Your first step is to apply online or call a 303HomeFinancing expert. We’ll take you through all the options, discuss rates and loan types and help customize a loan just for your specific lending needs.  What to expect when applying for your home loan:


During your free consultation, a loan officer will:

  • Review your scenario and provide best loan options
  • Review available rates and fees
  • Calculate your exact borrowings & repayments
  • Explain all fees, charges, and the general process
  • Show you ways to save money
  • Provide a no cost loan estimate


Loan Programs

Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. Fixed rate loans are the standard Colorado mortgage loan type for the majority of home financing, and are available in a variety of terms from 10 to 30 years. This loan offers a consistent or “fixed” payment throughout the life of the loan. Standard fixed rate terms: 10, 15, 20, 25, or 30 years. By choosing a lower fixed rate period, you can realize a substantial savings in interest over the life of the loan. The main advantage of a fixed-rate loan is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise. … The monthly payments for shorter-term mortgages are higher so that the principal is repaid in a shorter time frame.

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting. Adjustable Rate Loans are a great fit for home buyers who plan to sell or refinance their home between 5 and 10 years and are looking for the lowest possible mortgage rate available. Adjustable rate mortgages are fixed for periods of five to ten years. Adjustable Rate Mortgages (ARMs) are fixed for the initial period and then adjust depending on the index that the mortgage is tied to. The new rate at the adjustment period is determined by the index and a fixed margin that was established at the beginning of the mortgage loan. Adjustable-rate mortgages feature lower rates and payments early on in the loan term. Because lenders can use the lower payment when qualifying borrowers, people can buy larger homes than they otherwise could buy. Allow borrowers to take advantage of falling rates without refinancing.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.

HARP 2.0
HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment. 

A FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers; rather, it provides protection through mortgage insurance (MIP) against losses as the result of homeowners defaulting on their mortgage loans. Available to all buyers, FHA loan programs are primarily designed to help low- and moderate-income families who do not meet requirements for conventional loans that adhere to more strict underwriting guide lines. However, there are cases in which borrowers who are eligible for conventional financing would still choose a FHA loan. FHA loan programs are particularly beneficial to those buyers with less available cash as the required down payment is lower than for conventional loans. Rates on FHA loans are also generally lower than conventional Colorado mortgage loans. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 500 can qualify for an FHA loan.


FHA Loan Requirements

  1. 500-579 FICO score requirement with a 10% down payment
  2. 580+ FICO score requirement for borrowers with at least a 3.5% down payment
  3. An appraisal must be done by an FHA approved appraiser.
  4. Mortgage insurance (MIP) is required
  5. Steady employment and be able to prove income with recent tax returns, W2’s, and paycheck stubs Two years of employment at the same company.
  6. Non-occupying co-borrowers allowed
  7. At least 18 years of age
  8. Must occupy the home as primary residence

FHA Advantages

  1. 580 FICO score will be good, but not required
  2. The FHA mortgage rate is lower compared to a conventional mortgage
  3. 3.5 percent down payment
  4. Down payment can be a gift from a friend or family member
  5. Higher allowed debt-to-income ratios
  6. Easier to qualify for
  7. Can reduce your monthly payments with an FHA refinance
  8. They are assumable
  9. No prepayment penalty
  10. Sellers can pay up to 6% of the closing costs
  11. Non-occupying co-borrowers and co-signers allowed
  12. Wide variety of FHA Lenders to choose from

VA Loans

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

Are you a Colorado Vet?  Let us help with your VA Home Loan

Colorado VA loans are made by VA approved lenders and are guaranteed by the U.S. Department of Veterans Affairs (VA) to eligible veterans. The guaranty means the lender is protected against loss if the loan fails to repay. In most cases, no down payment is required on a VA guaranteed loan, and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Mortgage insurance is not required; however, the VA charges a funding fee to issue a guarantee. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount or waived if the veteran is disabled. Veterans that are eligible are all active duty, honorably discharged Veterans with 22 months service, or reservists with 6 completed years—or a qualifying combination. A Certificate of Eligibility or Statement of Service is required to qualify for the VA loans. You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

You have served 90 consecutive days of active service during wartime, OR

You have served 181 days of active service during peacetime, OR

You have more than 6 years of service in the National Guard or Reserves, OR

You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

What to Expect from Qualification Standards

Like any other mortgage program, homebuyers must meet basic qualifications to be eligible. However, with the VA Loan program, in addition to credit and income requirements, potential applicants must meet basic service requirements.

These service requirements include only one of the following:

  • The homebuyer served 90 consecutive days of service during wartime, OR
  • The homebuyer served 181 days of services during peacetime, OR
  • The homebuyer spent more than 6 years of service in the National Guard or Reserves OR
  • The homebuyer is the spouse of a service member who died in the line of duty or as a result of a service-related disability.



A USDA Loan is guaranteed by the US Department of Agriculture (USDA) and is intended for the purchase of rural property. USDA mortgage loans require a reasonable credit history along with income restrictions. USDA loans allow for 100% financing with the ability to finance closing costs and repairs, provided the property appraises. There are many benefits to USDA home loans in Texas.

Conventional Colorado Mortgages—Loans Under $417,000

Conventional mortgage loans in Colorado are the most common types of home mortgages, and are insured by either Fannie Mae or Freddie Mac. With down payments as low as 5%, conventional loans offer better terms with lower mortgage insurance costs and rates based on credit rating. Additionally, conventional home loans offer the ability for borrowers to finance multiple properties including second homes as well as investment properties.


Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.

Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

Reverse Mortgages
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.

Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.