Who Is Considered a First-Time Homebuyer in Colorado?

First things first: The definition of first-time homebuyer is more expansive than it seems. For most programs offered in Colorado, and elsewhere, applicants are considered first-time homebuyers if they haven’t owned a home for the past three years. Let’s look at some of the programs designed to get first-time homebuyers a home mortgage loan or help with closing costs.

Other Colorado Homebuyer Programs by Location

If you’ve already chosen the Colorado city or county you hope to make your home, you may also want to research local buyer assistance programs.

If you can’t find assistance in your chosen location, check back occasionally for new offers. Some first-time homebuyer programs base their opportunities (and deadlines) on the funds they expect to become available. When their money runs out, they may press pause.

Aurora Assistance Program

Aurora’s Home Ownership Assistance Program was created to assist low- and moderate-income first-time homebuyers. It provides up to $10,000 in assistance to buyers in Aurora who need help covering down payment and closing costs. For information on benefits and requirements, you can email [email protected], or call 303-739-7900.

Boulder Programs

The city of Boulder is offering several assistance opportunities to low-, moderate-, and higher-middle-income first-time homebuyers. The programs include down payment assistance loans and grants, as well as a program that offers homes for sale at below-market prices to income-eligible owner-occupiers.

You can get eligibility requirements and how to apply by going to the program’s website . If you’re planning to purchase in Boulder County but the home is outside the city limits, ask your lender about other programs that may be available to you.

Douglas County Down Payment Assistance

The Douglas County Housing Partnership offers a down payment assistance program to first-time homebuyers, with preference given to borrowers who currently live and/or work in the county. For information on the benefits and requirements, check out the website or call the partnership at 303-660-7460.

Eagle County Down Payment Assistance

Eagle County’s program has a few variations, and your assistance may be based on the type of first mortgage you obtain, where you plan to live, your income, and other factors. Get more information at the program’s website . If you have questions, you can email [email protected] or call 970-328-8770.

MetroDPA Program

The MetroDPA down payment assistance program is for homebuyers with up to $195,600 of qualifying income who purchase a home in the Front Range, from Castle Rock to Wellington. For information on benefits and eligibility requirements, check out the program’s website

How to Apply to Colorado Programs for First-Time Homebuyers

The way to get more information about each program, and apply, is described above.

Often an approved lender is the go-to for assistance programs.

Recommended: Understanding Mortgage Basics

Federal Programs for First-Time Homebuyers

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the FHA loan program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO^® credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.

In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA loans allow a DTI ratio of up to 57% in some cases, vs. a typical 45% maximum for a conventional loan.

Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.

FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be around $137. You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

Very low- and low-income borrowers may make a 3% down payment on a Home Possible^® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660.

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady^® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs. VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

Another benefit of VA loans is that they do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.

US Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.

For more information, visit the HUD program page.

First-Time Homebuyer Stats for 2025

You’re probably curious about where you fit amid the mix of homebuyers out there. Here are some stats:

•   Percentage of buyers nationwide who are first-time buyers: 24%

•   Median age of first-time homebuyers nationally: 38

•   Median home price in Colorado: $625,500

•   Median gross rent: $1,713

•   66.3% of Colorado housing units were owner-occupied

•   Average credit score in Colorado: 731

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:

•  Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past two years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.

•  Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

•  401(k) loans. It may be possible to borrow from the 401(k) plan that your employer sponsors or take a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, in a year without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 10 years or more to repay.

•  State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

•  The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.

•  Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home-buying education courses.

•  Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

A robust assortment of mortgage and down payment help in Colorado allows qualifying first-time homebuyers to afford a home of their own. Others may have to blaze their own trail to find a mortgage that’s a good fit. Keep in mind that borrowers who go with a conventional loan don’t necessarily have to come up with a 20% down payment. (And most buyers don’t.)

By Susan Guillory

(Last Updated – 06/2025)

The University of Alabama offers a range of undergraduate, graduate, and professional programs, each with its own tuition structure and associated fees. Tuition rates vary significantly depending on residency status — Alabama residents benefit from lower in-state rates, while out-of-state and international students pay higher out-of-state tuition.

Keep reading for a full understanding of the cost of attendance at the University of Alabama — including estimates for living expenses and optional fees — in addition to graduation rates, popular majors, and average starting salary for graduates.

Total Cost of Attendance

The University of Alabama, located in Tuscaloosa, Alabama, is a well-respected public university known for its law school. University of Alabama tuition for the 2023-24 school year was $11,900 for in-state students and $33,200 for out-of-state students.

Recommended: Alabama Student Loan and Scholarship Information

Costs for 2023-24

Financial Aid

An overwhelming majority of students at the University of Alabama receive financial aid; 85% take out student loans or receive grants or scholarships.

Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private lenders, and nonprofits. The different types include:

•  Scholarships: Scholarships can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

•  Grants: Grants are generally based on financial need. These can come from federal, state, private, or nonprofit organizations.

•  Work-study: Federal Work-Study provides qualifying students with part-time employment to earn money for expenses while in school.

