Home Loan Programs in Denver, CO

US Mortgages offers various kinds of conventional loan rates available to prospective homebuyers. How can a conventional loan help you reach your financial goals and improve your family's quality of life? Learn more about the conventional home loans US Mortgages offers, and get a feel for if you may qualify.

Conventional Mortgage

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the underwriting guidelines mandated by Fannie Mae and Freddie Mac commonly require a down payments of at least 3%. Borrowers who have more cash and who have at least 20% to use for a down payment do not have to pay mortgage insurance premiums (typically required with FHA loans).

Borrowers that choose conventional mortgages typically make larger down payments than borrowers that choose the FHA option, and they tend to have a more secure financial standing, are less likely to default on the loan. A larger down payment also translates to lower monthly payments. Consequently, with the mortgage insurance premiums on FHA loans, payments for conventional loans that don’t require private mortgage insurance can be much more manageable in comparison.

What are the Requirements for a Conventional Loan?

Requirements can vary from lender to lender, but  a good rule of thumb is that a 620 FICO score is typically the minimum credit score needed to obtain a conventional loan, and 740 is the minimum score you’d need to get a better interest rate. The term or length of the loan for a conventional mortgage is usually 15, 20 or 30 years. If you’re refinancing with the US Mortgages Goal Keeper Refinance™ you can also choose a term to match the existing length of time you still owe on your existing mortgage. This is a great option when you want to refinance but don’t want to start the repayment clock all over again.

Which Mortgage Program is Best for You?

If you have questions or would like to know about which program is right for your unique financial situation and goals, just reach out to US today and speak with one of our knowledgeable, licensed Personal Mortgage Advisors about which loan programs are right for you and your family.

What separates an FHA loan from a conventional loan? The biggest difference between these two loan types that US Mortgages offers, is that FHA loans are backed by the US Federal Government, specifically the Federal Housing Administration.

Who qualifies for a Federal Housing Administration (FHA) Loan?

The FHA program was developed to make loans accessible to people who could only afford a low down payment or who had less than perfect credit in the 1930's. Since then, the program has helped countless Americans pursue their dream of home ownership. FHA requirements include a credit score of 560+ and a down payment of 3.5% to qualify borrowers for an FHA loan, though there are other factors including steady employment, LTV and DTI ratios that can impact eligibility.

A less-than-perfect credit score doesn't have to mean the end of the line when searching for a home. At US Mortgages, we believe that everyone should have the opportunity to purchase their own home at affordable rates. That's why we pledge to work with you to create a loan specific to your financial situation, ensuring your success while keeping you on budget.

What are the advantages and disadvantages to FHA Loans?

The FHA Loans rate requires that borrowers purchase personal mortgage insurance (PMI). When speaking with an expert from our office, we will be sure to go over these items with you if you are not familiar with PMI. Because of the safety net that mortgage insurance provides to the lender, we are able to offer loans at traditionally lower interest rates. While FHA loans do require a down payment, mortgage insurance lowers the total amount. Those with quality credit scores can purchase a home with down payments as low as 3.5%, however less desirable credit scores can require a minimum down payment of a least 10%.

If you're wanting to know if what FHA home loan rates are available for you and will help you and your family reach their financial goals, contact US Mortgages! Feel free to provide us your contact information as well as any initial questions you may possess about an FHA Mortgage. You can also give us a call and get the ball rolling on your FHA Loan and future of home ownership today!

One small way the Federal government gives back to the servicemen and women of our country is through offering a government backed mortgage loan with attractive associated rates.

At US Mortgage, we are proud to provide our veterans with access to VA home loans - at low to no down payment, lower interest rates, and with access to simple refinancing through. You have served your country, now let us serve you. You've earned the right to own the home of your dreams, with a monthly payment that you can afford.

Learn more about VA home loans, who qualifies and how to start on your path towards a VA Loan.

VA Mortgage Requirements

Credit requirements and costly down payments can make the idea of purchasing a home seem out of reach for many veterans and active duty military personnel. Veterans Affairs Loans, or VA Loans were established to ease this financial burden on the men and women who have already sacrificed so much for our country. Available with little to no down payments, and at greatly lowered interest rates, VA home loans allow servicemen, servicewomen and their surviving spouses to own a home.

