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Amanda Sheppard

Elevated Colorado Real Estate

Buying your first home with The Sheppard Team

At The Sheppard Team, we understand the unique challenges and opportunities that face first-time homebuyers. We can walk you through every step of the process, from finding and narrowing down your options to submitting a winning offer.

First-Time Homebuyer Incentives

Are you looking to buy your first home? Take a look at the following incentives and see if any of them could be the right choice for you...

The Federal Housing Finance Agency provides a way for first-time homebuyers to get a discount on interest rates.

In order to quality for discounted rates, you'll need to have a certain type of fixed-rate mortgage and have an income that's at or below the average local household income.

Did you know that some states offer grants to support first-time homebuyers? Grants range greatly, but you may get as much as $50,000 when you apply.

Are you a first responder or teacher? If you are, then you may be able to get a significant discount on a home in a "revitalization area." 

This program has not yet been finalized. It's expected to become law in early 2023.

 

This grant offers up to $20,000 to first-generation buyers. If you come from a socially or economically challenged background, then you could get an additional $5,000.

The First-Time Homebuyer Act provides a tax credit that's worth 10% of your home's price.

In 2021, the maximum credit you could get was $15,000. That amount is adjusted for inflation yearly.

Are you concerned about paying a downpayment? The National Homebuyers Fund offers downpayment assistance for those that qualify. They also offer support to help cover closing costs.

metroPDA offers both home loan and down payment assistance to first-time homebuyers. In order to qualify, you typically need to make below $176,700 yearly and have a credit score of at least 640. If you qualify, you could get up to 5% of your loan for your down payment. There isn't any interest and as long as you own the home for at least three years, you won't have to pay it back.