Denver Mortgage Rates Help First Time Home Buyers!

Below Denver mortgage rates have really helped first-time home buyers buy homes with affordable payments. Because you can now buy more home for the money or get more bang for your buck, people and families have found that is often more and advantageous to buy them to rent a home. This is because often the money would pay for rent is more than if you went ahead and bought a house.

Down payment assistance programs are still available!

The one thing that seems to hold first-time homebuyers back from owning their own home is usually the down payment. However, there are lots of first-time home buyer programs that can help with this problem. For instance, you have CHFA home loans which will let you get into a home for $1000. You also have CHAQ and the HOAP programs that offer down payment assistance. All that is required of these programs is that you are first-time home buyer or you that you haven’t owned a home in the last three years and that you meet their income requirements. The income requirements are that you can’t make too much money or else you won’t qualify for the programs. Kind of funny to hear, that you might make too much money. The best way to find out if you qualify for these programs is to get with a qualified mortgage lender or broker and have him or her do a preapproval and that will tell you whether you meet the guidelines are not. Low Denver mortgage rates have also helped with these programs, because historically the rates of always been a little bit higher to offset the risk to the lender for offering a low down payment. Now, even these Denver  mortgage rates are historical lows.

Low Denver home loan rates are also helping sellers!

Below Denver home loan rates are also helping reduce inventory and get the housing crisis under control. This is mainly because more people can qualify for a home and a payment they can afford, so more people are looking to homeownership is at as an alternative to renting. This is also great for homebuyers, because there is more inventory for them to pick from. You now have short sales, bank owned homes, HUD homes and even existing homes are offering incentives. This could be in the form of the seller being willing to pay part or all of your closing costs and escrows. The typical amount that you would need for this is 3% of the purchase price.

So as you can see it’s a great time to be buying and selling a home because of the very low Denver mortgage rates.