Learn about the loan programs in Colorado available for FHA Loans, Conventional Loans, and VA Loans. Whether you're a first time buyer, or interested in renovating--Popish Mortgage Group can help you find the loan program that's right for you!
FHA Loans
Mortgages that are insured by the Federal Housing Administration (FHA). Also known as a government mortgage.
Conventional Loans
Mortgages that are not insured by any government program. Conforming conventional loans follow the guidelines set forth by Fannie Mae and Freddie Mac.
VA Loans
Mortgages that are guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.
Conventional Loan Programs
30 Year Fixed
20 Year Fixed
15 Year Fixed
Jumbo
30 Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
FHA Loan Programs
30 Year Fixed
15 Year Fixed
203(K)- Renovation Loan
SmartStep Plus
SmartStep 203K
VA Loan Program
15 Year Fixed
Jumbo
SmartStep Plus
15 Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
20 Year Fixed Rate Mortgage
This loan is fully amortized over a 20-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home even faster. The disadvantage is that, with a 20-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 20 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
203K Renovation Loan
The Federal Housing Administration (FHA) has a loan program available to homeowners that wish to fix up and remodel their primary residence. This program is called the FHA 203K loan and it’s designed for homeowners who want to remodel their home and build equity. There is no second mortgage or Home Equity Line of Credit. You have one monthly payment at roughly the same interest rate as a normal FHA 30 year fixed rate. The size of the project can range from something as simple as replacing a furnace to something as large as remodeling an entire home! Learn more about the 203K Loan here.
Adams County Housing Authority (ACHA)
The Adams County Housing Authority offers a down payment assistance program to those who are purchasing in Adams County. You may not buy in Westminster, only cities in Adams County. Restrictions apply based on location, income, & DTI.
Aurora Home Owner Assistance Program (HOAP)
City of Aurora Only
The HOAP program is a down payment assistance program for residences in the City of Aurora only. Restrictions apply based on location, income, & DTI. Learn more.
Boulder County / City of Longmont
House to Home Ownership (H2O)
House to Home Ownership (H2O) is a down payment assistance program that requires a minimum investment of $2,000 towards your down payment, of which can be gifted by a family member. Restrictions apply based on location, income, & DTI. Learn more about the program requirements here.
Colorado Housing Assistance Corporation (CHAC)
CHAC offers a down payment assistance program for residences in the City & County of Denver, Jefferson County - exlcuding Arvada and Westminster. This program requires a $1,000 minimum investment which must be the buyers own funds-it cannot be gifted by a family member. This program potetially assists the buyer with 6% of the purchase price up to $10,000 (whichever is less). There are two repayment options: 1. 2% interest, payments start immediately; 2. Payments and interest are deferred for five years after which time payments are based on an interest rate of 6% and a loan term of 25 years. Both payment options include a $5 per month servicing fee. Learn more.
CHFA Preferred / CHFA Preferred Plus
The CHFA Preferred program is a program that could help save the buyer money up front and throughout the life of the loan with a lower down payment requirement and lower monthly mortgage insurance payments than similar loan programs. This program requires only 3% down, a mid credit score of 620 or higher and you must contribute $1,000 toward the purchase price of the home. You must also complete a CHFA-approved homebuyer education class prior to loan closing. Click here for full program requirements.
CHFA SmartStep / CHFA SmartStep Plus
CHFA SmartStep is a down payment assistance program in Colorado. There are limits to household income, of which vary by county. To obtain the most current income limits, visit the CHFA website here.
Del Norte
Del Norte Neighborhood Development Corporation is a down payment assistance program. There is a $1,000 minimum investment that must come from the buyer's own funds, and cannot be gifted by a family member. Restrictions apply based on household income, debt-to-income ratios and location. Learn more.
Douglas County Housing Partnership (DCHP)
The DCHP offers a down payment assistance program with a minimum invest of $1,000. The minimum investment must be from the buyer's own funds and cannot be gifted by a family member. Restrictions and requirements change often. To obtain the most up to date information, please visit the website. Learn more.
Jumbo
A Jumbo loan is required when the property (typically a single-family home) is valued above the current conforming loan limits. Loan limits are dependent of the county the property is located. The interest rates on Jumbo loans are typically higher than interest rates on conventional loans, and are considered high risk.
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