Colorado Home Loan Programs It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. You can borrow well above the current value of the home. Benefits of a Construction-to-Permanent Loan: Ready to get started on creating the home of your dreams? Courlas Consulting, Inc. DBA Keith Courlas is contracted with Affinity Mortgage Brokers NMLS#1062246 as a Mortgage loan Officer. Borrowers must make a personal contribution (which may be a gift) of at least $1,000 as a condition of loan approval. You can get up to 3% of the home price as a grant or … Each situation is unique, so contact us today see if you qualify for a Conventional Loan today! State and Local Programs Colorado Home Buyer Tax Credit. Find out if you’re eligible and how to apply. The adjustment of the interest rate you pay on your mortgage is tied to a broader measure of interest rates, called an index. With a higher interest payment, your tax benefits will be more extensive, The down payment on the loan may need to be at least 20%, Your income and credit score will be more heavily scrutinized. Read more about the Colorado mortgage programs on the official Colorado Housing and Finance Authority website. VA Jumbo loans, unlike their non-Jumbo brothers, do not require PMI. Chenoa Furthermore, any party not financially obligated on the mortgage may NOT be permitted on the title of the home. For large parcels of bare land with a home on them, Large Acreage loans are perfect. For home purchases that don’t conform to the limits of traditional home loans. You’ll be able to purchase the home of your dreams – without purchase price limits. All loan programs offer below-market interest rates and three of the programs make available down payment and closing cost funds. To get started, all you have to do is let us know that you would like more information by filling out the form above. If you're a first time home buyer, a current home owner, a US veteran, have perfect credit, less than perfect credit, or just going through a divorce, we offer a wide variety of home loan programs, products, and guarantees to help anyone achieve their personal financial goals. These are 30-year fixed rate mortgages featuring: Program rules for SmartStep and SmartStep Plus mortgages state that income limits are variable subject to household size, county, targeted versus non-targeted homes, etc. Colorado Financial Aid and Assistance Programs. Disclaimer: This is a private website that is NOT affiliated with the U.S. government, U.S. Armed Forces or Department of Veteran Affairs. Secrets About Colorado Home Loan Uncovered. The property must be occupied by the buyer for 6 weeks per year. More About VA Home Loans; Colorado's VA Loan Approved Condos; VA Home Loan (Requirements) VA Certificate of Eligibility for Home Loan; Portfolio Home Loans (aka Non QM Loans) Side-by-Side Loan Comparison Tool; Other Loan Limits. Whether you are buying a farm, expanding your operation or making long-term improvements, we are here to help you every step of the way with a Farm Loan that fits your unique situation. If you’re looking for options in your loan, these may not be best for you. CHFA defines a first-time home buyer as anyone who hasn’t owned or co-owned a home in the past three years. For those that dream big! (down payment assistance available – some restrictions apply). When you work hard to pay off your mortgage quicker, you won’t be penalized. Finance 100% of project costs; Loans available from $500 to $50,000 and up to 15-year terms; Interest rates start at 2.75% for FICO scores of 740+ and a 3-year term This CHFA program is aimed at first-time home buyers, non-first-time buyers purchasing primary residences in qualifying areas, plus qualified veterans. These loans are not for agricultural or commercial purposes. GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). All home loans are not created equally. The buyer will likely be required to make a down payment. You can take cash out for any reason on refinances – to consolidate debt, to make home improvements, to make a large purchase, or to put money in the bank. You’ll need a special kind of loan since there will be periodic payments made as work is completed. Sometimes having more than one of something can be a good thing. Closing costs and down payments are typically higher. Although a horse may be part of your family, finding the right loan for a horse property is not as easy as finding a standard home loan. Down payment requirements can be as high as 20% of the home value. Each situation is unique, so contact us today see if you qualify for a FHA home loan or a VA Home Loan today! The purchased property must be a reasonable distance, generally 60 + miles or different type of property than current owned or closer commute to work away from the borrower’s principal residence. Buyers are allowed up to five “draws” per project. According to the CHFA official site, the maximum loan amount is set as “the lower of $510,400 or the amount determined by FHA” including mortgage insurance premiums that have been financed up front. This is a special grant program for low and moderate-income individuals and families. FHA loan rules govern issues including owner-occupier requirements, mortgage insurance premiums, and more. The VA Home Loan offers $0 Down with no PMI. Sometimes an ARM loan will start at a very low rate for a particular period of time. For any questions or comments, please contact Tamra Norton. Outside of the VA Home Loan, for prior or active duty military, and the USDA Home Loan, for rural areas, the two next best home loan options requiring the least amount of down payment are the Conventional Loan and the FHA Loan. Take advantage of all of the tax and appreciation benefits that you would with your primary residence. This includes FHA refinancing, VA refinancing, jumbo refinancing, removing mortgage insurance, etc. You don’t have the time or wish to shop around – fixed rate loans are typically comparable from lender to lender. Find out if you’re eligible and how to apply. Springs Home Mortgage is a DBA of Courlas Consulting, Inc. which is solely owned by Keith Courlas NMLS#1630338 Colorado License #100022789. CHFA programs include income caps set by county and in some instances by household size. Interest-only payments during construction, Fixed rate and adjustable rate loan options, One-time closing and one set of costs at closing, The home being built must become your primary residence or vacation home, The home must be a one-unit, single-family, detached home, The builder must be a licensed contractor. VA Jumbo loans do not require a higher credit score. Find out more below. A loan representative can help you determine what mortgage programs you may qualify for, and also check your eligibility for down payment assistance. If you prefer to go with a bank you’ve trusted for years, you can almost guarantee that they’ll offer a conventional loan, Interest rates are determined on credit scores – so they could be higher than other loan options. Loans for manufactured homes can be FHA or Traditional loans and carry the same requirements, Convert adjustable-rate mortgages to fixed-rate mortgages, Available in FHA, VA, or Conventional Home Loans, You must be current on your existing mortgage, The refinance must clearly benefit the borrower and provide a “net tangible benefit”, Certain time requirements since the origination of the loan may be applicable, Less regulations and stipulations than Government-backed loans, Many more options! Each situation is unique, so contact us today see if you qualify for a HARP Refinance today! Banner Mortgage a division of Universal Lending Corporation, NMLS #2996, Top 10 Things You Need to Know About USDA Loans, Thinking about Buying a Home? We were created in 1973 by the Colorado General Assembly to address the shortage of affordable housing in the state. The Colorado Housing and Finance Authority (CHFA) offers purchase and refinance loans, as well as down payment and closing cost assistance for first-time home buyers. Contact us today to invest in your future with an investment property loan! Buy … For VA loans, must provide a DD-214 showing an honorable discharge from the armed forces, or a current honorable status as an active duty military service member. For instance, if you owe $100,000, your home must be valued at less than $80,001. Loans are subject to credit approval. The Colorado RENU Loan is a statewide residential loan program sponsored by the Colorado Energy Office in partnership with Elevations Credit Union and Clean Energy Credit Union. This site contains information about GI Bill benefits, VA loans, news and services for military veterans and is not connected with any government agency. To see which programs you may be right for you and three of the tax and appreciation benefits that would. 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