Home financing in Teller County.

Home financing means borrowing money to purchase, refinance, or improve a property, and then repaying that loan — plus interest — over time. In Teller County, most buyers use one of three broad paths:

**Conventional loans** — offered by banks and credit unions, these follow guidelines set by Fannie Mae or Freddie Mac. They typically require a credit score of 620 or higher and a down payment between 3% and 20%.

**Government-backed loans** — FHA loans allow down payments as low as 3.5% and are more flexible on credit. VA loans serve eligible veterans with no down payment required. USDA Rural Development loans may apply to parts of Teller County that qualify as rural (many areas do — check the USDA eligibility map).

**Portfolio and community loans** — local credit unions and CDFIs sometimes hold loans in-house, meaning they set their own rules. These can be a lifeline for self-employed borrowers, ITIN holders, or anyone with non-traditional income.

Teller County's housing market sits at altitude — literally and figuratively. Median home prices in Woodland Park hover well above $400,000, and inventory can be tight. That makes finding the right financing partner early — not just the right rate — especially important.

Teller County's economy blends tourism, gaming (Cripple Creek and Victor), construction trades, healthcare, and a growing share of remote workers who relocated during and after the pandemic. That mix matters for qualifying, because lenders look at income stability, not just income size.

**Solo contractors and self-employed workers** — if you pull permits in Teller County or work the construction trades around Woodland Park, you likely show income on a Schedule C or through an LLC.

Most lenders want two years of tax returns and will average your net income.

Some local portfolio lenders and CDFIs will consider bank-statement loans if your tax write-offs make your reported income look low.

**ITIN borrowers** — you do not need a Social Security Number to buy a home in Colorado. Several lenders in the region (listed in Section 4) accept Individual Taxpayer Identification Numbers (ITINs) and use alternative credit history — rent payments, utility bills, remittances — to evaluate your application.

**Small real-estate investors** — if you're purchasing a rental property in Cripple Creek or a vacation rental near Mueller State Park, lenders will look at your debt-to-income ratio and may count projected rental income. Investment properties typically require 15–25% down.

**General qualification factors:** steady income (W-2 or documented self-employment), a debt-to-income ratio under 43–50%, a credit score ideally above 580 (lower for some CDFI and ITIN programs), and enough savings for a down payment plus closing costs (typically 2–5% of purchase price).

Gathering your paperwork before you talk to a lender saves weeks. Here is what most Teller County lenders will ask for:

**Identity and residency**

- Government-issued photo ID (passport, consular ID, or driver's license)

- ITIN letter (if applicable) or Social Security card

- Proof of address (utility bill, lease, or bank statement)

**Income documents**

- W-2 employees: last two years of W-2s and 30 days of recent pay stubs

- Self-employed / contractors: last two years of federal tax returns (personal and business), year-to-date profit-and-loss statement, and 2–3 months of business bank statements

- ITIN borrowers: last two years of tax returns filed with your ITIN, plus 12–24 months of bank statements

**Assets and debts**

- Last 2–3 months of bank and investment account statements

- List of outstanding debts (car loans, student loans, credit cards)

- Gift letter if any of your down payment is a gift from family

**Property documents** (once you have a property in mind)

- Signed purchase contract

- Homeowners insurance quote

- HOA documents if applicable

If you are self-employed and your tax returns show a loss or very low income due to deductions, ask lenders specifically about **bank-statement loan programs** — these are not predatory by nature, but compare rates carefully.