Buying your first home comes with plenty of questions. How much do you need saved? When should you talk to a lender? And why does everyone suddenly expect you to understand earnest money?
Whether you’re ready to start looking or still figuring out where to begin, let’s talk through your next steps. You don’t have to know everything before you call. That’s my job.
The Questions Almost Every First-Time Buyer Asks
If any of these are on your mind, you’re in good company.
Your Roadmap From First Conversation to Closing Day
Seven steps. I’ll be with you for every one of them.
Wondering how long all this takes? Read how long it takes to buy a house in Northern Colorado.
The First-Time Home Buyer Checklist
Every step from getting your finances ready to keys in hand, including Colorado contract deadlines, CHFA programs, and what to check before closing. Print it and check it off as you go.
What Buying a Home Actually Costs
These costs overlap more than most people expect. Not every item is an extra charge on top of the others.
A $470,000 First Home With an FHA Loan
This is an illustration only, not a quote or a loan offer. Your numbers will depend on your loan program, rate, credit, the home, and its location. Ask a lender for an estimate based on your situation.
Numbers reviewed by Chris Coley, Loan Officer, Home Mortgage Advisors, LLC (NMLS #1614974).
| Down payment (3.5%) | $16,450 |
| Estimated closing costs and prepaids | $10,104 |
| Home inspection (paid before closing) | $550 |
| Total cash needed | $27,104 |
| Earnest money ($4,700), paid early and credited at closing | included above |
Seller concessions or down payment assistance, if you qualify, could reduce the cash you bring.
| Principal and interest | $3,070 |
| FHA mortgage insurance | $208 |
| Property taxes | $242 |
| Homeowners insurance | $250 |
| Estimated total | $3,770 |
Assumptions behind these numbers
- Purchase price $470,000; FHA loan with 3.5% down; 30-year fixed term.
- Illustrative interest rate of 7.00%. For comparison, the Freddie Mac national average for 30-year fixed loans was 7.32% on October 22, 2026. Your rate will differ.
- FHA upfront mortgage insurance of 1.75% ($7,937) added to the loan, for a total loan of about $461,487. Annual FHA mortgage insurance of 0.55% of the base loan.
- Property taxes estimated with the illustrative Larimer County mill levies and 2026 residential assessment rates (6.8% local government, 7.05% schools). Homes in a metro district usually pay more.
- Homeowners insurance of about $3,000 a year. Your quote depends on the home, its location, coverage, and deductible.
- No HOA dues included. If the home you choose has an HOA, add those dues to the monthly total.
- Closing costs and prepaids of $10,104 and a $550 inspection are estimates; actual costs vary by lender, title company, and home.
Go deeper: the cost to buy a home in Northern Colorado · what you actually need for a down payment · mortgage calculator
Loan Options and Down Payment Assistance, in Plain English
Your lender confirms what you qualify for. Here’s the lay of the land so those conversations make sense.
| Loan type | Minimum down payment | Good to know |
|---|---|---|
| Conventional | As low as 3% for some first-time buyer programs | Private mortgage insurance usually applies under 20% down and can be removed later. |
| FHA | 3.5% for most qualifying buyers | More flexible credit guidelines. Has upfront and monthly mortgage insurance. |
| VA | 0% for eligible veterans and service members | No monthly mortgage insurance. Requires a certificate of eligibility. |
| USDA | 0% in eligible areas | Property location and household income limits apply. Some areas near Northern Colorado towns may qualify. |
Need homebuyer education? Find an approved course through CHFA or a HUD-approved housing counselor. Program terms change often, so confirm current details with a lender. More detail: first-time home buyer programs in Northern Colorado.
What’s Different About Buying in Northern Colorado
Two homes with the same price can have very different monthly costs here. These are the details I watch for.
What I Do for First-Time Buyers
| Evaluate each home’s condition, location, and resale potential | Pull comparable sales so you know what a home is worth |
| Negotiate price, concessions, and terms on your behalf | Explain every contract deadline in plain English |
| Coordinate with your lender, inspector, and title company | Lay out your options when something comes up, so you decide |
Before we tour homes, we’ll sign a written buyer agreement that spells out my services and how I’m paid. Compensation is negotiable and isn’t set by law. A seller or builder may agree to cover some or all of it; if they don’t cover the full amount, you may owe the difference. We’ll talk through how that fits your budget at our first meeting, so there are no surprises.
