How much do I need to buy my first home in Sterling?

At the $178,000 median, plan on $6,230 for an FHA down payment or $5,340 for conventional 3%, plus 2%–4% of the price in closing costs — roughly $3,560 to $7,120. Down payment assistance in Colorado can cover much of the down payment, and sellers can contribute toward closing costs, so many Sterling first-time buyers close with far less cash than the sticker math suggests.

What credit score do I need in Sterling?

FHA goes down to 580 with 3.5% down (500–579 with 10% down), conventional generally starts at 620, VA has no VA-set minimum though most lenders want 580–620, and USDA typically wants 640. Score also drives price: on a $178,000 Sterling purchase, moving from a 660 to a 740 score can be worth 0.25%–0.50% in rate, which is real money every month for thirty years.

Am I still a first-time buyer if I owned a home before?

Usually yes. Most programs — including CHFA — define a first-time buyer as someone who has not owned a primary residence in the last three years. Divorced borrowers who owned only with a former spouse and buyers whose prior residence was not permanently affixed often qualify as well. We check this before structuring your Sterling pre-approval because it can be worth thousands in assistance.

How long does it take to buy in Sterling?

Pre-approval takes a day or two once we have income and asset documents. From accepted offer to closing is typically 21–30 days on conventional and FHA in Logan County, a little longer where down payment assistance is layered in because the assistance provider has its own approval step. Getting fully underwritten before you shop is the single biggest advantage in a Sterling multiple-offer situation.

First-Time Buyer · Sterling, CO

First-Time Homebuyer Guide — Sterling, CO 2026

Sterling is a mixed residential market, with a $178,000 median and a $541,287 county FHA ceiling.

Median Home Price

$178,000

Min FHA Down (3.5%)

$6,230

FHA Limit

$541,287

CHFA DPA

Up to 4% DPA

Buying Your First Home in Sterling, CO

Buying your first home in Sterling is mostly a question of which program fits, not whether you can afford a 20% down payment — very few first-time buyers use one. Logan County uses the $832,750 national baseline conforming limit for 2026. The county's one-unit FHA limit is the $541,287 national floor. At a $178,000 median, both conforming and FHA financing reach the middle of the Sterling market. At the $178,000 median, the FHA minimum of 3.5% is $6,230 and conventional 3% is $5,340. CHFA is the main Colorado resource for Sterling first-time buyers. CHFA FirstStep pairs an FHA first mortgage with down payment assistance, and CHFA SmartStep does the same on conventional. Assistance comes as either a grant of up to 3% or a silent second mortgage, and both carry county income caps plus a homebuyer education requirement. Some Logan County employers and local housing authorities add their own assistance on top. Layered against Sterling's $178,000 median, assistance usually covers most or all of the $6,230 FHA minimum.

Down Payment Options for Sterling Home Buyers

Based on Sterling's median home price of $178,000.

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%	$6,230	$1,090/mo*
Conventional	3%	$5,340	$1,083/mo*
Conventional	5%	$8,900	$1,083/mo*
Conventional	20%	$35,600	$912/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.

USDA not available in Sterling proper — check rural outskirts.

VA available to eligible veterans regardless of location.

Here is what Sterling's $178,000 median looks like at each down payment level:

3% conventional — $5,340 down, about $1,083/month in principal and interest at 5% down pricing, with PMI that cancels automatically at 78% loan-to-value.

3.5% FHA — $6,230 down, about $1,090/month in principal and interest plus mortgage insurance. The most forgiving credit path, and the $541,287 Logan County limit covers a median-priced home.

5% conventional — $8,900 down, about $1,083/month, lower PMI than 3% down.

10% conventional — $17,800 down, about $1,026/month, materially lower PMI.

20% conventional — $35,600 down, about $912/month and no mortgage insurance at all.

Payment figures are estimates for illustration at the rates and assumptions shown, not a rate quote or commitment to lend. Taxes, insurance, HOA dues, and your final rate depend on the property and your credit profile.

CHFA Down Payment Assistance in Logan County, CO

CHFA is the main Colorado resource for Sterling first-time buyers. CHFA FirstStep pairs an FHA first mortgage with down payment assistance, and CHFA SmartStep does the same on conventional. Assistance comes as either a grant of up to 3% or a silent second mortgage, and both carry county income caps plus a homebuyer education requirement. Some Logan County employers and local housing authorities add their own assistance on top. Layered against Sterling's $178,000 median, assistance usually covers most or all of the $6,230 FHA minimum.

If you can buy a two-to-four unit property, Sterling's FHA limits step up to $692,847 for a duplex, $837,588 for a triplex, and $1,040,949 for a fourplex, all still at 3.5% down as long as you occupy one unit for a year. Rent from the other units can be counted toward qualifying income, which is how a lot of first-time buyers get into this market with a payment their tenants help carry.

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

2026 Loan Limits — Logan County

Loan Type	2026 Limit
Conforming	$832,750
FHA	$541,287
VA	No limit (full entitlement)
Jumbo	Above $832,750

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

Your Sterling 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 Sterling 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.