Mortgage Loan Services

FHA loans are special mortgage loans insured by the Federal Housing Administration (FHA). These home loans make it possible for borrowers who don’t have a large down payment or outstanding credit issues to buy a home. They can provide an alternative to conventional loans with competitive interest rates and expanded guidelines. The required down payment for an FHA loan can depend on your credit score, but the typical down payment is 3.5% of the purchase price. All FHA loans also require mortgage insurance, whereas conventional loans only require it for individuals with less than 20% equity in their home. FHA loans also are sold on the secondary mortgage market as mortgage back securities and flow through the GNMA system. Banks, Credit Unions, and non-bank mortgage companies provide the mortgage servicing for these loans.

VA loans provide veterans and active-duty military members with flexible, low-interest mortgages. These loans offer zero-down loans. They do not require mortgage insurance. However, VA loans charge a funding fee, and borrowers can choose whether to pay it upfront or roll it into their loan.

The US Department of Agriculture (USDA) provides mortgage loans to borrowers who plan to purchase a home in rural, USDA-eligible areas throughout the United States. Although this means areas in and around Denver, including Boulder, Aurora, and Colorado Springs, are ineligible, many homes throughout Colorado qualify for this type of loan. USDA loans may or may not require a down payment, but they typically include extra fees that can be financed within the loan.

Home equity loans let you borrow against the equity you’ve established in your home by paying down your mortgage over several years. In other words, you use the portion of your home you “own” as collateral for a second mortgage. When you qualify for a home equity loan, you receive a lump sum payout for the amount you qualified for. You repay this loan just like a traditional mortgage through regular monthly payments with a fixed interest rate and set term.

With a refinancing mortgage, borrowers “trade” their current mortgage for another one. This new mortgage typically has a lower principal (the amount you borrow) and a better interest rate. Refinancing your mortgage often lowers your monthly payments and saves you significant amounts of money throughout your loan. A cash-out refinance may also help your situation as there might be other debts to consolidate, home improvements, or investment opportunities. It might make sense to roll this all up into one low 30 year fixed mortgage.

By the time most people retire, they have already paid off their home loan. A reverse mortgage lets borrowers 62 or older borrow against their home’s equity. However, unlike traditional mortgage loans, homeowners do not make monthly payments towards the reverse mortgage — you pay it back in full once the home is no longer your primary residence. By the time most people retire, they have already paid off their home loan. A reverse mortgage lets borrowers 62 or older borrow against their home’s equity. However, unlike a traditional mortgage, homeowners do not make monthly payments towards the reverse mortgage — you pay it back in full once the home is no longer your primary residence

As their name implies, jumbo loans are larger-than-average mortgages used to purchase expensive homes. Unlike conventional home loans, jumbo loans can exceed FHFA loan limits, making them nonconforming loans. Jumbo loans are far more common in high-cost parts of Colorado, such as Aspen, Boulder, Estes Park, Golden, Telluride, and Vail. “Jumbo” or non-conforming or portfolio loans do not meet the agencies (Fannie Mae or Freddie Mac) guidelines. We have access and the experience to place these loans with wholesale lenders.

A construction loan is a home loan that covers building a new home. There are two different types of construction loans: construction-to-permanent loans, which cover the construction and home purchase, and construction-only loans, which get paid off when the home is entirely built. I can help you determine which construction loan makes the most sense depending on your situation.

Most conventional home loan options require a credit check using your FICO score. However, you may not have a credit score to check if you’ve never opened a credit card or taken out a loan. Zero Credit Score programs are available to help you qualify for a mortgage. These mortgage loans go through a manual underwriting process where you will provide documentation of your income, assets, and spending trends to get approved for a home loan.

Fannie Mae and Freddie Mac offer loans with just 3% down. There are guidelines for these, but you do not have to be a first-time home buyer to qualify. When we work through the initial steps of the mortgage process, I can determine if you would qualify for one of these loans.

Under certain guidelines, FHA will offer loans to homebuyers even with credit scores of 550. If you are having a hard time turning around your credit score, we can explore these programs to see if you qualify.