Veterans who qualify for a VA Cash-Out refinancing loan will have the opportunity to receive cash from the value of their home, while also restructuring their current mortgage into a lower rate, or for a shorter term. It is not required that your original loan be a VA loan to refinance through VA Cash-Out refinancing!

At some of the lowest rates, VA Loan funds can be used for purchasing a home or cash-out refinancing a home.

What are the requirements for VA Loans?

There are several specific qualifications to be met before being eligible for a VA home loan rates. The length of your service, duty status and character of service all determine eligibility for home loan benefits around. Learn more about VA Loan mortgage on the VA Benefits website.

What are the next steps to getting a VA Loan from US Mortgages?

We recommend getting the necessary paperwork from the VA before discussing rates and options with our office in Colorado. Find out more about how to get your Certificate of Eligibility and what other paperwork you may need to provide by reviewing the US Department of Veterans Affairs website on the subject.

What is the USDA Program? How can you qualify for the USDA loan program? Where can you find more information about the program and how to get started? Learn more below.

What is the USDA loan program?

The USDA loan program is primarily available to rural homebuyers seeking a single-family home. With cost of living increasing across the board in nearly every major city in the country, the appeal of rural and suburban life is becoming more and more alluring to many urbanites. The intention of the USDA Loan Program is to provide attractively low rates to homebuyers that are impossible to find within city limits. Though this is a government program, the government is not the direct lender – the loan is given through local partners like US Mortgages.

As the local population continues to increase, and home rent costs skyrocket, the benefits of the USDA loan program are very apparent. USDA loan applicable properties do not require a down payment, and allow the property to be purchased for no money down. Credit requirements on USDA loans are much more flexible than more traditional mortgages, further removing restrictions on first time buyers who may have subpar credit. With these loans, you and your family can easily purchase a rural or suburban home as a stable foundation to grow.

How can you qualify for the USDA loan program?

Qualifying for the USDA loan program is primarily an issue of location of your property. Rules, regulations, and qualifications can vary between locations, we recommend looking at United States Department of Agriculture Rural Development for specifics on what locations have USDA loans available. Properties are generally smaller than 2,000 sq. ft., and must be used as the homeowner's primary residence. Income limits vary depending on county and the number of people in your household. The purpose of these loans is to allow low and moderate-income households to own safe and modest homes as their primary residence.

About US Mortgages

US Mortgages has been helping people own their homes since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a USDA loan today.

We offer both home equity and HELOC loans. They are similarly named but function very differently. There are home equity term loans and home equity lines of credit (HELOC). Home equity term loans is a lump sum loan based on the equity in your home that is to be paid back over a designated amount of time. This contrasts with a home equity line of credit, which functions a little more flexibly.

Best Home Equity Loan Rates

Home equity loans offer the opportunity for home owners to leverage their equity to their benefit. Think of it like a credit card with a time and a credit limit. These lines have a variable interest home equity loan rates that change over the course of the loan. HELOC loans also require withdrawal of a certain amount each time the line of credit is accessed.

Home equity lines of credit are perfect for homeowners with less fixed, varied expenses to ensure that they always have access to funds, while protecting the borrower from overpaying interest on money they aren't using. Many people choose a home equity line of credit to pay for college expenses, or to reinvest in their home with an expansion or remodeling.

Alternately, a home equity loan is ideal for borrowers looking to pay off a large, one-time expense. While a home equity loan will have an interest rate greater than that of a home equity line of credit, it its tax deductible up to $100,000, and is paid back in fixed monthly payments. Ideal for single large expenses, these loans are perfect when an unexpected cost interrupts your budget.

Get the Lowest Rates on Home Equity Loans

If you'd like to learn more about the HELOC loans offered by US Mortgages, let us know your contact information and we'll be in touch as soon as we can. Alternatively, feel free to give us a call at our office with any questions you may have about home equity lines of credit or any of the other loan products we offer.

Have you been turned down by other lenders for being self-employed? Being your own boss has many advantages, but when it comes to proving your income, many self-employed potential homeowners are turned away from traditional loan programs. Stated income loans in Colorado have become increasingly more common, and it is not hard to see why. Our state's economy is growing rapidly, in no small part thanks to entrepreneurs like you. Still, even with steady income, many self-employed people with good credit have difficulty providing an exact figure for their monthly and annual salaries.

With US Mortgages, we understand that self-employment is a great way for many people to secure the brightest financial future for themselves and their families. Since we understand the validity of self-employment as a career path, we have started to offer a way for self-employed hopeful homeowners to get approved for mortgages and refinancing with our Bank Statement Loan Program.

