What credit score do I need to buy my first home in Silt, CO?

The minimum credit score depends on the loan type. FHA requires 580 FICO for the 3.5% down payment option (500–579 requires 10% down). Conventional loans start at 620 FICO, though rates improve significantly at 680+. VA and USDA loans have no official minimum but most lenders require 620+. CHFA programs require a minimum 620 FICO. A higher credit score not only unlocks better rates but also reduces or eliminates PMI costs.

How much do I need to earn to buy in Silt, CO?

For a $385,000 home in Silt with 3.5% FHA down ($13,500), your estimated total monthly housing payment (principal, interest, and MIP) is approximately $2,580. At FHA's 31% front-end ratio guideline, that implies a minimum gross income of around $100,000/year. Additional debts (car payments, student loans) reduce your purchasing power. A 20% down conventional eliminates PMI and can lower the required income meaningfully. Contact us for a custom qualification analysis for your specific income and debt situation.

Is CHFA down payment assistance available in Silt, CO?

Yes — CHFA (Colorado Housing and Finance Authority) serves Garfield County, including Silt. Income limits for most CHFA programs are approximately $146,880/year for a 1–2 person household (these update annually — verify at chfainfo.com). CHFA offers both down payment assistance grants and second-mortgage programs. The CHFA FHA product pairs an FHA first mortgage with a second-mortgage DPA of up to 4% of the loan amount. Minimum 620 FICO required for all CHFA programs.

Can I buy in Silt with 0% down without using VA?

Yes — depending on the specific property. Many addresses in Silt qualify for USDA Rural Development financing, which requires no down payment and has a 1.0% upfront guarantee fee (financed into the loan) and 0.35% annual fee. USDA has household income limits and requires the property to be in a USDA-designated rural area. Use the USDA eligibility map at eligibility.sc.egov.usda.gov to check a specific address before making an offer.

First-Time Buyer · Silt, CO

First-Time Homebuyer Guide — Silt, CO 2026

Silt offers some of the most affordable prices in CO, making it accessible for first-time buyers with limited down payment

Median Home Price

$385,000

Min FHA Down (3.5%)

$13,500

FHA Limit

$1,249,125

CHFA DPA

Up to 4% DPA

Buying Your First Home in Silt, CO

Buying your first home in Silt, CO takes preparation — but the right loan program can put you in a home for far less than most buyers expect. The median home price in Silt is approximately $385,000, which means a minimum FHA down payment of $13,500 or a conventional 3% down of $11,600. Silt offers some of the most affordable prices in CO, making it accessible for first-time buyers with limited down payment. Garfield County is a high-cost area — the 2026 high-balance conforming limit is $1,209,750, which means Fannie Mae and Freddie Mac pricing applies on most purchases. The Garfield County FHA limit is $1,249,125, giving FHA buyers access to higher loan amounts at just 3.5% down compared to buyers in floor-limit counties. Colorado's CHFA programs provide additional down payment assistance for qualified buyers in Garfield County. Select addresses in Silt also qualify for USDA 0% down financing — confirm eligibility before making an offer.

Down Payment Options for Silt Home Buyers

Based on Silt's median home price of $385,000.

Loan Type	Down Payment	Amount	Est. Monthly P&I
VA Loan	0%	$0	Varies by entitlement
USDA	0%	$0	Varies by address
FHA	3.5%	$13,500	$2,410/mo*
Conventional	3%	$11,600	$2,430/mo*
Conventional	5%	$19,200	$2,430/mo*
Conventional	20%	$77,000	$2,000/mo*

*Payment estimates are principal and interest only at approximate 2026 market rates. Does not include property taxes, insurance, or mortgage insurance. Contact us for a precise payment quote.

VA available to eligible veterans regardless of location.

Based on Silt's median home price of $385,000, here's what different down payment amounts look like in practice:

FHA (3.5% down): $13,500 down on a $385,000 home. FHA requires a minimum 580 FICO. You'll pay 1.75% upfront MIP ($6,500) and approximately 0.55% annual MIP, which adds about $170/month to your payment.

Conventional (3% down): $11,600 down. Requires 620+ FICO. PMI typically 0.5–1.0% annually and drops off once you reach 20% equity — unlike FHA MIP on most loans.

Conventional (5% down): $19,200 down. Better PMI rate than 3% down. Strong choice for buyers with 680+ FICO who want to minimize ongoing mortgage insurance.

Conventional (20% down): $77,000 down — no PMI, best rate pricing, estimated P&I approximately $2,000/month at current rates.

VA (0% down): $0 down for qualified veterans and active-duty buyers. 2.15% funding fee (first use, 0% down) can be financed into the loan. No monthly PMI.

USDA (0% down): $0 down for eligible rural addresses. 1.0% upfront guarantee fee and 0.35% annual fee.

CHFA Down Payment Assistance in Garfield County, CO

Colorado first-time buyers in Garfield County have access to several CHFA programs:

CHFA Advantage: Conventional 30-year with reduced PMI. Income limit approximately $146,880/year for a 1–2 person household in Garfield County (subject to annual CHFA updates). Minimum 620 FICO.

CHFA FHA: Combines an FHA first mortgage with CHFA second-mortgage DPA up to 4% of the loan amount. Minimum 620 FICO. Works within the Garfield County FHA limit of $1,249,125.

CHFA DPA Grant: Provides down payment assistance that does not need to be repaid, for qualifying income ranges. Best for buyers who can qualify for conventional pricing.

CHFA SH Second Mortgage: Below-market interest rate on a second mortgage for down payment and closing costs. Can be combined with CHFA first mortgage products.

Current income limits, purchase price caps, and interest rates change periodically — contact us or visit chfainfo.com for the latest Garfield County figures.

CHFA programs are income-limited and updated annually. Visit chfainfo.com or contact us for current Garfield County limits and available products.

2026 Loan Limits — Garfield County

Loan Type	2026 Limit
Conforming	$1,209,750
FHA	$1,249,125
VA	No limit (full entitlement)
Jumbo	Above $1,209,750

Garfield County is one of the rare counties where the FHA limit ($1,249,125) exceeds the conforming limit ($1,209,750) — FHA provides access to larger loans at just 3.5% down.

Loan limits verified against HUD FHA county limits and FHFA 2026 conforming loan limit announcement.

Your Silt Home Buying Timeline

1
Check your credit (today)
Pull your free credit report at AnnualCreditReport.com. FHA requires 580+ for 3.5% down. Conventional requires 620+. Dispute any errors.
2
Get pre-approved (1–2 days)
Contact Tayton Capital for a pre-approval letter. We'll check income, credit, and assets and give you a firm number.
3
Identify your program (week 1)
Based on your credit, income, and savings, we'll match you to the right loan: FHA, conventional, VA, USDA, or CHFA.
4
Find a home and make an offer (varies)
With pre-approval in hand, your agent can submit competitive offers. Sellers in Silt prefer pre-approved buyers.
5
Under contract: appraisal + inspection (2–3 weeks)
We order the appraisal. You get a home inspection. If the appraisal comes in low, we'll walk you through options.
6
Clear to close (week 3–4)
Underwriting reviews the file. We'll request any final documents. Clear to close typically comes 21–30 days from application.
7
Closing day
Bring a cashier's check or wire for your down payment and closing costs. Sign. Get keys.