Denver and the surrounding metro areas offer a variety of programs for first time buyers. Each program has unique benefits and specific qualifications that come with the program. In general the programs offer assistance in the following ways:
Most loans have income limitations and require a certain credit score or at the very least a decent credit history. In some programs the homeowner is not allowed to turn the property into a rental. When they outgrow the house it must be sold or refinanced. Some programs require the homeowner to own for a length of time before selling, otherwise a recapture tax is due. Each program has its own challenges, so careful evaluation is necessary.
Prior to obtaining first time home buyer mortgages, the borrowers must attend a class on the process. If there is more than one borrower, all must take the class.
In a word, no. Most buyers who can afford a more expensive home will find either they don't qualify for the program or it just doesn't suit their needs. Home buyers who are buying lower priced homes and have little or no down payment will find subsidized loans a good fit.
The best thing to do is explore all your needs. My team has been helping first time buyers understand the market and the programs that are available to them. We take the time to evaluate each individual and offer suggestions on what to do.
The choice as always is up to you.