The homebuying process starts with education, especially for first-time buyers.
“This is definitely not a market for someone to go at winging it,” said Shannon Peer, director of
A housing nonprofit organization, Brothers offers free homebuyer workshops and one-on-one counseling — in English and Spanish — every month. Its program, , also fulfills the education requirement for .
“We’re trying to give information that would give a homebuyer an opportunity, an advantage or just a preparedness level that they’re able to act more quickly, more smartly, so they’re not frantic,” Peer said.
That means learning the basics — from the meaning of to the true costs of homeownership. (That water heater is getting replaced on your dime when it finally quits, likely during the middle of your morning shower.)
Really the best time to take a homebuyer class, Peer said, is before you’re under contract, not after.
“Planning and education is a really good foundation,” Peer said. “It helps keep someone from getting in over their head.”
Cris White, executive director and CEO of CHFA, said that includes educating yourself on any financial assistance for which you may qualify.
to more prospective homebuyers.
Assistance now comes in the form of grants, not loans, and households can receive up to 5 percent of their total borrowed amount to use toward down payment or closing costs. Repeat homeowners are eligible, in addition to first-time homebuyers.
“It’s a lot of hard work, it’s a lot of stress, it’s a lot of pounding the pavement, but we know people are able to find that home,” White said. “You just have to hang in there.”
The median in 2014 was $55,874. But the maximum in Denver for a one- to two-person household is $76,700, spokeswoman Jerilynn Martinez said, a figure that goes up to $92,000 in certain targeted areas.
“Millennials who have really good jobs and are starting to earn some wealth and some savings and feel like they’re in the position to buy a home shouldn’t be scared away from looking at organizations like ours that can help them take the next step,” Martinez said.
