When a borrower initially comes to us, we are often faced with the question of, “What loan program is best suited for me?” The answer to this question always depends on the individual borrower’s situation, but we generally look at the following characteristics to help identify the best loan program:
Each loan program has different rules or guidelines that we have to follow when trying to approve your loan application. Our loan officers have the experience to help you navigate the available loan programs and suggest the best loan solution for your specific situation. Below is an overview of the most common loan programs and the characteristics of each.
VA loans allow a veteran to purchase a home without having to come up with a down payment in most cases (jumbo VA loans being the exception). The guidelines allow the veteran to qualify with their spouse, but they cannot have someone that isn’t their spouse on the loan for qualifying purposes.
You can see if your property qualifies by going here: Often the system cannot tell you whether or not a property is in a designated area, and then you have to look at where the property boundaries sit and determine whether or not the property is qualified.
Here is an overview of the USDA loan characteristics:
As the current lending environment shifts, there will be a push by Freddie and Fannie to purchase less and less of the conventional loans being originated. For now though, the following guidelines are generally reflective of both agency’s guidelines (although there can be some differences between to two agencies guidelines in specific situations).
Here is a general overview of the guidelines:
Check out our Mortgage Insurance page that describes the types of MI available and the specifics of each option. Mortgage insurance rates change depending on your down payment amount and credit score. There are even differences in certain mortgage insurance rates depending on the MI company that your lender selects.
View our Mortgage Insurance information page here:
Conventional mortgages are best suited for borrowers with 5% or more in down payment and good credit. The guidelines are more restrictive than other loan types, but that generally correlates to better interest rates.
These mortgages allow for a 3.5% down payment and the guidelines are generally the least restrictive. FHA loans also continue to be the most common loan type paired with down payment assistance programs.
VA home loans provide the best financing available for eligible veterans. Depending on the veteran’s eligibility there is no required down payment and there is no monthly mortgage insurance.
Lana Jern, Nicole Reed and the team are top notch professionals who get the job done right the first time.
They take an intrinsic interest in their customers and it shows. They take the time to explain the sometimes complex nature of buying a house in today’s market and walk you through each step.
Best mortgage brokers in Denver.
– Peter S.
I have always received great service and personal attention from Uptown Mortgage. I highly recommend them.
– Cory C.
Jason was so professional and responsive the whole way through. I got a great price at the rate and terms I was looking for. There is a good reason for all the great reviews of these guys.
– Jenny M
If I could give 10 stars I would! Lana is absolutely perfect to deal with, communication is great and the information and service is gold standard! Every company should be like that.
– G M.
Amazing… Lana knows exactly what she is doing, I had a quick closing and it went off without any issues. She did great dealing with all my emails and calls as I was freaking out because it was going so well, I kept thinking something was going to happen and it never did. So happy I called her after reading the yelp reviews.
– Kim A
Jason Kaufmann worked very hard on our file, and as a result of his diligence and creative thinking we are now in the house of our dreams. I would definitely recommend him and Uptown to anyone looking for a loan.
– Steve B.
We have done refi’s and one original purchase with Jason Henkel. All three transactions have been extremely smooth and fast. Jason was able to get us closed on our new purchase within 3 weeks!
– Ryan E.
We worked with Jason on our VA loan. He helped us get a great rate and was very responsive to all of our questions. We were not using a buyers agent in our transaction, so we had more questions than normal and he was patient and provided clear explanations throughout the process. Thanks Jason!
– Erin W.
I have had an opportunity to work with Uptown Mortgage on a number of occasions and I can say that they are GREAT.
I would recommend them to anyone and everyone!
– Jared U.
Uptown mortgage is the best!!! They explain everything to you so you can understand the loan and they always looking out for YOUR best interest. They work really fast to get your loan locked at the best possible rate. As busy as they are they still treat you like you are the best customer they have ever had. Lana knows about all the loan options and makes the process easy for you. The best part was Lana was at the closing in case something came up and to explain things.
– Blake K.