Category: Colorado Living

The 5 biggest mistakes DSCR investors make when buying or refinancing a rental property. 1. Not understanding what a DSCR investor loan is DSCR is a ratio that is used to determine whether a property can generate enough income to cover its debt payments. It is calculated by dividing the property’s net operating income (N.O.I) […]

VA Loan with Bad Credit: Everything You Need to Know If you are a veteran or active duty military personnel and have a bad credit score, you may be wondering if you are still eligible for a VA home loan. The good news is that you most likely are! In this blog post, we will […]

It's no secret that the housing market is cyclical. What goes up, must come down. And while no one can predict when the next recession will hit, it's always a good idea to be prepared. If you're thinking of buying a home in 2022, here are five money-saving reasons why you should consider buying a […]

So What Is A DSCR Loan? Listen to this video to get the 1-minute DSCR Loan basics. How Can You Use A DSCR Loan For Real Estate Investing? DSCR Real Estate investing, when done with the proper strategy and implementation, can lead to great success. The following are 3 pro tips to successfully purchase your […]

Top 5 Reasons to Choose a Reverse Mortgage in 2022 If you are in the market for a new home then surely you have a decent understanding of how mortgages work. But what are the Pros and Cons of Reverse Mortgage? It almost sounds like you’ll be getting money instead of paying the lender. And […]

If the property has been purchased within the last six months, this is allowed to be done. While cash-out refinances have their set of guidelines, delayed financing is a tool that a lot of homeowners are using in today’s competitive real estate market. It is important to note how that six-month period is measured. That […]

Whether you are looking to buy or refinance, you may want to consider asset qualifier loans if you have a large amount of assets and no way to prove a steady income. Borrowers may be under the impression that they are required to have a steady, 2-year work history with paystubs and w-2’s but that […]

The current real estate market in Colorado can actually help provide opportunities for home owners to save money every month by eliminating mortgage insurance. Let us have a look at the current real estate market in Colorado and how, as a homeowner, you might be able to lower your monthly mortgage payments. Colorado's Real Estate […]

If you would like more information on Reverse Mortgages please click here. Benefits of a HECM While reverse mortgages are often seen as risky since the loan balance does need to be paid back, they do have their advantages. One benefit is that a HECM turns home equity into liquid cash in an easy manner. […]

Beginning June 5th, 2021, Fannie Mae is making it easier to refinance with a program called RefiNow. This initiative is certain to lower interest rate and monthly payments for certain low-income borrowers. Households earning 80% or less of their area’s median income are likely eligible so long as they can meet other requirements. According to […]

If you have come to the conclusion that the best place to invest your money is in rental property, you have made a commendable decision. But what is the next step after that? For most people getting into investment real estate for the first time, would require getting a loan for a rental property. That […]

The importance of Homebot for Prospective Homeowners If you are currently renting and are potentially interested in homeownership in your future, Homebot is a tool that could really help. If you are not familiar with this tool, Homebot for buyers is a dashboard that is full of important data for any homeowner or potential homeowner. […]

One section of valuable information that Homebot focuses on is the value of a home otherwise known as what your home is worth. This is a vital snapshot if you are a homeowner wondering the amount of equity that could be in your home. Homebot offers an extremely detailed look into areas of your home […]

How divorce affects your credit score is a common concern for many people who have a lot of joint assets. In this article we discuss what you will want to pay attention to if you are going through this challenging time. Dissolving a marriage is challenging in many ways. If you find yourself in this […]

A Mortgage Broker with RCS-D™ designation can be extremely beneficial for anyone trying to purchase a new home or refinance an existing mortgage while going through a divorce. Divorcing couples need to make several decisions when parting ways; what to do with your shared home may be one of them. With the marital home typically […]

DSCR loans are a useful option for financing your real estate investment transactions. Real estate investing has intrigued many people throughout the years for its quick potential to generate a positive cash flow. When researching how to go about financing those investment ventures, you may be wondering what options are available to you. No two […]

Renovation Home Loans Could Be Your Ticket Renovation Home Loans can be an extremely attractive option for home owners in Colorado looking to upgrade their home. Whether you are getting ready to put your home on the market or simply have more time at home due to the COVID-19 pandemic, a renovation home loan can […]

Before you get your heart set on the home of your dreams you will want to make sure you can afford the closing costs on a mortgage. One of the largest barriers preventing people from buying a new home are these closing costs. Viewing the Estimated Cash at Closing on your loan worksheet can be […]

