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Loan Types


Not sure which loan product best suits your needs? Here is a little information that will help you navigate the options. As always, if you have any questions, please do not hesitate to call. Kevin Green (720) 981-9918

Conventional Loans

Conventional loans gained a reputation of being a safe type of loan, but there are a variety of conventional loans to choose from as well.

The main difference between a conventional loan and other types of mortgages is the fact a conventional loan is not made by a government entity nor insured by a government entity. It’s what we refer to as a non-GSE loan. A non-government sponsored entity.

Types of government loans are FHA and VA loans. An FHA loan is insured by the government and a VA loan is backed by the government. Down payment requirements are different as well. The minimum down payment for an FHA loan is 3.5%. For a VA loan, the minimum down payment is zero.

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FHA Loans

FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, an upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the base loan amount at closing is required, and is normally financed into the total loan amount by the lender and paid to FHA on the borrower’s behalf. There is also a monthly mortgage insurance premium (MIP) which varies based on the amortization term and loan-to-value ratio.

In the wake of the housing bubble’s collapse, FHA loans have taken on renewed importance for today’s mortgage borrowers.

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VA Loans

The VA loan began in 1944 through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

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Construction Loans

Finance of Your Residential or Commercial Construction Project May Be Easier Than You Think.

Many people believe that getting a construction loan is extremely difficult. In many cases, they are right. However, with the right approach and knowledge, getting approved for a construction loan is not impossible. It’s usually only a matter of matching the right project to the right lender.

Construction loans are in great demand now considering the latest statistics of the growth in new homes sales.  Sales of new homes rose to the highest level in five years in June 2013, and home builders are benefiting from lack of supply of existing properties.  Naturally, builders need to finance their new projects. What do they need to know when applying for construction loans?

Here are five tips that will be helpful to broaden your knowledge of construction project finance:

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Jumbo Loans

What makes a loan jumbo?

A loan is considered a jumbo if it exceeds what is known as the conforming loan limit. The current conforming loan limit for a single-family home is $417,000 for all states except for Hawaii and Alaska, where it is $625,500.Footnote 1
However, if you live in a federally designated high-priced market, there are conforming high balance limits available for certain loan programs.Footnote 2 These loans have higher interest rates and stricter underwriting requirements than standard conforming loans, but are generally priced lower than jumbo loans. Additionally, limits may be different for multi-unit properties.

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