Colorado Home Loans And Mortgage Options | Buying Your First Home

Frequently Asked Questions

What qualifies me as a first-time homebuyer with On Tap Credit Union?

If you’ve never owned a primary residence or haven’t owned one recently, you may qualify as a first-time homebuyer. On Tap supports first-time buyers and helps them access down payment assistance, smaller down payment options, and tailored mortgage solutions.

Do I need a large down payment to buy my first home through On Tap?

No! First-time buyers with On Tap can often purchase with smaller down payments than traditional requirements. Thanks to grant programs and down payment assistance options, many buyers can get into a home without needing a large lump-sum saved upfront.

What types of first-time homebuyer help does On Tap offer in Colorado?

On Tap offers pre-approval to help you understand what you can afford before you house-hunt, access to down payment grants and assistance, guidance through loan options, and a homebuyer’s guide to walk you through buying your first home. 

How do I start the mortgage process for my first home?

First, review your budget and savings. Then request a pre-approval from On Tap so you know how much you qualify for. Once you find a home you like, you’ll complete your loan application and required documentation. On Tap’s experts will guide you every step of the way.

What documents or information will I need to apply for a first-time homebuyer loan?

You’ll need proof of income, verification of assets, and - once you choose a home - documentation for the property. If you’re using assistance or grant programs for down payment or closing costs, additional paperwork may be required.

Can I get pre-approved before I start looking at houses?

Yes - On Tap strongly recommends pre-approval before you start house-hunting. It helps you understand your budget, strengthens offers, and streamlines the buying process once you find a home.

Are there closing cost or down payment assistance programs for Colorado first-time homebuyers?

Yes - On Tap partners with local and regional assistance programs to provide down payment and closing cost help to eligible first-time buyers. These programs can significantly lower upfront costs.

Do I need to be a member of On Tap Credit Union to apply for a first home loan?

Yes - membership is required to apply for mortgages and other loan products with On Tap. If you’re not yet a member, we'll help you complete your membership as part of the loan process.