Denver First Time Homebuyer Loans

Posted by Angela Lanfranco

August 3, 2009

Promoting Home Sales with Denver First Time Homebuyer Loans

As our house market tries to survive the long-lasting recession and the burst housing bubble, there is optimistic news for qualified Denver first time homebuyer loans. The government has allotted an $8,000 tax credit for Denver home buyers that fit a set of criteria. There are also great options for FHA backed loans, for newer homes and those in need of more repair to pass Denver code requirements.

$8,000 Tax Credit Denver Criteria

You must not have owned a principal residence within three years prior to the date of purchase on your intended property.
Home purchases must be made between Aril 8, 2008 and December 1, 2009.
The credit ranges from 10% of the purchase price up to $8,000.00.
Yearly adjusted income must be less than or equal to $75,000 a year for a single buyer, or $150,000 for a joint purchase.

Interesting Points

If you tax liability is less than the allotted credit, you will receive a refund for the difference.
You must live in the purchased primary residence for a minimum of 36 months or you will be required to repay the credit.

Denver FHA Loan Criteria

Down-payment for Denver first time homebuyer loans is only 3.5%.
Bankruptcy and bad credit have less impact on eligibility.
100% financing for FHA Denver home loans.

FHA 203k Denver Home Loans

Eligible properties must be in need of rehab or repair.
The current process is much easier than the older paperwork required for Denver homebuyers.
The property must be an FHA approved condo development of 1-4 units.
Down-payment equals 3.5% of the total amount borrowed.

Interesting Points

Luxury items are not eligible for FHA 203k Denver Home Loans.
Health and safety concerns must be addressed prior to any cosmetic work.
As the housing market continues to level out, these valuable options for Denver first time homebuyer loans could easily be the deciding factor for many Denver first time homebuyers who are considering buying a home during the rest of 2009.

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