First Time HomeBuyer Jumbo Loan

[Bill Butler]

Hello,

I have come across a really interesting opportunity to buy a home for around $525-550k in Denver CO. I know very little about buying homes so I need some help!

I have great credit and solid income and I'm hoping to take advantage of a First Time Homebuyer Program to keep my downpayment low as I only have $25k for a downpayment and I would need to go to family/friends for additional downpayment.

What is the downpayment I should expect to have to pay? Is there a way to get this loan qualified under the FHA program where I would only have to put down 3.5%?

Do you have any other creative ideas for how I can finance this? 

Thanks!

[Micki M.]

@Bill Butler To clarify FHA is not a first time buyer program, it is an owner occupier program. There are conventional loans that also have 3.5%-5% down payment options, but they probably have upper limits as well. What's your plan for the property, if I may ask? Buying a home in the 500's when you only have $25k to put down seems like you might be stretching yourself a bit thin. Make sure you stay in a comfortable place financially and if you're going to hold onto the property that you have some cash reserves for upkeep and maintenance.