But I thought that I couldn't afford a home?

     Before getting my real estate license, I was a full time teacher working in a restaurant on the weekends just to pay my bills.  I had moved to Englewood where I could actually live for less than $1000 a month, and had about $6000 in savings.  I was laboring under the common misconception that I could not afford to buy a home on my teacher salary.

I was constantly surround by stressful financial thoughts:
Am I going to make rent this month?
How much money do I have for food this month?
Oh no I forgot to factor in my insurance payment to my budget!
Can I afford one more tank of gas this month?
​I will never be able to afford a home.

FALSE.
     If only I had known that one of the simplest solutions to all of these financial problems was to purchase my home!  My best friend (and now real estate partner) had been telling me this for years, but I didn't believe her.  Turns out, she was right!  Based entirely off of my teacher salary I purchased my condo.  My monthly payments are lower, and I'm saving even more money because I rent out my second bedroom!

     Lori Richardson, one of the amazing lenders I work with, put together the above charts reflecting monthly costs and overall savings over 5 years for a purchase of $250,000.  They show (at least) a $300 monthly savings based on current rent trends in the Denver area.  Furthermore, over 5 years instead of spending almost $100,000 in rent, you would have accrued almost $24,000 in equity!  But I'm sure you're still wondering how you do this.  Here are just a few ways home buying is more affordable than you thought:

1. Down payment assistance grants: There are numerous down payment assistance grants in Colorado that will gift you up to 5% of the cost of your home.  These do not need to be repaid ever, and more information can be found on the "Lending Corner" page of this website.  Wells Fargo is also currently offering funds for up to a $15,000 grant toward a home purchase in Colorado.
2. Lender points: Your lender can adjust interest rates in order to limit your closing costs.  Most recently I had a client pay $0 in closing costs thanks to this help!
3. Minimum down payment loans: Both FHA and Conventional loans are available as low as 3% or 3.5% which could be that $6000 you have in savings!  Some lenders I work with even offer loans as low as 1%.  On the $250,000 home detailed in the graphs above that would be just $2,500 in up front costs.
4. Equity for Educators:  Finally, if you are a teacher or work in a school I want to help you out!  I will pay up to 20% of your lender closing costs (this doesn't include down payment.)  In some cases that may be $1000 off of those costs.

Need more information?  Shoot me an email or give me a call. 
I'm happy to answer any questions you may have.