Options for Local Buyers

Get Prepared First!

If you want to buy a home the best time to start planning is early on. We need to make sure your credit report is correct, and a review of your income may show that you need to work a few extra shifts!  Sometimes it’s not how much you make but how it is accounted for on your taxes that can make a difference, particulary for the self employed!

I’m a long time mountain town local myself, and I get that it’s a challenge to own a home here, but I believe the more locals that own their homes the better off the entire community will be, and have helped hundreds of local families attain home ownership.

Making dreams come true
with zero down mortgages

Many Colorado Counties (including Eagle, Routt, Summit, Lake, Garfield and Pitkin Counties) are eligible for the USDA rural housing program.

This is a unique program for first time home buyers, or those who do not own any other property to purchase a primary residence with zero down payment.  This program has very competitive rates, but does come with some income limitations.  Call me to discuss the ins and out of this program and see if it works for you and your family!
FHA Programs
FHA loans generally require about 3.5% down payment, making them ideal for hard working locals!  The main restriction though is FHA generally will not work if you are buying a condo in a mountain community due to FHA condo eligibility requirements, but a single family, town home or duplex will work.

Here is a link to a column I wrote about how FHA loans work
FHA Rehab 203K loans
FHA 203 K is a loan program for properties in need of fixing up.  This works either as a purchase or refinance program allows the borrower to borrow funds for repairs and improvements.  Call or email for more details.

VA loan programs
If you are a eligible Veteran you may qualify for 100% financing.  I would be pleased to discuss your VA loan program options!

Reverse Mortgages
If you are over age 62 you may be eligibe for a reverse mortgage to either purchase or refi your home.  If you use this as a purchase tool you will have to put a large down payment of about 35% to 45% down, but you will never have to make a monthly payment.

If you refi a home you may be abe to eliminate monthly payments and draw cash out.

The details of a reverse mortgage are many and best discussed in person.  Please contact me and I will give you all the information!

Here is a link to a Mortgage Guy column I wrote awhile back regarding Reverse Mortgages:

How to never make a house payment

Conventional loan programs
I offer a full range of conventional programs with as little as five percent down payments, and a variety of adjustable and fixed rate terms.

Here is a link to a Mortgage Guy column I wrote about adjustable rate mortgages:

How ARM’s work

Qualifying if you have seasonal income or fluctuating income
Living in the mountains many people have multiple jobs and seasonal fluctuations of cash flow. I’m an expert at how to present your loan app to explain your situation in a way lenders understand.

Closing costs
In addition to your down payment, purchasing a place comes with closing costs.  Here is a link to a Mortgage Guy column I wrote about how to roll in closing costs to a mortgage loan:
Here is a link to a “best of” column about How to roll in closing costs    

I look forward to helping you!  I provide mortgage financing in all the mountain resort communities including Vail, Avon, Beaver Creek, Eagle, Gypsum, Steamboat, Aspen and the Summitt County comminities of Copper Mountain, Frisco, Dillon, Silverthorne and Breckenridge.
These materials are not from HID or FHA and were not approved by HUD or a Government agency