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

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

500-579 FICO score requirement with a 10% down payment
580+ FICO score requirement for borrowers with at least a 3.5% down payment
An appraisal must be done by an FHA approved appraiser.
Mortgage insurance (MIP) is required
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.
Non-occupying co-borrowers allowed
At least 18 years of age
Must occupy the home as primary residence

FHA Advantages

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

Conventional Loans

Fannie Mae High Balance & Freddie Mac Super-Conforming Available up to $726,525
Up to 95% LTV with minimum 620 FICO Score
Lender-Paid Mortgage Insurance (LPMI) up to 97% LTV (subject to MI guidelines)
Up to 95% LTV on manufactured homes with min 620 FICO**
Maximum Debt-to-Income Ratio determined by AUS***
Up to 10 financed properties on Fannie Mae Conforming

Down Payment

It’s possible for first-time home buyers to get a conventional mortgage with a down payment as low as 3%; however, the down payment requirement can vary based on your personal situation and the type of loan or property you’re getting:

If you’re not a first-time home buyer, the down payment requirement is 5%.
If the home you’re buying is not a single-family home (i.e., it has more than one unit), you may need to put down 15%.
If you’re buying a second home, you’ll need to put at least 10% down.
If you’re getting an adjustable rate mortgage, the down payment requirement is 5%.
If you’re getting a jumbo loan, the down payment requirement ranges from 10% to 40%.

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.

USDA Loan

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.

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

Benefits of a Reverse Mortgage

No Payments for as long as you occupy the home
Maintain your independence by not relying on family or friends for your financial needs
You can remain in your home for the rest of your life
Money can be used for any purpose
You retain title to the home
No income or credit qualifications
The money is tax-free
You may sell the home at any time
FHA insured / Fannie Mae Guaranteed

What is a Reverse Mortgage?

Think of it as an "advance" on the equity in your home. The reverse mortgage loan will use the equity in your home to give you tax free monthly income, and/or line of credit.

What is the qualification?

Very simple, the youngest borrower must be over the age of 62 and there are no outstanding delinquent federal debt. There is no income and credit qualification on a reverse mortgage.

Does the bank own my home?

Absolutely Not!!!! What are my monthly payments? There are none, the reverse mortgage pays you a monthly income or you have access to a home equity line of credit.

How much money can I receive?

The amount of money you receive is determined by your home value, the age of the youngest homeowner and the current interest rate. A Reverse Mortgage Expert will assist you in evaluating your options and calculating the maximum amount of money that will be available to you.

What costs are involved?

Just like a standard mortgage loan, reverse mortgage costs include appraisal, credit report, title insurance, legal fees, loan origination, and recording fees. All of these normal loan costs, can be included in your loan balance.

Will I retain ownership of my home?

YES, You retain title and the government designed Home Equity Conversion Program (HECM) allows the borrower to remain in the home until the last remaining borrower vacates or sells the home. Borrower's heirs receive 100% of the remaining equity after loan payoff.

How do I receive the money?

1. Tenure Option - Receive equal monthly payments for the rest of your life as long as you occupy the property as your primary residence

2. Line of Credit - Draw cash from the reverse mortgage whenever you need it. Interest is only charged on the amount borrowed

3. Fixed Term - Receive equal monthly payments for any fixed period of time

4. Lump Sum - You can receive all the proceeds at close of escrow

5. Modified payment option - You can take any combination of the above payment options

When do I have to repay the Reverse Mortgage?

When the borrower permanently leaves the home, whether they move, sell the house or passes away If a spouse passes away the remaining surviving spouse continues to receive the full benefits of the reverse mortgage, with no repayment until they decide to permanently leave the home.

How is the Reverse Mortgage paid off: Typically repaid from the proceeds of the sale of the home or refinance by your heirs. All remaining equity goes to your heirs What is a counseling certificate: Free counseling service that is provided by HUD to insure that you understand all aspects of The Reverse Mortgage.

Investor Loan

“No Doc,” Transactions up to 80% Loan to Value (No Income; No Reserves; No Income or Job required) ? Purchase; Cash Out; Rate/Term Transactions all Available ? Only Assets verified to close ? True Foreign Nationals Allowed ? No Maximum Financed Property Limits ? FICO down to 600

Qualify with subject property cash flow
No tax returns | No DTI calculated
Loan amounts up to $2.5MM
Cash out up to $2MM
Up to 80% LTV
Short-term rental properties allowed

Qualify based on cash flow of the subject property
No income | No employment verifi cation | No tax returns | No debt to income ratio calculated
Business funds allowed for down payment, closing costs, & reserves for
self-employed borrowers
Use current value to refinance or cash out
Loan amounts up to $2.5MM | Cash out up to $2MM
Only 1 appraisal required when loan amount is ≤ $1.5MM (Loan to Value ≤ 75%)
Own property under limited liability co.
20% down option available with 640 credit score
Short-term rentals and gift funds allowed
Borrower can own unlimited financed properties
Enhanced pricing available with 3 year pre-payment penalty option

Refinancing Loans

Before mortgage refinancing, you should run through the checklist below and answer each of the questions.

1. What are your goals?

Are you trying to lower your monthly payments?
Do you want to shorten or extend the life of your loan?
Would you like to use equity to pay off debt or fund home upgrades?
Do you qualify for a government-backed conventional refinance program?

2. Does refinancing make financial sense?

Is the interest rate lower than your existing rate?
Will the new rate increase your monthly payments?
Will you pay more money over the entire length of the loan?

3. Can you afford closing costs and fees?

Are you prepared to pay the application fee?
Have you determined title insurance, attorney and closing costs?
Do you have these funds to pay upfront?

4. Have you determined what the payoff amount will be (including any prepayment penalties)?

Calculate the payoff amount (balance + interest)
Determine any payoff penalty fees
Request a copy of the payoff statement

5. Do you know what mortgage refinancing documents are needed to apply? Can you obtain them?

Paystubs
Tax Returns, W-2s, and/or 1099s
Credit Report
Statement of Debts
Statement of Assets