Top 5 Home Loan Programs We're Thankful For
In the spirit of the season, we got to thinking about what home loan programs we are thankful for. Buying a home is not an easy purchase, and qualifying for funding is even more difficult but thankfully, Colorado has some amazing home loan programs that help people achieve their homeownership dreams.
These are the Top 5 Home Loan Programs we are thankful for:
Federal Housing Authority or FHA loans are what make dreams come true. No, seriously. They offer lower interest rates, flexible underwriting standards, and home loan approval when there is no other loan option for a buyer's particular circumstance. Without FHA loans, many consumers would be stuck as renters for a lot longer than they would like to be!
Renovation lending home loans are the perfect loan for the not-so-perfect home! Sometimes, our dream home is out of reach but that doesn't mean you can't invest in a fixer-upper! With Renovation home loans, you are able to buy a home and make it "your own" right when you move in. No, it's not move in ready, but how nice is it to steer the renovation process and pick out the finishes, and materials YOU want for your home? Besides, isn't vintage a thing people love these days?
Veterans Affairs (VA) Loans are an incredible benefit our Veterans have earned. In appreciation of our nations' veterans, the government created the VA loan program which boasts a 0% down payment, zero mortgage insurance, and has flexible underwriting requirements. Flexible underwiting requirements is a fete in itself these days! But seriously, it is by far an amazing, well earned benefit for our Veterans. It truly ensures housing will almost always be affordable for the sacrifices they have endured on our behalf.
The Colorado Housing and Finance Authority (CHFA) offers amazing loan programs that are especially great for first time homebuyers and those with minimal down payment options. Often times, first time homebuyers are challenged with producing a traditional 20% down payment for their first home purchase. What CHFA has done is created programs that support lower down payment home loans, offer reduced mortgage insurance options, and even down payment assistance prorgrams! CHFA is one of the many things that make Colorado a great place to live! Shhhh...don't tell anyone in California.
Conventional loans have been around since the beginning of time. Ok, not literally but they are the most traditional home loan out there. They have stood the test of time because it is the perfect home loan for someone that has money for a down payment, and good credit. Conventional loans offer flexible mortgage insurance options, and even more flexible underwriting guidelines than in years past. Why mess with a good thing?
What loan program are you thankful for?
If you have any questions, or would like any further information on any of the home loan programs mentioned above, please click here!