Buying Your First Home in Colorado Springs?
We’ll Show You Exactly How It Works.
Most first time buyers think they need 20% down, a perfect credit score, and years of savings. Most of them are wrong. Dr. Gary and Frances Farnon have helped hundreds of buyers get into their first home – and they will walk you through the real numbers before you look at a single listing.
Free. No obligation. No pressure.
RSVP Your Next Free Workshop
The Biggest Myth
You Don’t Need 20% Down —
Here’s What You Actually Need.
This is the single biggest myth that stops first time buyers before they even start. The 20% number comes from conventional loan rules designed to eliminate private mortgage insurance. It is a fine goal if you can hit it. It is not a requirement.
In Colorado Springs, first time buyers regularly purchase homes with 3% to 5% down. FHA loans allow as little as 3.5% down. CHFA programs through the Colorado Housing and Finance Authority offer down payment assistance that can cover part or all of that upfront cost. There are pros and cons to the CHFA programs and Tiffany can review all of those with you.
The first conversation Dr. Gary has with every first time buyer is about what they can actually afford, not what they think they need to have saved. That usually changes the picture completely.
Loan Programs
Which Loan Is Right for You?
There is no single right loan for every buyer. Here are the six programs most first time buyers in Colorado Springs use. Tiffany Singleton at Three Peaks Mortgage will tell you which ones you actually qualify for.
1
Conventional — 3% Down
Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs allow 3% down for qualifying first time buyers. You will pay PMI until you reach 20% equity. These loans work best if your credit score is 700 or higher.
2
FHA Loan — 3.5% Down
The most popular choice for first time buyers. FHA loans are federally backed and designed for buyers who want a lower down payment with more flexible qualifying. Minimum 580 credit score for 3.5% down. Mortgage insurance applies for the life of most FHA loans — factor that into your monthly payment math.
3
VA Loan — 0% Down
If you have served, this is the strongest loan program available. No down payment, no private mortgage insurance, competitive interest rates. Colorado Springs has one of the largest military populations in the country and VA loans are widely accepted here. Dr. Gary is a Veteran and works with VA buyers regularly.
4
CHFA DPA Grant
Up to 3% of your first mortgage or $25,000, whichever is less. Does not have to be repaid. Paired with a CHFA FirstStep or SmartStep loan. Income and purchase price limits apply. Tiffany Singleton at Three Peaks Mortgage works with CHFA programs daily and can tell you quickly whether you qualify.
5
CHFA DPA Second Mortgage
Up to 4% of your first mortgage or $25,000 at 0% interest. Repaid when you sell or refinance. A strong option when the grant amount is not enough to cover your full down payment and you want to keep cash reserves intact.
6
El Paso County Turnkey Plus
Down payment assistance specific to El Paso County buyers through the Pikes Peak DPA program. Requirements and funding availability change — Tiffany will confirm current status for your situation.
Not Sure Which Loan Fits?
Tiffany Singleton at Three Peaks Mortgage (NMLS #1590138) works with first time buyer loan programs every day. She will review your income, credit, and savings and tell you exactly what you qualify for — not a range, not a maybe, but a real answer for your situation. Dr. Gary and Tiffany work together regularly.
Three Peaks Mortgage
Tiffany Singleton
NMLS #1590138 — (970) 404-7134 — tiffany@threepeaksmortgage.com
Tiffany specializes in first time buyer loans and CHFA programs in the Pikes Peak Region. She will give you a clear picture of your options before you ever look at a single home.
Step by Step
How Buying Your First Home Works
Most first time buyers do not know what they do not know. Here is the full picture before you start.
1
Get Pre-Approved First
This is the first call you should make, not the last. A pre-approval tells you how much you can borrow, what your monthly payment looks like, and which loan programs you qualify for. In a competitive market like Colorado Springs, you cannot make a serious offer without one. Contact Tiffany at Three Peaks Mortgage (970-404-7134) for your pre-approval and home purchase financial plan.
2
Set Up Your Home Search
Once you have a pre-approval, Dr. Gary sets up a live MLS search built around your criteria — price range, neighborhoods, home type, school district. You get alerts the moment a match hits the market. No more checking Zillow and finding out the home sold three days ago.
3
Tour Homes
In person, or live on video if you are relocating to Colorado Springs. Dr. Gary walks every home with you and gives you his honest read. He has seen hundreds of homes and will tell you what the listing photo is not showing.
4
Make an Offer That Wins
Found the right home? Dr. Gary structures your offer based on what comparable homes have actually sold for, current market conditions, and the seller’s situation. First time buyers often lose out not because of money but because of poorly structured offers.
5
Inspection and Appraisal
Your home inspection is your best protection in the transaction. Dr. Gary recommends inspectors he trusts and walks through the results with you. The appraisal confirms the lender’s valuation. Dr. Gary explains both so you are not reading reports alone wondering what matters.
6
Closing Day
You sign the documents, your lender funds the loan, and you get keys. Dr. Gary or Frances will be at that closing table with you. You will know exactly what you are signing and why.
For Veterans and Active Duty
You Served.
Now Let Us Serve You.
