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.

Monday, November 17, 2014

No Origination Fee

Did you know that we never charge an origination fee when we sell a loan?  Our only lender fee is a $500 processing fee.  No origination fee, no underwriting fee, no admin fee - just a $500 processing fee. 

Imagine if there was a lender who closed 100% of the loans that they pre-approved, and also had some of the lowest interest rates and the lowest closing costs?  Sound impossible?  Not when you use us as your lender.  Every loan we pre-approve closes, and our interest rates and closing costs are lower than just about everyone else.  

No wonder they call us the Mortgage Experts!

Did you know that we sell our loans directly to Fannie Mae and Freddie Mac?  That means we can get our loans approved without the additional underwriting requirements that most lenders have.  If we give you a pre-approval, it's going to close.

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, August 27, 2014

Good News from FHA

Here's some very good FHA loan news.  At the moment, when someone pays off an FHA loan by refinancing or selling their house, the borrower's current lender collects interest for the full month, regardless of when the payoff is made.  As an example, if someone pays off an FHA loan on the first of the month, they end up paying interest through the end of the month.  They pay interest for a loan they no longer have for the next 30 days. That can get pretty expensive.

Now the good news.  For all FHA loans that close on or after January 21, 2015, that is no longer allowed.  If the existing FHA mortgage is paid off on the first of the month, the borrower will no longer owe an entire month of interest on a loan they no longer have.  They will only owe interest until the payoff is made.  If it's paid off on the first, then they only owe one day of interest, not 30 days of interest.

Once in a while the new mortgage rules make sense.  This is one of those times.

Did you know that we sell our loans directly to Fannie Mae and Freddie Mac?  That means we can get our loans approved without the additional underwriting requirements that most lenders have.  If we give you a pre-approval, it's going to close.

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, August 19, 2014

Are Loans Getting Easier?

There have been a lot of articles in the press recently about some lenders relaxing their lending standards to make it easier for more people to qualify for a mortgage.  What does that mean?  Here's what you need to know:

When a lender sells a loan to a borrower, the lender needs to make sure that the underwriting guidelines (the rules that say whether you get approved or not) are met.  Once the loan closes and you move into your house, the lender sells the mortgage on the secondary market.  They sell it to Fannie Mae, Freddie Mac, Ginnie Mae, or some other smaller company. These companies then group a lot of mortgages together, and they securitize them, meaning they turn the mortgages into bonds, which are then sold to big investors.  That's how lenders keep the mortgage money flowing to borrowers.

If the lender intends to sell the loan to Fannie Mae, for example, they need to make sure that they are following the Fannie Mae underwriting guidelines, or Fannie Mae won't buy the loan from them.

The stricter underwriting standards that some lenders are now relaxing are not the Fannie Mae guidelines, but their own, self-imposed guidelines that are in addition to the Fannie Mae guidelines.  These are known as underwriting overlays because they are laid on top of the Fannie Mae guidelines, making it more difficult for a borrower to get approved for a loan.  

So some lenders are making it a little easier to get a loan, but listen to this:

We sell our loans directly to Fannie Mae and Freddie Mac, so we have NO UNDERWRITING OVERLAYS! 

What does this mean for you?  It means that we don't have any underwriting overlays to get rid of.  If we make sure the Fannie Mae guidelines are followed, we approve your loan.  We always follow the guidelines, so when we give you a pre-approval, that loan is going to close.

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, August 13, 2014

CHFA Loans Just Got a Lot Better

CHFA (Colorado Housing and Finance Authority) loans just got a lot better.

CHFA second mortgage loans for down payment and closing cost assistance now have the following terms:
  • zero percent (0%) interest
  • no monthly payments are due
  • principal balance is due in 30 years, if the property is sold, or if the CHFA loan is refinanced
  • no pre-payment penalty
CHFA loans are great for people who have little money for the down payment or closing costs, and who cannot get a gift from a relative to cover the down payment or closing costs.  They are NOT for people who have a credit score below 620.

Any questions?  Give us a call.

Did you know that we sell our loans directly to Fannie Mae and Freddie Mac?  That means we can get our loans approved without the additional underwriting requirements that most lenders have.  If we give you a pre-approval, it's going to close.

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.