Buying a Colorado Home
Got Mortgage? Why be pre-approved?
Most important first step to purchasing a home is to secure your financing.
Purchasing a home is by far one of the biggest decisions a person can make in their lifetime. Not only are there different loans for different types of buyers, there are different loans for different types of homes. Buyers are faced with understanding and knowing what loans and homes they qualify for before they even start looking. Whether it is a FHA, VA, Conventional, USDA Rural Development loan it is important to understand how various loans can affect your purchase ability, mortgage insurance, down payment and even the type of home you can purchase.
With recent government regulations mortgage lenders are starting the loan process prior to a buyer even being under contract on a home. In addition, most sellers will not even review a contract unless the buyer is pre-approved. In many Colorado communities mortgage lenders need to be skilled in rural properties, wells, septic systems, easements, water associations, rural development loans, bond money, CHFA and other down payment assistance programs. At Keener Team Realty we work with several knowledgeable and quality lenders that strive to get the job done and make the process as smooth as possible. In addition all of our mortgage lenders are licensed and regulated with the Colorado Division of Real Estate.
Your first step towards a successful home purchase is a consultation with a qualified mortgage specialist. Contact us today and we will provide our most trusted mortgage lenders or use the below list:
Get In Touch with our trusted Mortgage Pro’s…
❑ Tom Bechtel │ Ent Federal Credit Union
Direct: (719) 550-6486 │ Toll Free: (800) 525-9623 ext 6486 │ Fax: (719) 550-7486
Email: tBechtel@ent.com
Website: ent.com/TBechtel
Address: 7250 Campus Drive │ Colorado Springs, Colorado 80920
LOAN TYPES: Conventional | VA | FHA | CHFA | JUMBO | Manufactured HUD | Single-Double Wide | Line Of Credit
❑ Nancy Barlow │ Skyridge Lending
Direct: (719) 237-4536 │
Email: nancy@skyridgelending.com
Website: www.skyridgelending.com
Address: 509 Scott Avenue, Suite 154 │ Woodland Park, Colorado 80863
LOAN TYPES: Conventional | VA | FHA | USDA | JUMBO | 203K
❑ Kevin Yoder │ Primary Residential Mortgage, Inc.
Direct: Woodland Park (719) 687-1510 │ fax : 719.687.1505|
Email: kyoder@primeres.com │
Website: www.primeres.com/kyoder
Address: 18401 East Highway 24, Suite 209B │ Woodland Park, Colorado 80863-9094
LOAN TYPES: Conventional | VA | FHA | CHFA | USDA | JUMBO | 203K
❑ Diane Beaumont │ Benchmark Mortgage
Direct: (719) 687-2112 │ mobile (719) 337-6483 │ fax (719) 686-7788
Email: dianeb@benchmark.us
Website: www.benchmarkcolorado.com
Address: 300 Sunny Glen Court │ Woodland Park, Colorado 80863
LOAN TYPES: Conventional | VA | FHA | USDA | JUMBO | 203K
❑ Craig Spivey │ Park State Bank
Direct: (719) 686-5255 │ mobile (719) 231-9046 │ fax (719) 399-0469
Email: craig.spivey@psbtrust.com
Website: www.PSBTrust.com
Address: 710 W. Highway 24 | PO Box 9 | Woodland Park, CO 80866
LOAN TYPES: Conventional | VA | FHA | CHFA | JUMBO | 203K | Line Of Credit
Your Quick Guide to Home Loans
|
Loan Type |
Conventional |
VA |
FHA |
USDA |
USDA |
USDA |
Jumbo |
|
Loan Limit* |
$726,200 ($1,089,300 in high-cost areas) |
$1,500,000** |
$472,030 ($1,089,300 in high-cost areas) |
$517,500 El Paso and Teller County |
$472,030 Pueblo and Fremont County |
$787,750 Park and Douglas County |
$3,000,000 |
|
Loan Type |
Fixed-rate, ARM, LPMI, HomeReady, HomePossible |
Fixed-rate, 5/1 ARM |
Fixed-rate, 5/1 ARM |
Fixed-rate |
Fixed-rate |
Fixed-rate |
Fixed-rate, ARM, Interest-only |
|
Down Payment |
Flexible |
Low-to-none† |
Minimal |
Low-to-none † |
Low-to-none † |
Low-to-none † |
Dependent on program |
|
Seller Contribution |
Based on LTV |
Up to 4% |
Up to 6% |
Up to 6% |
Up to 6% |
Up to 6% |
Up to 3% |
|
Gift Funds Allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Minimum 5% personal funds |
|
Credit Score |
620+ |
580+ |
500+ |
640+ |
640+ |
640+ |
680+ |
|
Occupancy |
Owner-occupied, second home, investments |
Owner-occupied |
Owner-occupied |
Owner-occupied |
Owner-occupied |
Owner-occupied |
Owner-occupied, second home, investments |
|
Debt-to- Income Ratio1 |
50% |
50% |
50% |
50% |
50% |
50% |
38% – 43% depending on LTV |
|
Cash Reserves |
Determined by underwriting |
Generally not required |
Generally not required |
Not required |
Not required |
Not required |
6 – 18 months |
Eligible Borrowers |
US citizen, permanent and non-permanent resident alien – Must have valid SSN |
Eligible veterans and their dependents |
US citizen, permanent and non-permanent resident alien – Must have valid SSN |
US citizen, permanent and non-permanent resident alien – Must have valid SSN |
US citizen, permanent and non-permanent resident alien – Must have valid SSN |
||
|
Mortgage Insurance |
PMI possible depending on down payment |
Funding Fee and No MIP |
Upfront funding fee and monthly MIP |
Guarantee fee and monthly MIP |
PMI possible depending on down payment |
*May be higher in some scenarios. **Dependent on available entitlement. † Closing costs and fees may still apply. 1DTI requirements may differ depending on credit score and underwriting approval.