Tuesday, January 21, 2014

Down Payment Can be a Gift with Conventional Loans

It is now possible for a buyer to get a conventional loan with none of the down payment coming from their own funds.  In the past, mortgage insurance companies required buyers to have at least 3% of the down payment come from their own funds, but now, the entire down payment can be a gift from a relative of the buyer.  

This has always been the policy with FHA loans.  Now it's possible with conventional loans, too!

Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved? 

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.

Latest Down Payment Requirements

Here are the latest down payment requirements for various types of loans.

Conventional (non-government) loans:
  • Primary residence = 3% down with a 680 credit score
  • Primary residence = 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 620 credit score

Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved? 

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, January 9, 2014

Debt-to-Income Ratios are NOT Changing

You may have heard that mortgages will be harder to get starting on January 10.  That's not true if we are your lender!

It is true that mortgages will now have a maximum allowable debt-to-income ratio (DTI) of 43%, UNLESS the lender uses the automated underwriting software that Fannie Mae, Freddie Mac, FHA, and VA have.  If the lender uses the software, then the 43% DTI limit DOES NOT APPLY!

If the software is used, then the current DTI ratios still apply, even after the rules change.  For conventional (non-government) loans, the maximum DTI is still 45%.  For FHA and VA loans, the maximum DTI limit is still 50%.

We use the software, so nothing changes.  How sweet is that?

Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

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.

Saturday, January 4, 2014

2014 VA Loan Limits

The 2014 loan limits for VA loans have been announced.  Here they are: 
  • Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson Counties: $425,000
  • Boulder County: $422,500
  • El Paso and Weld Counties: $417,000
These are the maximum loan amounts for VA loans with NO DOWN PAYMENT. If you qualify for a VA loan and you want to get a loan for more than the maximum amount, you will need to make a down payment.  Call us for details.

Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

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.

2014 FHA Loan Limits

HUD has announced that the FHA loan limits for 2014 will be lower than they were in 2013. 

The maximum FHA loan amount for 1-unit properties located in the Metro-Denver counties is $391,000. 

The maximum FHA loan amount for 1-unit properties located in Boulder County is $408,250. 

The maximum FHA loan amount for 1-unit properties located in El Paso County is $271,050. 

Remember - there are no income limitations for FHA loans, and the required down payment is only 3.5% of the purchase price. 

Need an FHA loan?  Give us a call.

Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

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.

2014 Fannie Mae and Freddie Mac Loan Limits

Fannie Mae and Freddie Mac have announced that the loan limits for the Metro Denver counties will remain the same in 2014.  Here are the limits for 2014:  
  • One unit = $417,000
  • Two units = $533,850
  • Three units = $645,300
  • Four units = $801,950
If the loan amount is at or below the limits listed above, then the loan amount conforms to the Fannie Mae and Freddie Mac guidelines, and the interest rate will be cheaper than it would be for a jumbo loan (a loan amount greater than the limits listed above).

Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 
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.

Latest Down Payment Requirements

Here are the latest down payment requirements for various types of loans.

Conventional (non-government) loans:
  • Primary residence = 3% down with a 680 credit score
  • Primary residence = 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 620 credit score
Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

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.