BUY I N G YOUR
NEW HOME
MORTGAGES and FINANCES
Selecting and financing a home is an
exciting and adventurous experience—
but it can also be a challenging one.
We’ve compiled some information to help
those new to Denver overcome some of
the hurdles you may encounter – and
point you in the right direction to get
additional information.
expenses and discrimination in the
process of homebuying. The Fair Housing
Act prohibits discrimination in the sale,
rental and financing of dwellings, and in
other housing-related transactions based
on race, color, national origin, religion,
sex, handicap (disability) and familial sta-
tus (including children under the age of
18 living with parents or legal custodians,
pregnant women and people securing
custody of children under the age of 18).
It is illegal under the Real Estate Settlement
Procedures Act (RESPA) for anyone to pay
or receive a fee, kickback or anything of
value because they agree to refer settle-
ment service business to a particular per-
son or organization. For example, your
mortgage lender may not pay your real
estate broker $250 for referring you to
the lender.
FINANCING A HOME
Before you start, there are many laws that
protect you from scams, unnecessary
Adams County Housing Authority
Arapahoe County HomeBuyer Program
City of Aurora Homeownership Assistance Program
City of Boulder Homeownership Programs
City of Longmont Homebuyers Programs
City of Westminster Down Payment Assistance Program
Colorado Housing and Finance Authority
Colorado Housing Assistance Corporation
Colorado Rural Housing Development Corporation
Commerce City Housing Authority
Del Norte Neighborhood Development Corporation
Southwest Improvement Council in Denver
U.S. Department of Housing and Urban Development (HUD)
Wheat Ridge Housing Authority
You can save yourself a lot of if you take
time to figure out how much mortgage you
can afford – and if you get pre-approved.
You need to consider current loan interest
rates. The lower the interest rate, the more
expensive a home you can afford.
Homebuyers can get a general estimate
of what they can afford by going to
www.ginniemae.gov. Answer a few
questions, and the calculator will provide
a general estimate of the maximum sale
price you may qualify for under Federal
Housing Administration (FHA), Veterans
Association (VA) and conventional loans.
It also estimates your down payment, closing costs, total cash required at closing,
monthly mortgage payment, other monthly housing costs and your remaining
monthly income. Remember, these are
only estimates. You should see a lender
for more details.
