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Regulated by the Division of Real Estate.

A Division of Universal Lending Corporation, NMLS #2996.

6775 E. Evans Ave., Denver, CO 80224 |  (303) 758-4969

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Brett Popish CO MLO 100015587 | NMLS 253202

Loan Programs

 

 

Learn about the loan programs in Colorado available for FHA Loans, Conventional Loans, and VA Loans. Whether you're a first time buyer, or interested in renovating--Popish Mortgage Group can help you find the loan program that's right for you!

 

FHA Loans

Mortgages that are insured by the Federal Housing Administration (FHA). Also known as a government mortgage.

 

Conventional Loans

Mortgages that are not insured by any government program. Conforming conventional loans follow the guidelines set forth by Fannie Mae and Freddie Mac.

 

VA Loans

Mortgages that are guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

Conventional Loan Programs

 
 

Contact us today to learn more about any of these programs!

30 Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
 
15 Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
 
20 Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

 

203K Renovation Loan

The Federal Housing Administration (FHA) has a loan program available to homeowners that wish to fix up and remodel their primary residence. This program is called the FHA 203K loan and it’s designed for homeowners who want to remodel their home and build equity. There is no second mortgage or Home Equity Line of Credit. You have one monthly payment at roughly the same interest rate as a normal FHA 30 year fixed rate. The size of the project can range from something as simple as replacing a furnace to something as large as remodeling an entire home! Learn more about the 203K Loan here.

 
Adams County Housing Authority (ACHA)

The Adams County Housing Authority offers a down payment assistance program to those who are purchasing in Adams County. You may not buy in Westminster, only cities in Adams County. This program requires a minimum of 1% purchase price in savings, and requires that you obtain a first mortgage through a CHFA approved lender. Assistance of what is necessary to close must not exceed $5,000. This loan is forgivable 20% each year (5 years affordability period). Learn more.

 

 

Aurora Home Owner Assistance Program (HOAP)
City of Aurora Only

The HOAP program is a down payment assistance program for residences in the City of Aurora only. It requires a minimum investment of 1% of the purchase price of your home, of which can be gifted by a family member. There is a required minimum down payment per loan program (up to 5% for conventional loans) plus all allowable closing costs up to a max of $10,000 (Typical amount $6,900). Learn more. 

 

 

Boulder County / City of Longmont 
House to Home Ownership (H2O) 

House to Home Ownership (H2O) is a down payment assistance program that requires a minimum inveestment of $2,000 towards your down payment, of which can be gifted by a family member. 20% of purchase price up to $50,000 or 105% Combined Loan to Value (CLTV). If the loan is fully repaid within the first 24-months you pay the principal balance only. If the loan is paid off after 24-months, the original balance plus 15% of the home appreciation is due. You must work in the City of Boulder a minimum of 30-hours a week. Learn more about the program requirements here.

 
Colorado Housing Assistance Corporation (CHAC)

CHAC offers a down payment assistance program for residences in the City & County of Denver, Jefferson County - exlcuding Arvada and Westminster. This program requires a $1,000 minimum investment which must be the buyers own funds-it cannot be gifted by a family member. This program potetially assists the buyer with 6% of the purchase price up to $10,000 (whichever is less). There are two repayment options: 1. 2% interest, payments start immediately; 2. Payments and interest are deferred for five years after which time payments are based on an interest rate of 6% and a loan term of 25 years. Both payment options include a $5 per month servicing fee. Learn more.

 
CHFA Advantage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
 
CHFA FHA Streamline Refinance

(Check back soon! We're working on this one!)

 
CHFA HomeOpener / CHFA HomeOpener Plus

The CHFA HomeOpener and CHFA HomeOpener Plus are down payment assistant programs available statewide. The household income limits apply, and vary by county. For example, in the Denver Metro Area, 1-2 person limit: $91,100; 3+ person limit: $103,000. Purchase price limits also apply with these programs. FHA county loan limit ($391,000 for Denver Metro) and a conforming loan limit of $417,000. Learn more. 

 
CHFA Preferred / CHFA Preferred Plus
The CHFA Preferred program is a program that could help save the buyer money up front and throughout the life of the loan with a lower down payment requirement and lower monthly mortgage insurance payments than similar loan programs. This program requires only 3% down, a mid credit score of 620 or higher and you must contribute $1,000 toward the purchase price of the home. You must also complete a CHFA-approved homebuyer education class prior to loan closing. Click here for full program requirements.
 
CHFA SmartStep / CHFA SmartStep Plus

CHFA SmartStep is a down payment assistance program in Colorado. There are limits to household income, of which vary by county. Within the Denver Metro Area, 1-2 person is $79,300 ($95,100 Targeted) and 3 person is +$91,100 ($111,000 Targeted). There is also a purchase price limit which varies by county. In the Denver Metro Area the limit is $375,000 ($417,000 Targeted). Learn more. 

 

Del Norte

Del Norte Neighborhood Development Corporation is a down payment assistance program. There is a $1,000 minimum investment that must come from the buyer's own funds, and cannot be gifted by a family member. The program offers loan amounts up to $15,000. The loan payment is 0% intersest deferred; due upon the first mortgage payoff, sale of property or transfer of ownership; lastly, the property must be in Denver County. Learn more.

 

Douglas County Housing Partnership (DCHP)

The DCHP offers a down payment assistance program with a minimum invest of $1,000. The minimum investment must be from the buyer's own funds and cannot be gifted by a family member. The down payment loan value is $15,000 for a 30 year term, with monthly payments of $63.24. This is a 30-year term with an interest rate of 3%. You must live in Douglas County at least 12-months prior to application OR work a minimum of 20-hours per week in Douglas County. Maximum Debt-to-Income ratio is 45% and the property cannot be Tennant Occupied at the time of purchase. Learn more. 

 
Jumbo
A Jumbo loan is required when the property (typically a single-family home) is valued above the current conforming loan limits. Currently, any property priced above $417,00 is considered non-conforming. The interest rates on Jumbo loans are typically higher than interest rates on conventional loans, and are considered high risk. 
 
Neighborhood LIFT

The Neighborhood LIFT program is a down payment assistance program offering $15,000 in down payment assistance. The program is funded by the Wells Fargo Foundation in partnership with NeighborWorks America. The loan is funded in the form of a mortgage that is securd by purchased property. 0% interest grant. If conditions are satisfied, 20% of the loan is forgive each year for 5-years. Grant will cease and become due upon closing within the first 5-years. There are income restrictions which vary on loan type. The home must be within Denver city limits and your first mortgage loan must be from an approved Neighborhood LIFT lender. You DO NOT have to be a first time homebuyer. Learn more.

 
NHF Platinum
The NHF Platinum homebuyer assistance program currently provides eligible families and individuals with a grant that does not have to be repaid. The grant (up to 5% of the loan amount*) can be used towards down payment or closing costs. Many times this assistance allows homebuyers to purchase a home much sooner than they thought possible*. One of the most attractive features of the Program is that you don’t have to be a first-time homebuyer. Even if you owned a home in the past, you may qualify. The Program is available for the purchase of an owner-occupied principal residence, including condominiums and planned unit developments, and offered in various states. Learn more.