You don't need 20% down to buy in Denver. Here's how the low-down-payment path typically works.
Conventional 97 and income-qualified programs like HomeReady and Home Possible allow qualified buyers — often first-time buyers — to purchase with as little as 3% down.
A more broadly available option without the first-time-buyer or income restrictions some 3%-down programs carry.
The trade-off with any down payment below 20% is private mortgage insurance (PMI), an added monthly cost that protects the lender, not you. PMI typically falls away once you reach roughly 20% equity through payments or appreciation. FHA and VA loans have their own down payment minimums and mortgage insurance rules, which we can walk through based on your situation.
Putting down less doesn't have to mean a worse rate — the more important question is usually whether keeping cash in reserve serves your broader financial picture better than a larger down payment.