What Buyers Say
“Christopher made the home buying experience exciting and helped us accomplish a dream!”
“He was referred to our son, who was buying his first home in Ft. Collins, and when we heard what a great experience he had with Chris, we asked for his number.”
Helpful Resources and Home Searches
First-Time Homebuyer FAQ
Do I need 20% down to buy my first home?
No. Some mortgage programs offer down payments as low as 3% or 3.5%, and certain buyers may qualify for a loan with no down payment. Your options depend on your qualifications, the property, and the loan program.
A smaller down payment can help you buy sooner, but it may affect your monthly payment and mortgage insurance costs. A lender can help you compare the numbers. You’ll also want to budget for closing costs and keep some savings available after you move.
Should I talk to a lender or a real estate agent first?
You can start with either, but getting both involved early makes the process easier. I’ll help you understand the buying process, discuss your goals, and connect you with lenders if you need recommendations.
A lender will review your finances and help establish your financing options. Together, we can build a search around a payment you’re comfortable with, not simply the maximum amount you’re approved to borrow.
What’s the difference between prequalification and preapproval?
Prequalification is generally an initial estimate of what you might be able to borrow, often based on information you provide. Preapproval typically involves a more detailed review of your credit and financial documents.
Lenders sometimes use these terms differently, so ask what they’ve actually verified. Preapproval gives you a clearer starting point and can strengthen your offer, but it isn’t a guarantee of final loan approval.
Can I buy a home while I’m still in a lease?
Yes, but we’ll want to plan around your lease before choosing a closing date. Review your lease’s expiration date, notice requirements, and any early termination costs.
Depending on your situation, we may coordinate your purchase near the end of your lease or allow some overlap for moving. Don’t assume buying a home automatically releases you from your rental agreement. Let’s look at the timing before you commit.
Can I buy a home if I have student loans?
Possibly. Having student loans doesn’t automatically prevent you from qualifying for a mortgage. Lenders consider your income, credit, monthly debts, and other financial factors.
How student loans count toward your application depends on the mortgage program and your repayment status. A lender can review your situation and explain your options, even if you’re still paying off that diploma.
What happens if the home inspection finds problems?
Most inspections find something, even in a well-maintained home. The important questions are how serious the issues are, what they may cost, and whether you’re comfortable moving forward.
Depending on your contract and deadlines, you may be able to request repairs, negotiate a credit or price adjustment, accept the property’s condition, or terminate under an applicable inspection provision. Sellers aren’t automatically required to fix everything. I’ll help you understand the findings and your contractual options.
Do I need my own agent when buying new construction?
You aren’t required to have your own agent, but having someone represent your interests can be valuable. The builder’s sales team represents the builder.
I can help you compare communities, evaluate incentives and upgrade costs, understand important contract terms and deadlines, and coordinate independent inspections. Contact me before visiting a model home or registering with a builder, because some builders have requirements that affect whether your agent can participate.
How does my buyer’s agent get paid?
Your agent’s compensation is explained in a written buyer agreement. Compensation is negotiable and isn’t set by law.
Depending on the transaction, the seller or builder may agree to cover some or all of that amount. If their contribution doesn’t cover the agreed compensation, you may be responsible for the difference under your agreement. Before we start touring homes, we’ll discuss my services, the agreement, and how compensation could affect your purchase budget.
What if I’m six months or a year away from buying?
That’s a great time to start planning. You don’t need to be ready to tour homes to have a useful conversation.
We can discuss your goals, timeline, preferred areas, and questions. A lender can help you identify any financial steps to work on along the way. Starting early gives you time to prepare and make informed decisions, without turning your weekends into open-house marathons before you’re ready.
Let’s Build Your Buying Plan
Tell me a little about where you are. Your name, the best way to reach you, roughly when you’re hoping to buy, and your biggest question. That’s all I need to get started.
Let’s Talk About Your First HomeBring your questions, even the ones you think are basic. We’ll figure out the next step together.
LET’S BUILD YOUR BUYING PLAN (970) 218-5248Christopher Fry, Associate Broker, REMAX Alliance, 6355 N Fairgrounds Ave, Suite 100, Windsor, CO 80550 · Equal Housing Opportunity. This page is general information, not legal, tax, or lending advice. Loan programs, rates, and assistance terms change often; confirm current details with a lender.