Your Path to Homeownership Starts Here—Let’s Make Your Dream Home a Reality!
Choosing the right loan for your first home can seem like a daunting task. With Westerra, you’ve got options and a team of friendly folks ready to help through every step of the way.
Choosing a CHFA loan
A CHFA (Colorado Housing and Finance Authority) loan is the perfect way to kick-start your homeownership journey in the Centennial State! With competitive interest rates and flexible loan options—like 30-year fixed-rate mortgages—you’ll be well on your way to owning a home. Just a heads-up: Make sure your credit score is in order, as CHFA has minimum credit score requirements. And don’t worry, we’ve got your back with CHFA’s down payment assistance programs to help you seal the deal!
Climbed a 14er? Then buying your first home in Colorado is just another peak to conquer!
Choosing an FHA loan
An FHA (Federal Housing Administration) loan could be just what you need if traditional mortgages feel out of reach. Whether you've got a few credit bumps, a higher debt-to-income ratio, or a smaller down payment—no worries! You might qualify for as little as 3.5% down. It’s an awesome option for those looking to make homeownership happen. Just keep in mind, it does come with a mortgage insurance premium (MIP), so make sure to factor that into your budget.
Trained your dog to sit, stay, and roll over? Then buying your first home is definitely within reach.
Still unsure about the best option for your first home?
Let Westerra guide you through the process—homeownership in Colorado is closer than you think.
Frequently Asked Questions for First-Time Homebuyers
PMI is designed to protect your lender if you’re unable to make your mortgage payments. If you’re putting down less than 20% on your home, PMI is usually required. But don’t worry — it’s a temporary part of the process that helps you buy your home with a smaller down payment.
Credit scores run between 300 and 850. Naturally, the higher the better. We suggest setting a minimum goal of 670. If you’ve had some credit challenges in the past, don’t worry — you’re not alone, and there are still options for homeownership! At Westerra, we understand that life happens, and we’re here to help you work through it. Programs like FHA loans are a great choice if you have a lower credit score, have higher debt-to-income ratio, or don’t have enough funds for a down payment.
The amount you need for a down payment depends on the type of loan you choose. Traditional loans typically require 20% down, but there are other options that could require much less! With FHA loans, for example, you could qualify for as little as 3.5% down. And don’t forget — CHFA loans offer down payment assistance programs that could help make your home purchase more affordable. The key is to explore all your options to find what works best for you and your budget.
Good question! Pre-qualification is a quick estimate of how much you might be able to borrow based on the information you provide (like income and debts). It’s a great first step, but it’s not a guarantee. Pre-approval, on the other hand, is more thorough. It involves submitting documentation like pay stubs and tax returns, and the lender will give you a letter saying how much they are willing to lend you. Pre-approval shows sellers that you’re serious and ready to buy. At Westerra, we make both processes simple and straightforward, so you’re ready to make an offer when the perfect home comes along.
The timeline for buying a house can vary, but typically it takes less than 30 days from the moment your offer is accepted to closing day. The process includes applying for a loan, getting an appraisal, doing inspections, and finalizing the paperwork. At Westerra Credit Union, we’re with you every step of the way, making sure everything goes as smoothly as possible so you can get the keys to your new home without the hassle. Plus, with our close-on-time guarantee, we’ll help you secure your dream home in this competitive market!
Yes, you can! Having student loans or other forms of debt doesn’t automatically disqualify you from buying a home. Lenders will look at your debt-to-income (DTI) ratio, which compares how much you owe each month to how much you earn. If your DTI is too high, it might make it harder to qualify, but there are still options.
Yes! Working with a real estate agent is a great idea, especially for first-time homebuyers. They can help you navigate the market, negotiate prices, and guide you through the entire process. Whether you're buying in the foothills, downtown, or anywhere else in Colorado, an experienced agent can make the journey smoother and more enjoyable. Not sure who to go with? No problem! We love making referrals.
Closing costs are fees related to your mortgage, like appraisal, title insurance, and credit report expenses. While these costs can vary, they can sometimes be incorporated into the new loan. At Westerra, we maintain transparency regarding closing costs, allowing you to anticipate and plan effectively. We’ll help you understand what to expect and how to budget for it.
Buying a home is a big decision, but there are some key signs that you might be ready! If you’re financially stable, have steady income, and are ready to put down roots (and a down payment), you might be closer to homeownership than you think. At Westerra, we’re here to help you assess your readiness, explore your options, and make your dream of owning a home a reality. Plus, we’re always just a call or visit away to answer your questions!
Loan approval is subject to credit approval and program guidelines. Credit Union membership required. Interest rate and program terms are subject to change without notice.
*Annual Percentage Rate (APR) is the cost of the loan in percentage terms, taking into account various loan charges such as Prepaid Finance Charges (discount points, processing and underwriting fees, flood certificate, tax service, closing and wire fees, prepaid interest) and Private Mortgage Insurance (if applicable). Refi scenarios based on rate and term transaction, 760+ FICO, $400K or $900K (Jumbo) loan amounts at 60% LTV. Purchase scenarios based on 760+ FICO, $500K or $900K (Jumbo) loan amounts at 60% LTV. Variables such as LTV, CLTV, credit score, cash out, occupancy and property type, etc., could affect rate and APR. Rates are based on individual credit history and are subject to change without notice. Rates are for conventional-conforming loans only. Other rates and terms may apply for Jumbo and nonconforming/specialty portfolio programs. Please contact a Westerra Credit Union Mortgage Loan Officer at 303-321-4209 for more details. Westerra Credit Union NMLS 421606.
