Buying a home in Arvada (Denver, Boulder: apartment complexes, leases, mortgage broker)

[MrsWade]

Is it unrealistic to think my husband and I might be able to purchase a home in Arvada with little to no money down? We're in our early twenties with decent credit looking to buy something small in the $140k range. (I have owned one house before and put $500 down on it, he's a first time homebuyer). We haven't visited the area yet, but I'm planning to attend CU Boulder in fall of '09 and he'll probably start going to school in Denver in the spring.

Also, are there are short-term or month-to-month apartments in this area that anyone can suggest if we don't close on a house prior to moving (mid-February)?

[cowboyxjon]

I honestly don't know the answer to your question about purchasing a home with no down payment, although it's probably not something I would recommend doing right now, unless you plan to stay in the same house for a long time.

There are plenty of apartment options in the metro area and most of the commercial apartment complexes (like the places owned by Equity and Greystar) allow for short-term leases. Why not find a place to rent for a few months while you become more acclimated with the area?

[MrsWade]

We'd plan on living in the home 4-6 years, minimum. Please excuse my ignorance, are Equity and Greystar property management companies?

[2bindenver]

There are quite a few first time homeowner programs. If you qualify depends on how long it has been since you have been a homeowner. A local mortgage broker would know specifics.

A HUD owned property may have the $500 down payment for owner occupants. Otherwise it's 3.5% down for FHA loans starting in January.

[cowboyxjon]

Originally Posted by MrsWade

We'd plan on living in the home 4-6 years, minimum. Please excuse my ignorance, are Equity and Greystar property management companies?

Yeah. There are a lot of other property management companies around as well, and those two were just the two that I thought of right off the top of my head.

[Noahma]

home prices in Colorado have been stable compared to the rest of the country, so I would not worry too much about having to stay in the home for the rest of your lives. I know that my wife and I did get our first home with 0 of our money down, the seller actually paid our down payment on the house. I know last time I looked there were still 0 down programs available, but the trick is hitting the right credit rating to qualify for them.