First Time Home Buyer Colorado Qualifications. The chfa created the sectioneight homeownership loan for just that purpose. First time home buyers first time home buyers is defined as someone that has not owned a home in the last three years terms.
Your mortgage must be an fha 203 b mortgage loan. Ideal for first time home buyers low 3 5 down payment requirements favorable credit score requirement of 580 fha loans are the 1 loan type in america with 11 41 of all single family residential mortgage originations and 1 market share for first time home buyers at 82 84. You must be a first time homebuyer a qualified veteran or a homebuyer who is purchasing a home in a targeted area.
In fact what qualifies as a first time homebuyer under many programs is often someone who hasn t owned a home in at least three years or more.
An individual or spouse who has had no ownership in a principal residence during the past 3 years. Department of hud 2019 annual report. So long as you re a first time home buyer with a credit score of at least 620 and have used section 8 rental vouchers for at least one year you could qualify. An individual or spouse who has had no ownership in a principal residence during the past 3 years.