A down payment on a mortgage can be one of the largest obstacles you face as you embark on the journey towards home ownership. Despite what you may have heard 20% is not required. There are a lot of options ranging from 0% to 20% depending on your situation. How much down payment on a […]

It is crucial to know what questions to ask a mortgage broker as you start shopping for a new home. Asking the right questions can help you find a mortgage broker that understands your needs and might save you thousands of dollars over the life of the loan. Can we get a "TBD approval"? A […]

Understanding minimum down payments on mortgages and how they can work to your advantage is something to consider as you look to secure a home loan. Determining a down payment that is appropriate for you is a big piece of the puzzle and the answer depends on your situation and your goals. There are a […]

Looking to upgrade your home? Energy Efficient Mortgages provide a way for homeowners to make energy efficient upgrades to their home at little to no cost. If you are buying or refinancing a home in Denver, CO with an FHA loan you will want to read this. You could increase the value of your home […]

No income verification mortgage options do exist for people who are not able to provide proof of income through W2's and tax returns. If you are a real estate investor, entrepreneur, or self employed then you may find these types of mortgage options appealing. After the housing market collapsed in the early 2000's the Frank-Dodd […]

Reasons to Consider an FHA Loan for a Second Home One reason to think about an FHA Loan for a second home is because you can put as little as 3.5% down. Contrast this to the requirement on a conventional loan that will require a minimum of 5% down on a 2nd home. This can […]

Right now in 2020 we are experiencing historically low interest rates. Taking advantage of an FHA Streamline Refinance in 2020 could save you a lot of money over the life of your home loan by significantly lowering your monthly mortgage payment. What is an FHA Streamline refinance? A streamline refinance is  a mortgage refinance on […]

Jumbo (non-conforming) Loan Overview  Do you know that a Jumbo loan in 2020 may be easier to qualify for? Jumbo loans are loans that exceed the loan limits of conventional loans, generally above $510,400 in 2020. This varies depending on the county so be sure to find out the exact loan limit amount. For FHA […]

There is a lot of information circulating about mortgage forbearance during the COVID-19 pandemic. There are options and it is important for homeowners to educate themselves if they need help paying their mortgage. Below you will find straight forward information about mortgage relief options for homeowners affected by the Covid-19 pandemic in 2020. CARES (Coronavirus […]

It is finally time to buy your first home. This move has been in the making for many years and you are completely excited about the future. You have carefully protected your credit and your score is great. And you earn enough money to keep up with monthly payments.  All the boxes are checked, except […]

Purchasing a home is, no doubt, an exciting experience, especially if you are a first-time homebuyer. However, there is one thing that needs your thorough consideration, and that is the “down payment.” According to a survey conducted in 2018 on the rental market place, approximately 61.7% of millennials cannot afford a high down payment. However, […]

How can you get a loan for a new home purchase that is better then a jumbo loan if purchasing a home under $800,000? Simple, use Nationwide High Balance Loans, don't get a jumbo loan. Rates on a Nationwide High Balance loan are almost a full percentage point better, and you will not have the […]

The VA first time home buyer program is an amazing guaranteed mortgage up to 100% of the purchase price from the Veteran's administration, and can really jump start your real estate portfolio as you embark on your military career. Whether you are buying, selling, or refinancing your home, the homes for hero program is here […]

In June 2019, President Donald Trump signed a bill into law that will allow the Department of Veterans Affairs to guarantee loans that go beyond the normal conforming loan amount limit. The name of this new bill, H.R. 299, will allow all eligible VA homebuyers and VA homeowners to borrow, either for purchase or refinance […]

You definitely can buy a home with student loan debt. The type of mortgage you choose to apply for is crucial. If you are applying for a mortgage but have student student loan debt that you think will prevent you from buying a house, read this article first! Most likely you will need to choose […]

Can I Use A FHA Loan For An Investment Property? FHA Loans Denver: What Are They? When choosing a mortgage, many homeowners and future homeowners are caught in a tug of war when picking which loan program is right for their financial situation. The FHA loan is the standard when it comes to giving you […]

This list of construction loan FAQs is a great read if you are thinking about applying for a construction loan. It will help you find answers to questions you have and answers to question you may not have thought about yet. With the ever increasing price of real estate in Colorado for 2020, many future […]

In this article we will discuss The process of Getting a Reverse Mortgage & Busting the Top Myths Associated with It. A reverse mortgage is a home equity loan that is offered to senior homeowners that are 62 years old or above. Rather than making monthly payments to the lender, the borrower receives mortgage payments […]

