Real estate experts predict 2015 will be the year of the first time home buyer. For those living in the Denver area where rents as well as home prices are rising, it makes financial sense to take the leap. Buying your first home is easier in the New Year as Fannie Mae and Freddie Mac introduce low down payment programs specifically for the first time home buyer. According to a recent real estate piece by CNN Money, young people struggle to keep up with the rising cost of rent. Looser lending standards and a growing inventory of homes should also prove promising for people looking to buy their first home in Denver. Also, interest rates are at historically low levels. Before taking the leap into homeownership, consult with an experienced Denver Realtor and a lender. An article by Bankrate.com outlines some important steps to make in the New Year in order to land a house.
Get a feel for prices
After meeting with a lender to find out how much you can borrow to buy a home, get an idea of how much it will cost to live in various Denver neighborhoods. Bankrate.com advises first-time house hunters to talk to reputable Realtors. Even if you think you can’t afford a traditional sale in an upscale community such as Westminster or Capitol Hill, your Realtor can find you short sale deals.
Look into first time homebuyers programs
As a first time home buyer, you are in a special position to get help and deals. In Colorado, you can find out if you are eligible for the Colorado Housing and Finance Authority or CHFA program for buying your first home. Also, first time homebuyers programs through Freddie Mac and Fannie Mae allow you to put down just 3 percent on your first home. In addition there are many programs like Denver Metro Assistance Programs that provide down payment assistance and tax credits that allow you to buy a home with little money out of the pocket. There’s absolutely no good reason not to apply. You could be on the way to becoming a home owner much faster then expected.
Enjoy house hunting
House hunting is one of the most exciting parts of the home-buying process for many Millennials. Your Realtor can show you condos and single-family homes in every hip neighborhood including LoHi, LoDo, RiNo, Capitol Hill, Five Points, Riverfront, Sunnyside, Golden Triangle, Larimer, Downtown, Uptown, Highlands, Berkeley and other areas. Whether you are in the market for an entry-level home or plan to ditch the idea of a starter home in favor of a luxury home, a Realtor can negotiate the best deal.
The New Year could be the year when you step into a new home in the Denver area. At Optimum Home Team, we help buyers and sellers in the Denver real estate market. Millennials and others can rely on our expertise when buying your first home in Denver.