortgage Rate: 5.836%
- 5/1 ARM Rate: 6.500%
- 30-Year Jumbo Mortgage Rate: 7.227%
- 30-Year Fixed Refinance Rate: 6.991%
It's important to remember that these rates can fluctuate and may vary based on individual circumstances such as credit score, down payment, loan amount, and specific lender terms. Contacting mortgage lenders directly is advisable for the most current rates and personalized information.
CHFA’s Homebuyer Programs
The Colorado Housing and Finance Authority (CHFA) supports Coloradans looking to break into the housing market.
Available to: First-time homebuyers statewide.
Income limits: Varies, ensuring equitable access.
First-time homebuyers only?: Yes, and those who haven’t owned in three years.
Loan options: Diverse, including 30-year fixed-rate mortgages, FHA, VA, and USDA loans.
Down payment and closing cost assistance: Up to 3% as a grant; additional 4% as a second mortgage.
Extra info: A homebuyer education course is required.
CHAC Down Payment Assistance
CHAC is helpful when buying a home, offering guidance in the form of loans to help you navigate the initial costs of purchasing a home.
Available to: Buyers across Colorado.
Income limits: Subject to specific program criteria.
Loan options: Secondary loans to supplement your primary mortgage.
Down payment and closing cost assistance: Provided as a second mortgage with a requirement of a minimum contribution from the buyer.
Colorado Mortgage Credit Certificate Program
The Mortgage Credit Certificate Program guides you to yearly tax savings and helps keep your budget on track.
Available to: First-time homebuyers in Colorado.
Benefits: Reduces your federal tax liability, up to $2,000 annually.
Extra steps: Must meet income and purchase price limits and complete a homebuyer education course.
Local Homebuyer Assistance Programs
Colorado has local programs offering tailored support, from Denver to Aurora.
Examples: Aurora’s Homeownership Assistance Program, Denver’s Metro Mortgage Assistance Plus Program.
Benefits: These local initiatives can offer additional down payment assistance and other homebuyer support.
Federal Loan Programs
Don't forget to look at federal loan programs offering low to no down payment options, especially if you’re looking for something that aligns better with your finances.
Options include: FHA loans, VA loans, and USDA loans.
Advantages: These loans often come with competitive loan terms and can be a perfect match for first-time buyers not just in Colorado, but nationwide.
Preparing for Your Purchase
Before you buy, preparation is key. Ensure you understand the Colorado housing market, look through mortgage comparisons, and do your due diligence on loan terms. Partner with trusted mortgage brokers who can guide you through the home buying process.
With these programs, the path to owning a piece of the Centennial State is easier. Whether you're drawn to the urban allure of Denver or the rugged charm of Colorado Springs, these homebuyer programs can provide the resources you need to make the journey less difficult.