Still dreaming of becoming a homeowner? Why not make it a reality? You’re probably thinking, “I don’t make enough money,” or “My credit rating isn’t so hot.” or “I don’t have enough for a down payment.” There are a lot of untapped ways to make this environment affordable.

You may be surprised at the number of loan options and low down payment options that  are available for low- to moderate-income Denverites. And becoming a homeowner brings more benefits than just escaping the rent trap.

Consider the following amenities that go along with homeownership:

• Tax benefits
• Build equity/invest in your future
• Be connected with your community
• Improved quality of life
• Social and health benefits
• Predictable housing costs
• Freedom to create/improve your home surroundings

Low interest loans and down payment options today have created an extraordinary opportunity to become a homeowner. There are many down payment options on the market that require only a modest investment.

Home Ownership Leads to Financial Security, Better Mental Health

Owning a home is one of the greatest avenues toward building wealth. It’s like having an invisible savings account. Over time, you build equity (value) in your home. By the time you sell, it’s likely you’ll sell it for a nice profit.

Furthermore, you’re more likely to enjoy better mental health and be an invested part of your community as a homeowner. It’s been documented that children do better in school when their parents are homeowners.

Check out some of the following organizations and nonprofits that may help you attain homeownership. At the very least, they can guide you through the process and you’ll learn the steps you need to take to get the keys to your next home!

Habitat for Humanity of Metro Denver

Usaj Realty understands the importance of everyone having a stable home. Habitat for Humanity enables hundreds of families to achieve homeownership in stable communities.

The organization not only builds quality housing for families who would otherwise not be able to afford to purchase their own home but they also create sustainable, safe, and admirable communities. Future homeowners work alongside volunteers building energy-efficient single-family, duplexes and townhouses. The homes are not only affordable to purchase (with mortgages capped at approximately 25 percent of the buyer’s income), but also affordable to maintain. It is truly an amazing program to help people achieve the American dream in a creative way!  Usaj Realty supports this mission and genuinely believes that everyone should have a place to call home.

The team at Usaj firmly stands behind the purpose and mission of Habitat for Humanity and believes homeownership is a solution to ending poverty. Providing stable home environments for those who do not qualify for traditional lending is the key to creating and maintaining a thriving economy and diverse community.

USDA Rural Development

USDA provides homeownership opportunities to rural Americans, and home renovation and repair programs. You can look at this map to find out if the homes you’re considering fall within USDA guidelines. The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own modest, decent, safe and sanitary homes as their primary residence in eligible rural areas. Applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural home buyers – so no money down for those who qualify!

HUD Programs

The Housing and Urban Development provides homeownership assistance through city, county and statewide programs. Some housing agencies can help Housing Choice Voucher holders buy a home. Some of HUD’s special home buying programs include good neighbor next door (formerly known as Teacher/Officer/Firefighter Next Door) and homeownership for public housing residents.

Colorado Housing and Finance Authority (CHFA)

CHFA invests in affordable housing and community development throughout Colorado. Together with a variety of partners, CHFA has invested more than $22 billion into Colorado’s economy. These resources have helped 121,559 Colorado homebuyers achieve homeownership and 162,351 households attend homebuyer education classes held statewide. Through CHFA, neighborhoods have been revitalized with housing stability leading to economic prosperity. ​​​​​​Specifically, through their approved home lender, people can attain home purchase loans, and grants and second mortgage loans for down payment and closing cost assistance.

VA Mortgage

Veterans Administration helps military service members, veterans and eligible surviving spouses become homeowners. As part of their mission to serve you, the VA provides a home loan guarantee benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies, and the VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

FHA 203k Loan

Do you have your sights on a fixer-upper? Is it in the perfect location but in need of a little TLC? The 203k loan may be a perfect way to purchase a home that needs some extra attention and investment. The FHA 203k rehab loan has become a popular loan choice in today’s market where many homes need some repairs and improvements. It allows a buyer to finance the purchase price of the house and the cost of needed or wanted repairs – all with one loan. This is a sweet deal since you don’t have to worry about qualifying for a second loan to finance the necessary repairs. The one transaction will cover the purchase cost and finance the mending of your new home. 

Yimby.org

Yes In My BackYard advocates the development of homes and businesses in Denver which in turn make community ties stronger. It believes that Denver residents should be able to  meet their daily needs without traveling long distances. As a result, their live/work balance creates stronger bonds with neighbors, merchants, and other community members. Yimby advocates for communities that are diverse and welcoming by promoting mixed-use developments (homes, businesses, and community services), encouraging non-traditional housing arrangements (co-ops, community land trusts, consolidated development) where residents have shared access to transportation, infrastructure, and city services. Learn more about Yimby’s plans to reduce the impact on the environment and its natural resources, and incentivize the development of sustainable building forms that consume less resources.