Many seniors find it difficult to manage their finances because of the absence of a running income. Buying a home at this stage seems to be extremely unlikely as gathering funds become a challenge. While there are many financing options available, all of them will require you to make regular mortgage payments, which is simply […]

3 TIPS TO ACCESS DOWN PAYMENT ASSISTANCE FUNDS ON BUYING YOUR NEXT HOME In a higher interest rate environment, it is imperative that a resourceful Colorado Mortgage Broker have the products available to serve the market extensively for First Time Home Buyers. Increased rates lead to higher payments. A strong housing market leads to higher […]

In 2018 it is now more easier then ever to get a mortgage loan for your self employed business in Colorado. With as little as 2 months bank statements, you might be able to buy the home of your dreams. Yes 2 months bank statements. As long as we have a valid CPA letter with […]

VA Construction Loans You can acquire a VA loan for building the home of your dreams, but keep in mind it is not a necessarily an easy path. You will have to overcome a few hassles and hurdles to fulfill your dream of building a home. Borrowers who are qualified to acquire VA loans can […]

A VA jumbo loan offers military buyers and veterans significant benefits, particularly compared to the standard jumbo loan landscape. However, first, let’s elaborate what “jumbo” is. Although VA loans operate under their specific rules regarding VA loan limits, which are county specific, a majority of lenders in the country still deem anything over $453,100 VA jumbo […]

Veterans Affairs mortgages, also called VA home loans, make it simpler and easier for veterans to secure financing in order to purchase a home. In many cases, VA home loans do not require any down payment. Moreover, these loans are easily available to active military members and military veterans. The loans are available from private […]

The VA loan program has been available for over seven decades. The program offers affordable and convenient home ownership to veterans and active members of the US military. The program has been successful as, to date more than 22 million former and current members of our armed forces received a VA mortgage. Some of the main reasons […]

It is likely that you look at a home and imagine how incredible it would be to buy it. Owning a home means you can do all the things and fully enjoy your home without permission from the landlord. Perhaps, the down payment is holding you back. Alternatively, you may assume that you need to […]

Purchasing your own home is empowering and exciting, to say the least. Gaining the freedom and independence to manage and own a property, just the way you prefer. Eventually, you will have a substantial asset to enjoy in your future. Naturally, this is something a lot of us really aspire to. That said, sometimes things do not […]

If you’re building a new home, you may need some help when it comes to financing. This is because you can’t take out a conventional mortgage without a house to live in. This is where a home construction loan can come in handy. Home construction loans provide temporary financing that can help you fund the […]

A majority of people understands basic mortgages when it comes to securing financing for their home; this is because mortgages are quite simple and nearly everyone has one. In contrast, a home construction loan could be a bit confusing for you if you have never built a new home before. The Basics of Home Construction […]

I am serving up this Q&A in an effort to help consumers during their quest on finding a lender that will work with them, during their CH 13 bankruptcy, so they can purchase or refinance a home. If you have been denied a loan, or working with a loan officer that does not understand the […]

Debt Consolidation Can Make Your Life Easier To Manage Your Finances A Debt Consolidation Refinance uses your existing home equity to consolidate your high interest debt into a loan with a much lower interest rate, which can save you hundreds of dollars each month. Are you paying more then $10,000 in non-tax deductible credit card […]

We now offer the 1% down mortgage program in Colorado NO this is not a typo. We now offer the 1% down mortgage program in Colorado with Equity Boost to ensure a smooth first time home buying experience for you. This program works very simple. You put down 1%, and we contribute 2% towards the […]

Americans owe over $1.4 trillion in student loan debt, spread out among 44 million borrowers. With the lowest affordability levels in nine years, Colorado's red hot housing market is putting many of these potential home buyer out of reach to qualify for a new home... until April 25, 2017, when Fannie Mae made their new […]

Be Prepared with the Following Information to Help Get You Approved You want to buy your first home, an investment property, or maybe even complete some renovations that you’ve always dreamed of doing. If you don’t have the finances, you’re going to want to find a mortgage broker in Denver you can trust to guide […]

How high can this real estate market go? Did you hear what they are building in such and such neighborhood? My neighbor just sold his home for a huge profit. And on and on. These are very common questions I hear every single day, and as a Colorado Mortgage Broker it is integral to my career […]

This article is to clear the smoke and mirrors many people who are looking to buy a home usually question right away. Do you have any "no money down" programs? Are there Denver loans for "first time home buyers"? Any FREE money out there I can get? Answer: YES, there are down payment assistance programs. […]

Benefits of a Home Ready Mortgage Home buying is at a 60 year low. The millennial market represents a huge market in purchasing power, however they are postponing home ownership due to student loan debt, travel experiences, and no money being able to be put aside. In an effort to create a new program that […]

