Finding the Right Colorado Mortgage Made Simple

Getting a Colorado mortgage for your specific situation isn?t always an easy task. This short easy to understand guide will give you insight to mortgage programs that you may not beware of or realize you qualify for. Take a few moments to review the information below and it could just save you substantial time and money.

Down Payment Assistance Programs

The American Dream Down Payment Act is a down payment assistance initiative that allows for grants to be given to participating jurisdictions for assisting low to mid income families and state uniformed employees such as teachers, firemen, policemen, maintenance workers, sanitation to help achieve homeownership. Grants are made available only for down payment assistance toward purchasing single family housing. You can request specific eligibility requirements from your lender.
FHA Colorado Mortgage Programs and How They Can Help You
Most people think FHA mortgage loans are for first time home buyers, not true at all. FHA does help thousands of first time homebuyers get financing for their first home, but FHA offers a Colorado mortgage for almost everyone, including those refinancing.

For first time home buyers, the down payment can be as low as 3.5% of the purchase price, and most of the closing costs and fees can be included in the loan, available on 1 to 4 unit properties. For those wanting to buy a ?fixer-upper?, FHA has a loan that allows you to buy a home, fix it up, and include all the costs in the one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs, all in one loan. When it comes to manufactured housing and mobile homes, yes, FHA has financing for those too. There are two loan products for mobile homes and factory built housing; one for those who own the land that the home is on, and another for mobile homes that are (or will be) located in mobile home parks. Another type loan is the FHA Energy-Efficient Mortgage (EEM); this is a program for those individuals who want help saving money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase or FHA mortgage refinance. As with all government programs for mortgages, there are eligibility requirements so check with your lender for qualifications.

Financial Help for Seniors

Are you 62 or older? The Home Equity Conversion Mortgage (HECM) is FHA?s reverse Colorado mortgage, and if you own your home outright or have substantial equity in it, this home mortgage could be a great solution. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use these loans to supplement social security; meet unexpected medical expenses; make home improvements or more. Loans do not have to be paid back as long as the borrower(s) on the loan remain living in the home. Should the borrower(s) become deceased, wish to move or sell the home, the balance is paid back and the remaining equity/cash proceeds are given to the borrower(s) or heirs. To be eligible, your home must be a single family home, or a 1 to 4 unit home with one unit occupied by the borrower(s). HUD approved condos and manufactured homes that meet FHA requirements are also eligible.

These are only a few of the many Colorado mortgage programs available. Contact mortgage.org today and let us help you find the perfect mortgage for your situation!