Thursday, September 12, 2013

Are 3% Down Loans Going Away?

You may have heard that 3% down conventional loans are going away on November 16.  That's true, except when it's not.  Here's when it's not true:

The Colorado Housing and Finance Authority (CHFA) has a conventional loan program that only requires 3% down.  It will NOT go away on November 16.

Here’s what you need to know:
  • Only 3% down and the down payment can be a gift from a relative
  • There is no mortgage insurance
  • 30-year, fixed rate mortgage
  • This is for owner-occupied properties only
  • The borrower cannot own any other properties
  • No condos, but townhouses are OK
  • The borrower does NOT have to be a first-time homebuyer
  • Maximum purchase price in the Denver-Metro area is $375,000.  Boulder County is $417,000.
  • Maximum household income in the Denver-Metro area is $79,300 for a 1-2 person household and $91,100 for a 3+ person household.  Boulder County is $93,800 for 1-2 people and $107,800 for 3+ people.
The important thing to remember is that not every lender is approved by CHFA to sell these loans.  We are one of the lenders that is approved to sell 3% down loans, along with all kinds of other loans.  That's why we are some of the top producing lenders in Colorado.

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.

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