Benefits of the CHFA Grant Program As rent in metro Denver continue to climb, home ownership is at a 60 year low. As of September 2016, the average rent for a one bedroom in Denver is $1383 and a 2 bedroom is $1768. Colorado is one of the hottest real estate markets in the country, […]

A mortgage is one of the biggest things Americans will pay off in their lifetime. Just because you already have a mortgage plan doesn’t mean you are locked into it for the duration of its life. Many people choose to refinance a mortgage for many different reasons. A Denver mortgage broker like myself can show […]

Many people have asked me over my career,  "Why would I use you"?, "What exactly do you do"?, "What makes you different from the next guy"? My answer is simple, and I speak more for the mortgage broker community, versus myself directly. We get the job done. We take on the loans the bank can […]

Due to the rise in home prices in 2015, and the steady increase in valuation, FHA and Fannie Mae have both increased the maximum loan amounts in many counties nationwide. I have provided links below for the change in Colorado, which will be a pleasant surprise to many buyers who now can opt to finance, […]

Purchasing a home from a family member in Colorado can save you thousands of dollars in closing costs, and also continue to retain a property with the family over the years to follow. In most cases, these purchase loans are done with no money down from the buyer, who more then likely will be the […]

In my 13 year career as a mortgage broker in Denver, I have seen many ups and downs of the housing market, but one question I am continuously asked to this day is in two parts. Why should I use you? and What's the difference between a Colorado mortgage broker and mortgage banker. To the […]

I am happy to announce The Mortgage Network's ability to now do Commercial Lending. This should prove to be a huge benefit to many individuals looking to purchase commercial property. We can service loans anywhere from $100,000 to $250,000,000 million. Our proprietary portal of lenders will definitely prove to be a tremendous value to anyone […]

Talk to most mortgage lenders, whether brokers or bankers, on the retail or wholesale side, and they will give you some very basic loan options once they pull your credit score and find out how much you have to put down on a home mortgage when you are in the process of getting pre-qualified for […]

It is no question that Colorado is one of the hottest markets in the nation to live right now. I have been getting many phone calls of people wanting to know what it would take to get qualified for a home loan. For most, it is quite simple, especially if you are remaining employed with […]

It is no question that the real estate market in Colorado is hot! hot! hot! This can frustrate many buyers who show up to an open house with 10 other buyers, and a seller who is only interested in highest and best offer. It is definetely a seller's market out there, and that can really […]

USDA Rural Development's Single Family Housing Direct Loan Program provides loans to assist low and very low income families in rural area's achieve their dream of home ownership in Colorado. This is a 102% max LTV loan with absolutely no money down. The properties under USDA have to be located in a rural area, and […]

It is no question that Colorado is on the map as the top places to live in 2014. Rental prices have absolutely skyrocketed the last five years, with home prices continuing to rise as well. For the homeowner, they are feeling the recovery and getting back the equity they lost in the Housing Crisis. They […]

A great mortgage program here in Colorado that has always been around for quite some time, is the Family Opportunity Mortgage program. Not many people inquire about it, however it can literally save you tens of thousands of dollars upon the purchase of a home, and even more in interest over the life of the […]

FHA has recently introduced a new FHA program for borrowers with less then good credit. This will greatly open up the floodgates to people who could not qualify for a new home mortgage in the past. Some of the highlights of this program are the following. FICO scores down to a 500. 1 score is […]

An FHA loan program that is flying under the radar since August 2013 can help many previous homeowners who were a victim to the recession, or experienced unemployment or other severe reductions in income, a second chance in obtaining a home loan, without having to wait the standard 2 -3 years, if they have filed […]

Aside from your standard Single Family Residence, Condo, and Townhome, there are 2 other types of home that will come up while you show your buyers property. It is important that you understand these types of homes, and the traditional types of financing involved for manufactured, prefab, and mobile homes, and more importantly, the lenders […]

Depends on who you talk to. If you talk to a retail banker with only a couple of loan products, they will tell you NO. If you talk to a correspondent lender with more loan products available then a retail banker, they will tell you NO If you talk with a mortgage broker, with knowledge […]

Speak to 99% of Real Estate Professionals and they will all tell you the similar response when asked how long it takes after short sale to get a mortgage. "3 years". While that has truth to it, it does depend on your unique situation and what kind of loan that you have. This article discusses […]