•  Federal student loans: are money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA®) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

You can find other financial aid opportunities on databases such as:

•  US Department of Education – Search for grants from colleges and universities by state

•  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

Recommended: The Differences Between Grants, Scholarships, and Loans

Private Student Loans

Of those students who take out student loans to help with University of Alabama tuition, 37% take out federal loans and 11% choose private loans. The average private student loan per year is $26,980.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.

What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans, while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

To attend the University of Alabama for four years, tuition, fees, room and board, and other expenses would total $133,528 for students who live in Alabama and $218,728 for those from other states. According to CollegeData.com, the average total cost for four years for a public university in the U.S. is $115,360.

Here’s some Student Loan & Scholarship Information for you.

Undergraduate Tuition and Fees

Costs for 2023-24

In-state students paid $11,900 for tuition in 2023-24, and out-of-state students paid $33,200. Both had room and board fees of $14,840.

Graduate Tuition and Fees

Costs for 2023-24

Interested in graduate school? University of Alabama tuition for grad school students in 2023-24 was $11,100 (in-state) and $32,400 (out-of-state). There are graduate loans available to help with these costs.

Cost per Credit Hour

Students who attend the school part-time don’t pay the full University of Alabama tuition. Instead, in-state students pay $545 per credit hour and out-of-state students pay $1,520 per credit hour.

Campus Housing Expenses

Costs for 2023-24

*Starting rate for a studio based on available apartments on U of A’s off-campus housing website in 2025.

U of A has 34 residence halls and 9,000 students live on campus. Freshmen are required to live on campus. The school also offers Living-Learning Communities (LLCs), where students with common interests or academic goals can build their own community.

Upperclassmen may choose to live on campus or off. There are many rentals available. This guide can help you find off-campus options.

University of Alabama Acceptance Rate

Fall 2023

Of the students who apply, 76% are accepted, making the University of Alabama acceptance rate high.

Admission Requirements

University of Alabama admissions require certain documents in addition to your application:

Required:

•  High school transcript and GPA

•  Secondary school record

•  Completion of college-preparatory program

Recommended:

•  Secondary school rank

•  Admission test scores

The deadline to apply to the University of Alabama, for both admission and scholarships, is January 10. You can apply here.

SAT and ACT Scores

No test scores are required for students entering in the fall of 2025. However, if you would like to submit your scores, it can be helpful to compare them to scores in the 25th and 75th percentile:

Popular Majors at the University of Alabama

The University of Alabama offers approximately 220 bachelor’s, master’s, and doctoral degrees. Here are the most popular majors for undergraduates.

1. Marketing

Marketing students learn how to identify and assess consumer and industrial market needs, as well as develop marketing programs, promotions, and pricing.

Undergraduate degrees in 2022-23: 510

2. Finance

This program teaches students about asset management, commercial and investment banking, corporate financial management, venture capital, and more, and graduates may go on to work in private, corporate, or public sectors.

Undergraduate degrees in 2022-23: 497

3. Nursing

U of A’s nursing program prepares students for a career as a nurse in diverse practices, including community health, mental health, adult health, pediatrics, or labor and delivery.

Undergraduate degrees in 2022-23: 374

4. Psychology

U of A offers both a BA and BS in psychology. Both are excellent foundations for master’s degrees in many fields. Students learn about behavior, human growth, and biology, and develop strong writing and research skills.

Undergraduate degrees in 2022-23: 334

5. Biology

Upon graduation, biology students are well-versed in all aspects of biology, and are ready to either continue their education or take jobs in medical, research, pharmaceutical sales, or education roles.

Undergraduate degrees in 2022-23: 226

6. Mechanical Engineering

A Bachelor of Science degree in mechanical engineering provides a foundation in math and physical science. Students will learn to design, test, and build, as well as analyze and interpret data.

Undergraduate degrees in 2022-23: 224

7. Criminology

Students in this major learn about computer fraud investigation, crime scene analysis, and criminal investigation.

Undergraduate degrees in 2022-23: 219

8. Public Relations

Students in this major learn how to blend the interests of an organization with those of the public. They learn strategies to achieve program objectives, multimedia tactics to implement PR programs in a digital world, and the role that PR plays in the global market.

Undergraduate degrees in 2022-23: 212

9. Accounting

Not only do accounting students learn to balance the books, they also learn how to research, problem-solve, think critically, communicate, and work with others.

Undergraduate degrees in 2022-23: 207

10. Business

A business degree can prepare you for a variety of careers or it can be a great springboard to higher degrees. This program teaches students about enterprise, business operations, and economics.

Undergraduate degrees in 2022-23: 181

This resource can help you learn more about the programs of study at the University of Alabama.

Graduation Rate

The six-year graduation rate of students who began their studies in 2017 is 74%; the four-year graduation rate is 56%.

Post-Graduation Median Earnings

Median earnings of those who attended U of A is $59,000 a year, which is less than the national average for graduates of four-year schools at $68,680 a year.