Will 2024 be the year you buy a home? Perhaps you’ve been contemplating it, weighing the pros and cons, and considering the true costs of homeownership. In the coming year, to help you further prepare and decide if homeownership is right for you, here are three essential steps to take:

1. Know your financial power.

This is a good time to create or update your budget. This may help you understand how much you can afford in up-front costs, monthly payments, and ongoing expenses of homeownership. This sample budget may help you get started.



In addition, credit is a critical component of the homebuying process. Your credit history has information on how you borrow money, use credit, and pay it back. Therefore, your credit history and credit scores may significantly impact the interest rate and fees you’ll pay for your home mortgage. Access your free credit reports at annualcreditreport.com. Also, learn how to read your credit report and learn more about how credit affects the homebuying process.

2. Take advantage of free education.

CHFA’s homeownership customers often share how helpful homebuyer education was to them on their homebuying journey. Education can provide you with a better understanding of the entire homebuying process and confidence in making one of the largest purchases of your life.

Here are some free* education resources to consider:

• CHFA-sponsored homebuyer education
• Boulder County Financial Workshops
• Operation HOPE Financial Wellbeing programs

*CHFA-sponsored homebuyer education classes are free in-person, and available online for a fee.

3. Connect with lenders.

The lender you choose will play a lead role in your homebuying journey. Choose them wisely. Remember, you are in charge of selecting your lender and they are working for you—ask as many questions as you need to feel secure.

It is recommended to interview at least three mortgage lenders. View a list of suggested questions to ask. Also, as you’re connecting with lenders, consider using Freddie Mac’s Mortgage Worksheet.

If you are interested in CHFA home mortgage loan programs, click here to find a CHFA Participating Lender in your area.



As part of its ongoing Own Your Tomorrow campaign to increase Black and African American homeownership in Colorado, CHFA has organized a series of free in-person homebuyer events throughout the summer. Workshop attendees hear from CHFA staff and other industry experts on the homebuying process, and how first-time homebuyers can achieve homeownership.

The next workshop is taking place in Aurora on Saturday, June 1st, from 10:00am to Noon. More information and links to register are available on the CHFA website.

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority prohibits unlawful discrimination against applicants or employees on the basis of age 40 years and over, race, sex, sexual orientation, gender identity, gender expression, color, religion, national origin, disability, military status, genetic information, marital status or any other status protected by applicable federal, state or local law. Requests for reasonable accommodation, the provision of auxiliary aids, or any complaints alleging violation of this nondiscrimination policy should be directed to the Nondiscrimination Coordinator, 1.800.877.2432, TDD/TTY 800.659.2656, CHFA, 1981 Blake Street, Denver, Colorado 80202-1272, available weekdays 8:00am to 5:00pm.