Loan Products

  

  

  

    

  

 

Government:  
VA-Loans guaranteed by the U.S. Department of Veteran Affairs
0% down payment and NO Mortgage Insurance!
  • 620 minimum credit score

  • El Paso County current maximum benefit is $510,400 and Castle Rock and Denver counties are $575,000

  • Funding Fees (can be rolled into the loan)

    • 1st time - 2.30% 

    • 2nd time and on - 3.60%

    • A down payment of 5-9% - 1.65%​

    • A down payment of 10% or more - 1.40%

  • Closing costs:

    • Are still required but they can be rolled into the loan as a lender credit and therefore, your only out of pocket will be earnest money and home inspections

    • May be funded by a gift 

  • Owner occupied only

  • Qualified veterans, reservists, active duty service members

  • You can use the VA loan more than once and sometimes can have 2 loans at the same time

FHA-Loans insured by the Federal Housing Administration

3.5% minimum down payment

  • 620 - 680 credit score

  • Mortgage insurance required for the life of the loan, unless you initially put 20% or more down

  • Down payment and closing costs may be funded by a gift

Conventional:
Fannie Mae / Freddie Mac

3% minimum down payment​ (new home buyers)

5% minimum down payment​ 

  • 680 minimum credit score

  • Mortgage insurance is required for all loans that have less than 20% down

  • Can be used to finance 2nd homes, investment properties and single family residences and condos

  • Mortgage insurance can be removed upon certain conditions



 

Portfolio:

90% JUMBO NO Mortgage Insurance

10% minimum down payment ​

  • 720 minimum credit score 

  • Loans starting at $484,351 up to maximum of $1,500,000

  • Sales Price $540,000 and above

  • Primary Residence  

Investor loans:

  • Generally, conventional loans are used for investment properties.  

  • Typically, required 20% down for single family homes and 25% down for 2-4 unit properties

Seasoned Investor loans:

  • If you have owned 3 or more investment properties over the past 3 years then the 4th home purchase can qualify on the income of the property versus going through the borrower loan approval process!

USDA/Rural:

  • 620 minimum credit score

  • Backed by the USDA, rural loans are similar to other government loans, except they are only available in selective rural areas, have income limitations and are available as a 30-year fixed mortgage only for single-family residences and condos.  No down payment and no mortgage insurance is required.

 

Down Payment Assistance:

  • Now offering 100% financing!!

  • NO Mortgage insurance

  • 660 minimum credit score

  • Up to 50% debt to income ratio

  • 4% of the purchase price offered for down payment assistance (3% for down payment and 1% for closing costs)

  • Class required

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