What is a VA mortgage loan?
Your guide to homeownership for veterans and service members
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If you're just starting out and living in Colorado, you have more options than you think.
At Westerra Credit Union, we believe homeownership is possible for everyone. You’ve got this.
Myth No. 1: Young people can’t afford to buy a home
This is one of the most common misconceptions. While home prices have increased, so have the tools available to help you buy. Westerra offers access to programs like:
Colorado Housing and Finance Authority (CHFA) loans
Federal Housing Administration (FHA) loans with low down payment options
Down payment assistance
Fixed-rate mortgages that make budgeting easier
Let’s be clear: Skipping avocado toast or your favorite oat milk latte isn’t going to enable you to buy a house. These stereotypes oversimplify the real challenges younger buyers face, like rising rent, student loan debt and wage gaps. But they also ignore the fact that Gen Z and millennials are financially savvy, tech enabled and goal oriented.
You don’t need a huge down payment. You don’t need perfect credit. You just need a plan, access to the right resources and a lender who understands your goals.
Myth No. 2: It’s too complicated
Buying a home is a big step, but it doesn’t have to be overwhelming. Westerra provides resources and support to guide you through every part of the process:
Preapproval so you know what you can afford
Mortgage calculators to estimate monthly payments
Loan officers who understand the Colorado market
Educational tools that explain everything in plain language
If you’ve ever managed a budget, planned a trip or saved for something important, you already have the skills to take on homeownership.
Myth No. 3: Renting is always cheaper
Renting might feel more flexible, but it’s not always more affordable. With rent prices rising across Colorado, your monthly payment could be better spent building equity in a home you own.
Owning a home gives you:
Stability and control over your space
The ability to build long-term wealth
Tax benefits* and appreciation over time
The opportunity to build equity with each mortgage payment — unlike rent, your money is going toward ownership rather than simply covering the cost of someone else's property. This also is the beginning of building wealth.
Where to start
Here’s how to begin your homebuying journey:
Check your credit score
Explore loan options
Get preapproved
Set realistic goals
Worried about credit? You’re not alone
Many first-time buyers assume they need perfect credit to qualify for a mortgage. That’s not the case.
Here’s what you should know:
Thin credit: Fannie Mae now allows borrowers to qualify with just one tradeline.
No credit history: You may still be eligible if you factor in nontraditional credit sources, such as rent, utility or insurance payment history.
First-time homebuyer programs: Fannie Mae’s HomeReady and Freddie Mac’s Home Possible are both designed with flexible credit guidelines and lower down payment options.
Credit scores under 670: Getting an FHA loan is a common option, but it is not the only one. Fannie Mae allows conventional loans with a minimum score of 620. While mortgage insurance and rates may be higher for people with lower credit scores, conventional loans are still possible.
You do not have to fit a perfect financial profile to qualify. You just need access to the right loan products and guidance through the process.
The bottom line
You do not need perfect credit, a large down payment or years of financial history to become a homeowner. There are programs designed specifically for first-time buyers, and there are lenders ready to help you succeed.
Take the first step
Westerra Credit Union is here to support you through every stage of the homebuying journey.
Explore first-time homebuyer options with Westerra, and take the first step toward owning a home in Colorado.
*Westerra Credit Union does not provide tax advice. Speak with your tax expert.
Your guide to homeownership for veterans and service members
If you’re a medical or dental professional looking to buy a home, you may qualify for a special type of mortgage designed just for you.
You’ve found the perfect home. But your current one hasn’t sold yet, and you need funds for a down payment. That’s where a bridge loan can help.
If you're juggling multiple monthly payments — credit cards, personal loans, medical bills — you’re not alone. Debt can feel overwhelming, especially when interest rates are high and balances keep growing.