FNMA & FHLMC Programs in Colorado
FNMA & FHLMC programs in Colorado are the most popular options available. Why are they so popular? It is because they have such low interest rates. But it’s also due to the added convenience of an automated underwriting system (AUS). The AUS increases approvals and sometimes allow for less stringent guidelines. For instance, eligible applicants may obtain an appraisal waiver as well as reduced required documentation for income and asset verification. In addition, these conventional loan programs allow for low down payments with lower mortgage insurance premium requirements than competing government programs.
Below are some of the other advantages of FNMA & FHLMC Programs in Colorado:
- Approvals & DTI determined per DU or LPA automated underwriting systems (AUS)
- FNMA HomeReady & FHLMC Home Possible programs available with 3% Down Payment
- Up to 97% LTV on Fixed Rate programs available up to $510,400 loan amounts
- High Balance available up to 95% LTV with max loan amount of $575,000 in Denver Metro counties, and upwards of $765,500 in mountain resort areas
- 3/1, 5/1, 7/1, & 10/1 ARM’s available up to 95% LTV
- LPMI available up to 95% LTV with 620+ FICO scores
- 1 Year tax returns may be acceptable per LPA findings
- Non-Occupant Co-Borrowers permitted up to 95% LTV with AUS approval
- Manufactured Homes allowed up to 95% LTV
- Fannie Mae HomeStyle Renovation program available
Contact Dave Kevelighan for FNMA & FHLMC programs & pricing in Colorado today!