Wednesday, January 14, 2015

No Down Payment? No Problem

Want to buy a house, but you don't have enough money for a down payment?  Here's a great way to do it.

The Colorado Housing and Finance Authority (CHFA) offers a variety of loans for people who have little money for a down payment.  Beginning next month, they will give you a grant for the down payment, and it does not have to be paid back.  CHFA requires you to contribute $1,000 towards the purchase of your house, and in most cases, that's all they require you to pay.  To make it even better, the $1,000 can be a gift from a relative.

CHFA loans are NOT for people with bad credit.  You still have to qualify as you would for any other mortgage.  But they are just about the best option for people who don't have much money in the bank.

Have questions?  Give us a call - we sell CHFA loans and can tell you everything you need to know.

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI). We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Wednesday, January 7, 2015

No W-2? No Problem

When you apply for a mortgage, the lender will ask for the last two years of W-2s.  But what do you do at this time of year when you haven't received your W-2 yet?  

All we require is your last pay stub from 2014.  As long as it has your year-to-date income information on it, we can use that instead of a W-2.  After January 31 (the date that employers must give you your W-2), we will need the W-2.  

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI). We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:
http://www.mtgsupportservices.com/Homeowner_Resources.html

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:


By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Wednesday, December 24, 2014

A Christmas Present from CHFA

Happy Holidays from Chris and Deb - the Mortgage Experts!  Here's a little present for you.

Beginning in February, CHFA second mortgages will no longer be mortgages - they will be grants instead.  That means you don't have to pay them back.  More details next month.  Merry Christmas!

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI).  We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:

Conventional financing is still available for houses that have been owned by the seller for less than 90 days.

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Thursday, December 18, 2014

Are 3% Down Mortgage Best for You?

3% down conventional mortgages with a 620 credit score are here!  But does that mean that they will be the best and cheapest loan for everyone? Absolutely not!

These new loans are conventional (non-government) loans, and the interest rate a borrower pays depends on their credit scores.  Generally speaking, if someone has a credit score below 720, the new 3% down conventional loans will be more expensive than an FHA loan.  

The difference in down payment between these new loans and FHA loans is only 0.5% of the purchase price.  FHA requires a 3.5% down payment. For a $200,000 loan, the difference in down payment is only $1,000 between a 3% down conventional loan and a 3.5% down FHA loan.

One big advantage of the 3% down conventional loans is that the mortgage insurance goes away once the borrower has 22% equity in the house.  With an FHA loan, the mortgage insurance never goes away, unless the borrower puts 10% down.

Our advice?  Have us price the loan both ways: as a 3% down conventional loan, and also as a 3.5% down FHA loan.  Look at the difference in payments, and look at how much the mortgage insurance will cost.  Our job is to make sure you have the best possible mortgage.  When you use us as your lender, you have a direct contact with experts in the mortgage industry.  We'll make sure you get the best possible mortgage.

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI).  We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:

Conventional financing is still available for houses that have been owned by the seller for less than 90 days.

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Monday, December 15, 2014

FHA Fix and Flip News

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI). We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:

Now, for some mortgage news.  FHA is ending its waiver for getting financing for houses that have been owned by the seller for less than 90 days.  That means if you are buying a house that has been fixed and flipped, and the seller has owned the property for less than 90 days, the loan will not be eligible for FHA financing.  If the seller is a bank, HUD, Fannie Mae, or Freddie Mac, then there is no 90-day waiting period.

Conventional financing is still available for houses that have been owned by the seller for less than 90 days.

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Friday, December 12, 2014

3% Down Conventional Mortgages

Starting next week, we will be selling conventional mortgages with just 3% down.  These are different than the CHFA (Colorado Housing and Finance Authority) 3% down loans we already sell. Not all of the underwriting guidelines have been released yet, but we'll let you know all the details soon.

In other news, VA has released their maximum loan amounts for 2015.  As always, they are the same as the maximum loan amounts for conventional loans, which are higher than they were in 2014 in the Denver-Metro area.  

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Monday, December 8, 2014

FHA Loan Limits are Going Up

FHA mortgage limits are going up in 2015 for the Metro-Denver counties. Here are the new loan limits:

Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson Counties are going up to $424,350.

Boulder County is going up to $456,550.

That means you can get an FHA loan up to those amounts for a single family house. 2-4 unit houses have higher limits.

To see the new loan limits for FHA loans and conventional loans, go to this link:

Make sure you enter the correct state, the correct "limit type", and the correct year when you do a search.  Here's what the "limit types" mean:
  • FHA Forward = regular FHA loan
  • HECM = Home Equity Conversion Mortgage (a reverse mortgage)
  • Fannie/Freddie = conventional loan

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Thursday, December 4, 2014

Latest Down Payment Requirements

Here are the latest down payment requirements for purchasing a house in Colorado.

Conventional loans (non-government loans)
  • Primary residence = 3% down with a 680 credit score, and 5% down with a 620 credit score
  • Second home = 10% down with a 620 credit score
  • Investment property = 20% down with a 620 credit score
FHA loans

Primary residence only = 3.5% down with a 580 credit score

VA loans

Primary residence only = 0% down with a 600 credit score


Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Tuesday, November 25, 2014

Higher Loan Limits for 2015

Fannie Mae and Freddie Mac have announced that the maximum loan amounts in 46 counties across the country are being increased for 2015.  Eleven of those counties are in Colorado, and include all of the Metro-Denver counties.

What does this mean?  First, it means what many people have long suspected: housing prices in the Denver area are going up. It also means that you can now get a loan for more than $417,000, and it doesn't have to be a jumbo loan.

Here are the Colorado counties that went up, and the new maximum loan amounts:

For Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties, the new limit is $424,350.  The new limit for Boulder County is $456,550.

Any loan for more than these limits is considered a jumbo loan, and has tougher underwriting guidelines, higher credit score requirements, and higher down payment requirements.

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Friday, November 21, 2014

How to Get the Lowest Interest Rates

Credit scores of 740 and above get the best interest rates for conventional loans.  How do you get a score above 740?  The number one way, of course, is to pay your bills on time. However, another way to get higher scores is to pay down the balances on your credit cards.  If the balance is above 70% of the credit limit, that's the worst.  If the balance is between 50% and 70% of the credit limit, that's better.  If it's between 30% and 50%, that's even better, and if it's below 30%, that's the best.

Not sure whether to pay down the balances or save your money for a down payment?  Give us a call and we can lead you in the right direction.

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.