Colorado Springs is one of the most military-connected cities in the country. Dr. Gary Farnon is a Veteran himself — he has used the VA loan process personally and worked with VA buyers for over 20 years in the Pikes Peak Region and Front Range.
If you are a Veteran or active duty service member buying your first home, a VA loan is almost certainly your strongest option. Zero down payment. No private mortgage insurance. Competitive interest rates. Dr. Gary knows this process from the inside and will make sure you use every benefit you have earned.
VA Loan Advantages
What Your VA Benefit Gets You
0% Down Payment.
No down payment required. Keep your savings for reserves, moving costs, or home improvements.
No Private Mortgage Insurance.
Conventional loans charge PMI when you put less than 20% down. VA loans do not — that saves you hundreds per month.
Competitive Interest Rates.
VA loans typically carry lower rates than conventional financing. Your service record is your qualification.
Tiffany Singleton Handles the Financing.
Tiffany at Three Peaks Mortgage works with VA buyers regularly. She and Dr. Gary coordinate closely so your financing and your home search move at the same pace.
Why Farnon Home Team
Why First Time Buyers Work With Dr. Gary and Frances
There are a lot of Realtors in Colorado Springs. Here is what is different about Dr. Gary and Frances Farnon.
1
They Have Done This Hundreds of Times.
Over 20 years in the Pikes Peak Region and Front Range means Dr. Gary and Frances have seen every first time buyer situation — tight budgets, complicated credit, single income, relocation from out of state. They know what to do in each one.
2
They Work Directly With You.
No assistants, no showing agents, no handoffs. When you hire Dr. Gary and Frances, you get Dr. Gary and Frances. They answer their own phones and they show up to closing.
3
They Tell You the Truth.
If a home has a problem, Dr. Gary will say so. If you are overextending, he will tell you that too. First time buyers need someone who gives them a straight answer, not just a Realtor who wants to close a deal.
4
They Are Veteran-Owned.
If you are a Veteran or active duty buying your first home with a VA loan, Dr. Gary has personal experience with that process. He is not just familiar with VA loans. He has lived it.
2
Their Lender Partner Is Local.
Tiffany Singleton at Three Peaks Mortgage knows the Colorado Springs market and works with first time buyer loan programs every day. Dr. Gary and Tiffany coordinate closely so your financing and your home search move at the same pace.
2
Frances Is With You Every Step.
Frances Farnon brings her own depth to every transaction. From the first showing to the closing table, you have both Dr. Gary and Frances in your corner — two experienced agents, one team, fully focused on getting you into the right home.
Questions We Hear Most
What First Time Buyers Ask Us Most
Real questions from buyers who were exactly where you are now.
Do I need a perfect credit score?
No. FHA loans allow scores as low as 580, although not everyone with a 580 will be approved, for 3.5% down. If your credit needs work before you can buy, Dr. Gary and Tiffany will connect you with the right resources and build a realistic timeline with you.
How long does the process take?
From pre-approval to closing, most transactions take 30 to 45 days once you are under contract. The home search depends on the market and how clear you are on what you want. Dr. Gary has helped buyers close in three weeks and helped others search for six months. There is no pressure to rush into the wrong home.
How much do I actually need saved?
It depends on the loan program and whether you qualify for down payment assistance. With CHFA, some buyers close with very little out of pocket. A practical starting estimate is 3% to 5% for your down payment, plus 2% for closing costs, plus one to three months of mortgage payments in reserve. Dr. Gary and Tiffany will give you a real number.
What about Zillow and online listings?
Zillow and similar sites show listings 24 to 72 hours after they hit the MLS, and they frequently show homes that are already under contract or sold. Dr. Gary has live MLS access and can give you the accurate status on any home within minutes. Set up a direct search with Dr. Gary and skip the guessing.
Is it better to rent or buy right now?
It depends on your situation. As a general rule, if you plan to stay in Colorado Springs for at least three to five years and your finances are stable, buying tends to build more long-term wealth than renting. Dr. Gary can walk you through a rent-versus-buy comparison specific to your income, savings, and timeline.
Does it cost me anything to use a buyer’s agent?
In most cases, the seller pays the buyer’s agent commission, so there is nothing out of pocket for you. Dr. Gary will explain exactly how this works before you sign anything. You get full representation at no direct cost.
Free Homebuyer Webinar
Not Sure Where to Start?
Watch the Free Homebuyer Webinar.
Dr. Gary Farnon and Tiffany Singleton walk you through everything you need to know before you buy your first home — in about an hour, on your schedule, completely free. Most buyers say it saved them months of confusion.
What You Will Learn
How much you actually need to have saved.
The real down payment numbers — not the myths.
Which loan programs fit your situation.
FHA, Conventional, VA, CHFA — explained plainly.
What closing costs look like.
No surprises at the table.
How to make a competitive offer.
Why buyers lose homes — and how to avoid it.
Ready to Start? Call Dr. Gary.
The first conversation costs you nothing and takes about 20 minutes. Dr. Gary will tell you where you actually stand, what your realistic options are, and what the first step looks like. No pressure, no sales pitch — just a straight answer from someone who has done this hundreds of times.