How is the bank statement loan program we offer at US Mortgages different?

Perfect for those with good credit, who would otherwise qualify for a loan but have difficulty proving their income, our bank statement program makes homeownership possible. When doing mortgages for people who are traditionally employed (through W-2s) we typically ask for pay stubs, tax returns and contact their employer for employment verification. With self-employment, this approach is not possible. However, with the right circumstances present on your bank statement, we will be able to get you into a home, regardless of the kind of employment you have.

Our bank statement program has both fixed rate and adjustable rate mortgages. In exchange for a larger down payment, US Mortgages offers qualified applicants competitively low rates compared to other loan programs.

Are you self-employed and want to learn more about our bank statement loan program?

To learn more about our bank statement loan program and see if one of our hundreds of loan products is right for helping improve the financial health of your family, let us know! You can provide your contact information online and we'll get in touch with you as soon as we can. Another way to get in touch is calling us directly and we will be able to answer any questions you may have.

Are you looking for a stated income loan? You've found one of the best with US Mortgages! US Mortgages is one of the few alternative income mortgage lenders that offer loans without the traditional 2yrs of Taxes and or 2yrs of w2's to qualify. Who is eligible and how to get started on your alternative income mortgage below.

What stated income loans are available to homeowners?

Stated income loans are no longer available due to a change in lending laws. However we do allow an alternative process for verifying income! US Mortgages helps more people get into the home of their dreams by offering alternative income loans to borrowers with asset depletion or bank statement options to qualify ability to repay in lieu of 2yrs taxes or w2's.

While income will not be verified, buyers must be prepared present their full credit history, and make a much more sizeable down payment. Many buyers though, particularly those who are self-employed, and/or have large reserves of cash on hand, find that the larger down payment is well worth not having to go through the complicated process of proving their income.

Let us know how to get in touch with you to assess your financial situation and see if you and your family qualify for stated income loans through US Mortgages.

Who benefits from stated income mortgages?

It is easy to understand why stated income mortgages have seen such a rise in popularity recently. With economic growth comes a wide range of potential borrowers with good, steady employment, but who may also have difficulty providing an exact figure for their monthly and annual incomes.

Stated income loans are perfect for people who are self-employed, or for the entrepreneurial investor with cash on hand. For example, many people whose income comes primarily from real estate investment can be considered self-employed and may have trouble securing an additional mortgage because their debt to income ratio would prevent them from purchasing another investment property.

Let us be Your Stated Income Mortgage Broker

US Mortgages has been a stated income mortgage lender since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a stated income loan today.

Structured for seniors age 62 and up, a reverse mortgage on your property allows you to receive payments from a lender on the equity of your home. Those seeking funds for the expenses that can incur with age can take advantage of reverse mortgage rates and use the value of your property now, only to be paid back after you sell or leave the home, or the homeowner passes away.

Reverse mortgages are an incredible tool for supplementing income. There are very specific qualifications for people who qualify for the reverse mortgages solutions offered by US Mortgages. Learn more about the eligibility requirements for reverse mortgages and the kinds of reverse mortgages we have available.

We are Reverse Mortgage Brokers

Our reverse mortgage solutions can provide older residents with much needed financial security. Your regular mortgage payments can be eliminated, while you receive payments from the lender on the equity of your home. You can continue living in your home while collecting payments, and are not required to repay the mortgage until you leave the home.

With a reverse mortgage, you do not risk losing your home. So long as property taxes and homeowner's insurance continues to be paid, your home cannot be taken from you.

Reverse mortgages allow homeowners to convert the equity they've put into their home into supplemental income. In Colorado, reverse mortgage lenders pay homeowners one of two ways during the term of a reverse mortgage rate: a lump sum or monthly payments. Frequently reverse mortgages are used to supplement income of aging adults who have a fixed income for a variety of reasons.

Reverse Mortgage Lenders Counts On

Borrowers must be aged 62 or older. Homeowners insurance and property taxes must be paid up to date to qualify. Borrowers must also live in the home to qualify for a reverse mortgage. Are you interested in taking the next step towards a reverse mortgage by speaking with brokers? Feel free to give us your contact information on our website and we'll get back to you as soon as we can. We also welcome you to give us a call at our office to learn more about reverse mortgages, their rates, and if they're right for you and your family.