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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.

 

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DRE#: 040024991

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Keener Team Realty is a licensed real estate broker with a principal office in Woodland Park, CO, and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from reliable sources but is subject to errors, omissions, and changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside real estate brokerage.
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Woodland Park, CO 80863
719-687-2200
DRE#: 040024991

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