Jeni VanOrnum | Real Estate Insights & Education

Buying your first home in Douglas County doesn’t have to drain your savings. I’m Jeni VanOrnum, your local Colorado real estate agent, sharing the first-time homebuyer programs available in 2024.

CHFA FirstStep Program

The Colorado Housing and Finance Authority offers down payment assistance up to 4% of your loan amount. This can be combined with low down payment loans, meaning Douglas County first-time buyers can purchase homes with minimal out-of-pocket costs. Income limits apply but are generous enough to include many buyers.

FHA Loans

FHA loans require just 3.5% down payment and accept credit scores as low as 580. On a $400,000 Douglas County home, that’s only $14,000 down compared to $80,000 for traditional 20% down. FHA loans are popular among first-time buyers in Castle Rock, Parker, and Highlands Ranch.

Conventional 97 Loans

Many people don’t realize conventional loans now offer 97% financing (just 3% down). With good credit, you can buy with less down than historically required, and you can remove PMI once you reach 20% equity—something FHA loans don’t allow.

VA Loans for Military Buyers

Veterans and active military can buy Douglas County homes with zero down payment and no mortgage insurance through VA loans. With Buckley Space Force Base nearby, many military families choose Douglas County communities.

USDA Loans

Some areas on the outskirts of Douglas County qualify for USDA rural development loans offering zero down payment. While most of Castle Rock, Parker, and Highlands Ranch don’t qualify, some surrounding areas do.

Colorado First-Time Homebuyer Savings Account

Colorado allows first-time buyers to open tax-advantaged savings accounts. Contributions reduce your state income tax, and withdrawals for home purchases are tax-free. Start this account now even if you’re not ready to buy yet.

Getting Started

Ready to explore which programs you qualify for? Contact Jeni VanOrnum today. I’ll connect you with lenders who specialize in first-time buyer programs for Douglas County homes.