FIRST-TIME BUYER GUIDE
Buying your first home in Colorado Springs
You don’t need 20% down or a perfect credit score to get started. Here’s how first-time buyers in the Pikes Peak region actually get to the closing table.
Step 1: Know what help is out there
Many first-time buyers qualify for down payment assistance (DPA) and don’t know it. Programs available to Colorado Springs and El Paso County buyers include:
- CHFA (Colorado Housing and Finance Authority): statewide first mortgage programs paired with down payment assistance as a grant or a second mortgage.
- Pikes Peak Down Payment Assistance: offered through the El Paso County Housing Authority for eligible buyers in the county.
- Lender and builder incentives: some lenders and new construction builders offer rate buydowns or closing cost credits.
Eligibility depends on income, purchase price, credit score, and whether you complete a homebuyer education class. Program amounts and rules change, so we’ll confirm what you qualify for with a DPA-approved lender before you start shopping.
FHA loans
- As little as 3.5% down
- More flexible credit guidelines
- Great fit with many DPA programs
- Includes mortgage insurance (MIP)
VA loans
- For eligible veterans, service members & some surviving spouses
- $0 down payment for qualified buyers
- No monthly mortgage insurance
- VA funding fee may apply (waived for many disabled veterans)
Conventional loans
- Options as low as 3% down for first-time buyers
- PMI can be removed later
- Often best for stronger credit
Step 2: Your step-by-step path to the keys
- Strategy call: we talk goals, budget, timeline, and must-haves.
- Get pre-approved: with a lender who knows DPA programs.
- Take a homebuyer education class: required for many assistance programs.
- Tour homes: I’ll help you compare neighborhoods, HOAs, and resale value.
- Make a strong offer: priced and structured to win without overpaying.
- Inspection & appraisal: we negotiate repairs and protect your earnest money.
- Close & get your keys: sign, fund, and celebrate.
What first-time buyers say
★★★★★
“As a first-time homebuyer, I couldn’t have asked for a better realtor than Roselle. She guided me through every step of the process, answered all my questions, and made sure I felt informed and confident along the way. Her knowledge and patience made what could have been an overwhelming experience so much easier. I’m so grateful for her support and highly recommend her to anyone looking to buy a home!”
Austin S. · First-time buyer · Zillow
★★★★★
“Roselle was incredibly helpful during my time buying my first house. Always available to answer questions, provide great local businesses for qutoes on any repairs, and made the entire home buying process easy.”
Kara F. · First-time buyer · Google
★★★★★
“Roselle made thee impossible, POSSIBLE. She never left my side and always comforted my first time home buying jitters with understanding and patience. Roselle I love you and thank you for making my greatest dreams my reality. I’ve slept so soundly in my own home because of you!”
Danielle R. · First-time buyer · Zillow
First-time buyer FAQs
How much do I really need to save?
Plan for earnest money (often 1% of price), inspection costs, and some closing costs. With DPA and seller concessions, many buyers bring far less than they expect. We’ll build your real number on our call.
What credit score do I need?
Requirements vary by loan and program. Many FHA and CHFA programs work with scores in the 600s. A lender can tell you exactly where you stand and how to improve it if needed.
Should I buy new construction or a resale home?
Both can be great. New builds often come with builder incentives, but you’ll want your own agent representing you from the first visit to the model home.
Can I buy if I have student loans?
Yes. Lenders look at your overall debt-to-income ratio. Student loans don’t automatically disqualify you.
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Let’s build your first-home plan
A 20-minute call to map your budget, programs, and timeline.