Why more Coloradans are choosing credit unions over big lenders
We live in a time when information is everywhere. The moment you think about buying a home, your internet feed fills with articles, ads, calculators and confident opinions.
Your Resources as a First-Time Homebuyer
Buying your first home is a big deal, but you’re not alone. We’ve assembled a few must-have resources here, so you can go from pre-approval to move-in day with total confidence.
Conventional Loan (Fannie Mae & Freddie Mac)
No, they’re not your new neighbors. Fannie Mae & Freddie Mac are government-sponsored entities that purchase loans from lenders so that lenders can offer more loans for more borrowers. If you think you might qualify, ask your mortgage lending officer and see how these programs might help you into an affordable loan.
Veterans Affairs
Are you a service member, veteran, or surviving spouse of someone who served? VA home loans usually require 0% down payment, as well offer more leniency on the debt-to-income ratio. Veterans with service-related disabilities are also exempt from the VA funding fee, making a VA home loan a very affordable option. These loans are available to service members, veterans, or surviving spouses of someone who served.
Federal Housing Administration
An FHA loan can be a great resource for those who do not have a large down payment, with options as little as 3.5% down. While an upfront and monthly mortgage insurance premium is required, the upfront amount can be financed and the monthly amount is more affordable than some conventional private mortgage insurance. FHA is also more forgiving of past bumps and bruises on your credit history.
Colorado Housing Finance Authority (CHFA)
A CHFA loan is designed to support affordable housing initiatives across Colorado. While there are income limits, they’re reasonable—meaning this is not just for low- to moderate-income homebuyers. Eligible members can receive help with their down payment and gain additional helpful education as they step into the financial chapter of homeownership.
More Loan Opportunities
And to top it off, are you a doctor or dentist, want to buy a brand-new condo, or even a fixer-upper? We have a variety of portfolio products that may be the ticket. Ask a mortgage loan officer for more information.
Wondering if you qualify, or looking to get some more information? Schedule a call with an expert mortgage loan officer now.
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