FHA 203K Rehab Lending For Your Next Purchase or Refinance Private money lending is GREAT! I love the concept of being able to borrow money at 10-12% with 4 points, for a period of 6 months. After that, I love it more when the lender penalizes me each month thereafter until I am able to […]

Recent Changes to Reverse Mortgages Recently, there have been a lot of changes in the reverse mortgage market in Colorado, and other states in the U.S. This has led to speculations amongst people as to what the HECM home equity conversion mortgage - product will be like in 2013. The HECM mortgage product is programmed […]

Purchasing your first home is not an easy task and can be very stressful. A lot of things need to come together to be able to make the purchase. For example, you'll have to talk to a lot of people and complete an ample load of paperwork. However, first and foremost, you should understand that […]

It is no question that FHA is getting worse and worse to deal with. On April 1st, 2012 what used to be a 5 year requirement for already expensive mortgage insurance, will be changing to a 30 year requirement for FHA loans. Forget the 78% LTV requirement, or having 20% equity in your home. It […]

aka (HECM) Home Equity Conversion Mortgage You can apply for a Reverse Mortgage when you become 62 years of age. You have worked very hard to own your home, and the Reverse Mortgage can be a great way to help supplement your retirement income. The Reverse Mortgage is designed for many different purposes as you […]

HARP 3.0 is what people in the industry are calling, is what Obama was referring to last night, in his State of The Union Speech. Every Responsible Homeowner who is able to make their mortgage payments, will be eligible for a refinance, regardless of what the home is worth. Watching the State of the Union […]

When applying for a loan, there are specific documents you need to bring in order to be considered. Sometimes it is a little unclear about what to bring, so below I have written a little bit about each document needed. There are many types of home loans so the requirements might vary depending on which […]

I know how hard it is to find the best lender for a Harp 2.0 loan. Since you are not obligated to use your original lender to obtain a refi under Harp 2.0, you get to make the choice of which broker of bank leader you use. I have listed several easy tips to help […]

In this day and age, loans can be an extremely confusing fact in life. One loan that has been coming under question recently is the Harp 2.0 loan. With many confused loan holders, there has been many questions regarding this loan and to how it works. What is the Harp 2.0 Loan exactly? The HARP, […]

Well that is not the exact title of it, however with all of these new programs being created the last few weeks, a 25 billion dollar bailout being created, and the President of the United States calling for a 4% refinance for every homeowner who is upside down on their mortgage, you might as well […]

HARP loans right now are making up a majority of the origination activity for refinances simply because millions of homeowners are upside down on there home loans, and have not been able to get the relief they have been looking for until recently. One of the factors that have been preventing these homeowners from refinancing […]

In my humble opinion, the answer is yes. I take Colorado mortgage refinance applications every single day on this particular kind of loan, and I consider myself an advocate in helping my clients get the answers they need, and more importantly, lining them up with the correct mortage lender for their specific HARP 2.0 refinance. […]

On October 24th of 2011, the Federal Housing Finance Authority (FHFA) annouced a key update to the already struggling Harp program, entitled HARP 2.0. It has taken a couple of months for my wholesale lenders to intrepret the laws regarding this program, and what guidelines they will have in place for you to refinance your […]

FHA has tripled their mortgage insurance premium over the last year and a half to 1.15%. On a $300,000 loan with 3.5%, you will be paying $287.50 a month for a minium of five years, which equates to $17,250. In my opinion, this is a complete waste of money for you to spending. A much […]

Hiring a General Contractor is the most important step in putting together your rehabilitation FHA 203K Loan. The final bid contract estimate will be the ultimate driver in determining what your after improved equity situation will actually be. The numbers are crucial in putting together a project with enough after improved value, so that you […]

When you do FHA 203K Loans as either a purchase or a refinance, and have over 35K in renovations, either structural or not, you have to have a HUD Consultant, approved by FHA to monitor your rehab project, but more importantly, sign off on the initial general contractor bid, before the loan goes into underwriting. […]

The FHA 203K loan has been around since the 1970's however the reason why you don't hear about alot of them being done, is either the borrower is aligned with an in-experienced loan officer, who does not want to take on the challenge of additional work and time to close, or you just don't know […]

With rising interest rates looming on the horizon, it is a safe bet that refinancing activity will be diminishing over the next couple of years. In addition, many strongly believe, including myself, that in some pockets of Colorado, there is no strong bottom on this market. Foreclosures are prevalent, and this will cause to bring […]

It is no question that the mortgage industry has been evolving and constantly changing since the subprime crisis hit in 2007. One of the best loan programs, still available is the FHA loan. This is possibly the best home loan program for a first time home buyer with limited access to financial assets. Here are […]