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First-time home buyer programs in Cherry Creek, CO

Quick answer

First-time buyers in Cherry Creek, CO can use 3%-down conventional loans (up to the $862,500 Arapahoe County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $856,800 median home, 3% down is about $25,704 and the estimated payment is $6,532/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $147,618; value-to-income ratio 5.80. Cherry Creek ranks 4 by home value and 64 by population among 70 places in our CO dataset.

What does a first-time buyer loan cost on a typical Cherry Creek home?

ItemCherry Creek
Median home value (Census ACS)$856,800
Colorado median home value$502,200
Down payment (3%)$25,704
Loan amount$831,096
Estimated monthly payment (PITI + MI)$6,532
Income needed (28% / 36%)$280,000 / $218,000
Arapahoe County 2026 conforming limit (1 unit)$862,500
Max purchase price at the limit$889,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Colorado's 0.49% effective property tax rate (Census ACS), $2,492/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Cherry Creek?

Cherry Creek is in Arapahoe County. Conventional 3%-down loans go up to the $862,500 conforming limit (price ≈ $889,000); FHA loans go up to $862,500.

The Cherry Creek median home value of $856,800 is 71% above the Colorado median, and within what the county limit supports.

Which down payment assistance programs can Cherry Creek buyers use?

First-time buyer loans in nearby cities

CentennialGreenwood VillageFour Square MileLone TreeEnglewoodHighlands Ranch

First-time buyer loan FAQs for Cherry Creek

On the $856,800 median: 3% conventional ≈ $25,704, 3.5% FHA ≈ $29,988, and 0% for eligible VA or USDA buyers. Conventional loans above $862,500 in Arapahoe County become jumbo loans.

At the $856,800 median value (above the Colorado median of $502,200), the estimated payment of $6,532/month at 7.18% needs about $280,000 a year under the 28% housing guideline, or $218,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.