Colorado Mortgage Lender

FHA loans are a wonderful choice for St. Petersburg, FL home buyers looking for financing on their primary residence. FHA loans include the following benefits:

• Low closing costs
• Low mortgage insurance
• 3.5% down payments
• Flexible credit score requirements
• Down payment assistance programs

VA Loans are a great option for Active Duty personnel and US Military Veterans. Members of the National Guard and select Reserve units may also be eligible. The following are some of the benefits:

• 0% down payment
• No mortgage insurance
• Limits on closing costs
• Low interest rates
• Financing up to 100% of the value of the home (LTV)

Conventional loans (non-conforming loans) can be more flexible. This loan may be a great alternative if:

• You are considering a second home or investment property.
• You are a first time home buyer with little money for a down payment as only a 3% is needed.
• The down payment amount is at least 20% of the home value because the PMI (premium mortgage insurance) will not be needed, saving you hundreds of dollars on monthly mortgage statement.
• You have a good credit score as it can give you a better interest rate.

If you live in a qualified rural area and are looking to purchase a home, USDA home loans may provide an excellent alternative. If you qualify, these are just a few advantages that come with obtaining a USDA home loan:

• A great way to purchase a home with limited resources.
• It is possible to qualify for a USDA loan with a 0% down payment.
• Low closing cost options.

If you're searching for a home loan that exceeds the FHA and Conventional Loan limits, then you might be interested in considering a jumbo loan. Jumbo loans are for:

• Home loans that exceed the conventional loan limits of $510,400 (in 2020).
• Those who need to finance up to 90% of the home value.
• People who are self employed or need alternative ways to prove their income.

People who are over the age of 62 and have sufficient equity in their homes may consider taking out a Reverse Mortgage. A Reverse Mortgage could be a suitable alternative for people who:

• Are looking to supplement their income.
• Need extra income to pay for healthcare expenses.
• Want to pay off or pay down existing debts.

A mortgage refinance can help lower your monthly mortgage payment or cash out with your existing equity. We can assist with various refinance options, including but not limited to:

• Term home refinance
• Cash out refinance
• Reverse mortgage refinance
• FHA Streamline Refinance
• FHA 203K Refinance
• HARP 2.0 Refinance
• VA Streamline Refinance

Have you heard of the FHA 203K loan?

The FHA 203K loan has been around since the 1970s. This type of mortgage is rarely done and many people are never informed of this loan.

These loans are rarely heard about because most borrowers are aligned with an inexperienced loan officer who does not want to take on the responsibility of additional work and time to close. Beacon Lending will gladly assist those who qualify. 

These loans are available when you purchase or refinance a home.