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Terrell Manning Group

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Kent Moger
Kent Moger

Buying A Home In Colorado

Wondering how to buy a house? This step-by-step guide will walk you through the home-buying process, which usually takes 30 to 45 days once a purchase contract is signed. We'll provide a clear path forward with realistic expectations. Save this blog post as a reference, and remember to ask your Realtor anytime you have questions. Your Realtor will help you through each step below.

buying a home in colorado


Preparing your finances is the very first step in buying a home. This will allow you to find the price range that fits your budget before you start looking at homes. It will also help you determine how much money you need to buy a house, which is usually 2% to 10% of the purchase price.

If you begin your home search in a higher price range than you are approved for, you're setting yourself up for disappointment. Start preparing your finances right from the start, and you'll be ready for the next step. Here are 5 important tips to help you through the home financing process:

No matter what your situation is, you need to check your credit history and know your credit before buying a home. It doesn't matter how good or bad you are with money; all that matters is what's on your credit history. If you find something on your credit history that is incorrect, be sure to resolve it before buying a house.

When you apply for a mortgage, the loan officer will ask you for the previous year's tax returns, employment verification forms, and the previous month's bank statements. It's good to have this information accessible before looking at homes.

Some lenders may not ask for these documents until you are under contract. If you are asked for these documents later, and you cannot provide them in a timely manner, it could affect your ability to purchase the home. Make sure you have all of your key documents ready, and preferably get them to your loan officer before you put a contract on a home.

Closing costs, interest rates, and speed of closing are all good items to ask your loan officer about. Most Realtors will have lenders who they can recommend as well. Be sure to contact a few different ones to compare rates and personality types. Choose one that you feel comfortable working with. You will be communicating with them often throughout the process of your home purchase.

In order to be treated as a legitimate buyer when you are out looking at homes, you will need to have a pre-approval letter ready from your lender. Once you have gone through all of the steps above and found a good mortgage lender, it's time to finalize your pre-approval. Make sure that your lender has thoroughly investigated your finances.

Some lenders will do a basic mortgage pre-qualification that is based on minimal questioning. This can mean problems later when you are actually under contract to purchase. A full mortgage pre-approval will help guarantee that your financing doesn't fall apart later while you are halfway into the home-buying process.

Once you have prepared your finances to buy a home, the next step is to find one. This is the fun part of the home-buying process, but it can also be exhausting. Following the steps below will help you determine a clear path to finding the best house that fits your needs.

A good Realtor is your strongest asset when buying a home. They will provide you with online tools that will keep you updated when new homes come on the market. They will also help educate you on the process and advise you on how to respond to certain situations that will arise throughout the process.

Before you can find a home, you really need to know which part of town you want to live in. Be sure to research local crime stats, school ratings, and area amenities to help determine the areas that you would enjoy living in. These things also affect future resale, so take that into consideration when doing your research.

When you know the areas that you like best, you can go online and look at all of the homes available in those areas. You can also set yourself up to be notified anytime a new home comes on the market within your search criteria.

On our site, all you have to do is click "Save Search" on our search page, and you will be set up. This is one of the best ways to keep up with the market. Remember that homes usually look different in person than they do online.

Once you have gathered some homes that you would like to see, contact your Realtor and set up a time to view them. Your agent will handle all of the showing coordination and details. As you visit the homes, be sure to take notes, photos, or videos to help remind you of the details. It's easy to forget aspects of a home when you are looking at multiple properties within the same day.

Once you have found the perfect home, it's time to make an offer on it! Your Realtor will be able to help you determine a good offer price by providing you with recent past sales data and current market data.

Every area, price range, and home-style has different aspects that determine value. Taking all of these into account will help you present an offer that is fair but strong. Some properties may be in multiple offer situations, which requires even more thought when structuring the offer details.

Now that you have prepared your finances and found a home, it's time to close the transaction and get the keys! These items need to be handled in a timely manner. Your Realtor will help guide you through each step. You can use this section as a reference as you are moving through the final steps of buying your new home.

Once you have submitted an offer on a home, it's possible that you will receive a counteroffer from the seller. You will need to negotiate the terms of the contract, such as the closing date, seller concessions, appraisal deadlines, inspection deadlines, repairs, etc.

Earnest money proves to the sellers that you are a serious buyer and ready to purchase a home. The earnest money is credited back to you at closing or will default to the seller if you cannot perform the details of the sales contract.

Most contracts are written with an inspection period to allow the buyer time to hire a home inspector and have the property thoroughly inspected. There are many different types of inspections, such as radon, mold, pest, structural, and full home inspections.

Having an inspection performed is one of the most important parts of the home-buying process. Make sure that you allow plenty of time to get all of your inspections done within the days allotted in your sales contract. Once you are past inspections, you're almost done!

The appraisal is one of the last steps in the home-buying process. Mortgage companies require appraisals to verify that the loan amount they are providing is equal to, or better than, the appraised value of the home. It's protection for the lender.

The good news is that Colorado first-time home buyers have access to plenty of support throughout the home buying process. That ranges from advice and home buyer education programs to cold hard cash in the form of down payment and closing cost assistance. Explore your options to see what you qualify for.

First-timers who want to finance a home using a conventional loan may have a lot to like about this CHFA program. The CHFA Preferred is a 30-year fixed-rate loan with a minimum borrower contribution of $1,000 that can be covered by a financial gift.

Another official statewide body is the Colorado Housing Assistance Corporation4 (CHAC). This organization provides all sorts of advice, education, and assistance to any Colorado first-time home buyer who asks.

NeighborhoodLIFT offers home buyer education programs as well as preferential help for first responders, military service members, and teachers. Assistance is not limited to first-time home buyers and income caps are less restrictive for those who qualify.

Down payment assistance programs (DPAs) can provide grants and loans to help buyers cover their out-of-pocket expenses. That includes the down payment and closing costs. These programs are often meant to help low-income home buyers, and many have income caps based on household size.

You can download PDFs showing income limits and a map showing the areas covered. Eligible properties include a single-family detached home, townhouse, condominium, 1-4 unit property, or planned unit development (PUD).

CHFA, CHAC, and NeighborhoodLIFT all require applicants to take a home buyer education class. But most first-time home buyers in Colorado or elsewhere should welcome all the knowledge they can absorb.

The metroDPA7 is a forgivable loan with no interest, provided you stay in the home for three years. However, there is little information about what happens if you sell or refinance before then. So speak with a representative in person by calling 720-673-3948 for more information.

In addition to our selection, the US Department of Housing and Urban Development (HUD) provides a list of city- and county-specific first-time home buyer programs across Colorado which you can see here.

There are few things in life as intimidating as buying your first house. The knowledge needed to buy your first home will include learning about several different professional industries, including mortgage, real estate, inspection, appraisal, title, and insurance industries. Determining where you want to move can be a challenge as well. This article will give you an in-depth look at the home buying process, and help relieve some of the tension that you may feel as you venture through the home buying process for the first time.

To purchase a home, you will need to determine how you are going to pay for it. Since this will probably be the most significant monetary transaction in your life so far, you will likely need to get a mortgage to pay for your first house.

That may seem like common sense, but every Realtor has had those buyers who send them a list of homes before they have even thought about this step. Yes, it happens. People want to go out and look at homes before they deal with their finances. Looking at houses is way more fun than talking to a mortgage lender. Be smart and talk to a lender before you get started. 041b061a72


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