Colorado First-Time Homebuyer
A first-time home buyer is generally defined as someone who has not owned a home in the past three years, or who has never owned a home. Some programs and lenders may have slightly different definitions of what qualifies as a first-time home buyer, so it’s always a good idea to check the specific requirements of the program or lender you are working with.
In addition to meeting the general definition of a first-time home buyer, you may also need to meet certain income, credit, and other financial criteria in order to qualify for certain programs or loans. For example, you may need to have a certain credit score, debt-to-income ratio, or level of income in order to qualify for a mortgage or other type of home loan.
There are many programs and resources available specifically for first-time home buyers, including government-backed loans, grants, and other financial assistance. These programs can help make the process of buying a home more affordable and accessible, especially for those who may not have a lot of money saved for a down payment or who have less-than-perfect credit.