As a full service residential lending expert, we can help with all your mortgage needs.
Most Popular Home Loans for First-Time Home Buyers:
- FHA Loan
Purchase your home with only 3.5% down. Closing costs can be a gift from a relative!
- 30-Year Loan
The most popular mortgage in the industry. Obtain a payment with the security your rate will never change over the life of the loan.
- VA Loan
No down payment with no Mortgage Insurance with flexible credit requirements make the VA loan a great choice for veterans and active military members.
Types of Loans:
Fixed Rate Conventional Loans
Fixed-rate mortgages have interest rates that are fixed for the duration of the loan. This product allows homeowners to budget their finances around predictable housing payments. Because of the regularity of these mortgage products, you are better able to protect your home against the financial risks of suddenly increasing interest rates. The most common fixed rate mortgages are the 30 and 15 year mortgages. However, the 10 and 20 year mortgages are becoming more popular with borrowers looking to payoff their mortgages sooner.
Adjustable Rate Mortgage
The adjustable rate mortgage (ARM) is usually a few points lower than a fixed rate which in turn saves you money each month. Since it is an adjustable rate, the payment will adjust in the future, depending on market conditions. This loan is certainly not for everybody and one must understand the risks associated with this type of product. If you have any further questions on the ARM and whether or not it fits your situation, please contact us at 303-284-5497.
The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development (HUD). FHA administers various mortgage loan programs that have lower down payment requirements and can be easier to qualify for than conventional loans. FHA loans have statutory limits. This loan is very popular with first-time homebuyers since the minimum down payment is only 3.5%. In addition, you may receive a gift from a relative for the entire down payment amount.
- FHA Streamline - Refinance that allows you to lower your rate with fewer restrictions even if you owe more than your home is worth? Furthermore, you may be able to refinance without obtaining a new appraisal
VA loans are guaranteed by the U.S. Department of Veterans Affairs allowing veterans and service persons to obtain home loans with favorable terms. A VA mortgage is one of the only loan programs that still allows the borrower to finance 100% of the home’s value and purchase with no down payment. While it’s easier to qualify for a VA loan than a conventional loan, lenders generally limit the maximum VA loan to $ 417,000.
How long will it take you to recoup your closing costs?
Use our mortgage loan calculator on the right to determine your monthly payments and amortization schedule.
Not sure what you need? Call our experts today and we will help you determine which program is right for you.