Denver Loan Programs

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Conventional / Conforming

  • Agency Fixed Rate & ARM’s – FNMA & FHLMC
  • Agency NO MI – FNMA & FHLMC
  • Agency High Balance* – FNMA & FHLMC
    *maximum loan amounts based on county limits established by the Agencies:  https://entp.hud.gov/idapp/html/hicostlook.cfm

Conventional loans are the most popular program available. The housing market has stabilized, and lenders are signalling they are opening up from the very strict guidelines of the recent past. Conventional lending is now being done with common-sense underwriting guidelines once again.

Jumbo

  • Purchases & R/T refi’s up to $1,500,000 @ 90% LTV/CLTV
  • Credit scores as low as 661 FICO’s
  • DTI’s allowed up to 43%
  • Loan amounts up to $2,500,000
  • Refinances allow up to $750,000 cash-out

Jumbo loans are becoming more common in Colorado because of increasing home prices. Technically speaking a Jumbo loan is a non-conforming loan. That is, the loan amounts are too high to fit into Fannie Mae, Freddie Mac, or Ginnie Mae loan specifications. This means that each lender will write their own guidelines to fit their own lending niche. I always expect my Jumbo loan clients to shop around. I know that a buyer who needs a Jumbo Loan will consider multiple lenders and will settle on the best option only after doing their due-diligence; after all, one-eighth of a percent on the interest rate of these loans can make a big difference to the bottom line. 

FHA

FHA recently dropped the monthly mortgage insurance premiums. This loan program is once again a great way to finance a purchase or refinance.

Everyone has heard of the FHA loan, but we’re not so sure that people really understand what it is all about. FHA is still the go-to program for borrowers with lower credit or little credit.

FHA does not hit your interest rate for low credit the way Conventional loans do. A credit score below 680 on a conventional loan has overlays and price adjustments. At a certain point the FHA loan becomes a much better deal.  With FHA you can get a much lower rate and much better deal if you have a lower credit score. Generally speaking, if your credit score is between 580 and 660, an FHA loan is the way to go.

VA

  • VA Standard Balance (up to $453,100)
  • VA High Balance
  • VA IRRRL’s – Standard & High Balance

VA loans are different than Conventional or FHA loans. The appraisal process is a little different, the documentation required is a little different, and the VA underwriters are looking at the file with a slightly different eye. Do not let someone steer you away from a VA loan if you are VA eligible. Because the VA loan has its own special characteristics, it requires a certain expertise and experience from your lender. I have the expertise and  look forward to speaking with you about your next VA loan.

USDA

  • No Down Payment needed (100% LTV)
  • Large acreage allowed
  • Rural areas only

Non-QM

  • Bank Statement Income Qualifying allowed
  • Recent Derogatory Credit Events allowed
  • Loan amounts up to $2,000,000

Renovation

  • FHA 203(k) – Standard & Limited
  • FNMA HomeStyle Renovation