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Denver Mortgage Rates

Updated: July 15, 2024

Compare today's rates for Mortgage Refinance in CO

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Mortgage rates for Denver, Colorado go down to 3.00%

Monday, July 15, 2024

Mortgage rates for Denver, Colorado on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Denver, Colorado is now at 4.56%.

Denver scenaryDenver, named the Mile-High City thanks to its 5,280 ft. elevation, has almost 200 parks within its city limits. Denver has the largest airport in the nation, encompassing 53 square miles. Denver also boasts 90 golf courses and 650 miles of bike trails.

Denver FHA Loans

The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Denver First Time Homebuyer Loan Programs

If you’re buying a home in Denver for the first time, there are several different programs for you to use to help out with the financial cost. These programs include Metro Mortgage Assistance Plus and the mortgage tax credit program. To learn more about these options and evaluate your eligibility, visit Lender411's page for Denver first mortgage

Statewide Grant and Assistance Programs 

The Colorado Housing and Finance Authority (CHFA) offers several loan programs to help first time home buyers of various backgrounds affordably finance a mortgage:

  • CHFA Advantage: no monthly mortgage insurance and only 3% down required; 680 credit score minimum.
  • CHFA Preferred: low mortgage insurance rates and down payment assistance available to cover the 3% down payment; 620 credit minimum.
  • CHFA SmartStep: low interest rate mortgage with available down payment assistance to borrow; 620 credit minimum. 
  • HomeOpener: program for higher cost properties than other programs permit; down payment assistance is available.
  • HomeAccess: home financing help for borrowers who have diabilities; borrowers with children with diabilities are also eligible. 
  • SectionEight Homeownership: purchase and payment assistance to borrowers with Section 8 rental vouchers for the year preceding mortgage application filing.

Also available is the Mortgage Credit Certificate (MCC) tax credit program for first time home buyers with a credit score of 620 or above. The MCC is not a loan but a tax benefit that lessens the federal withholding on participant pay checks, freeing more cash for monthly mortgage payments. The MCC tax credit program is available statewide, including popular cities like Boulder, Denver, and Aurora. 

Popular loan programs

user suit Lenders in: Denver, Colorado.

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