First Time Homebuyers
How do I start the process?
Call us! Or if you would rather fill out the pre-qualification form online right away, go here: PREQUALIFY NOW
What do I need for the pre-qualification process?
Here is a list of information to have on hand for you and anyone else that will be applying with you: Name, DOB, SSN 2 year residence history (including current rent/mortgage amount) 2 year employment history (employer name, position, rough dates of employment) Gross (pre-tax) income amount
Once I pre-qualify, what is my next step?
After pre-qualifying, your next step is to find your new home! Our loan officers will provide you with a lender letter that you can use with your real estate agent to make an offer on your new home. Feel free to contact us if you haven’t decided on a real estate agent and we can […]
How much of a down payment will I need?
The answer to this varies from applicant to applicant and from loan to loan. There are three main types of loan programs available: Conventional – 5% Down Payment FHA – 3.5% Down Payment VA – No Down Payment Required (in most cases) USDA – No Down Payment Required (subject to income limits and rural property […]
What if I don’t have a down payment?
Not to worry! FHA and conventional financing both allow for gift funds from relatives and family members. If you don’t have access to a gift, there are many down payment assistance programs in metro Denver and throughout the state of Colorado that can be utilized by its residents to reduce or completely cover your down […]
What is Mortgage Insurance?
Inexperienced and experienced buyers alike often do not understand the purpose of mortgage insurance or the different types available. Mortgage insurance is insurance that you (the borrower) pay to insure that in the event of a foreclosure the lender gets reimbursed for their costs to process the foreclosure. FHA loans have mortgage insurance that is […]
Is there specific documentation I will need to gather for the loan process?
If there’s one thing you will become familiar with when getting a home loan, it is documentation. Don’t fret though, some diligence on your part in the beginning will pay dividends as you move through the loan process. Here is a generic list of items needed for the loan process: Most recent 2 years W2/1099 […]
How long does the loan process take?
It depends on your situation, but most always we can get your loan closed within 30 days of applying with us.
Which loan option is best for me?
This can only be determined by having a conversation with a loan officer and having them provide you with some estimates. The simple answer is…it depends! Usually the option with the higher down payment has a lower monthly payment, but you may want to keep your savings as reserves for unforeseen events and go with […]
How do I know which company or loan officer I should go with?
This is the part that many new homebuyers struggle with. Often they will scour the market for the company with the lowest rate. Unfortunately this is not necessarily the company with the lowest cost or the most competent service.So the old adage, “Homebuyers Beware”, applies here. There are many mistakes a loan officer can make […]