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Whether you are a first-time homebuyer excited about buying your first home or you are ready to move into your forever home, there are loan programs available to help make your dreams a reality! |
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First Home: Affordable Loan Options |
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Now is a great time to be a first time homebuyer! In October 2022 Fannie Mae and Freddie Mac announced that they would eliminate certain fees for income qualified first-time homebuyers, building on a number of existing programs to make homeownership more attainable. More recently, in March 2023 the FHA announced that they would lower the cost of monthly mortgage insurance for all borrowers. These actions, together with various down payment assistance programs, have given first-time homebuyers a clear advantage in the current market. |
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Loan Programs · HomeReady / Home Possible – 3% down, discounted Mortgage Insurance premiums, lower Interest Rates, Income Limits (up to 80% AMI) · Enhanced First-Time Homebuyer Program – 3% down, lower Interest Rates, Income Limits – up to 120% AMI in high-cost areas (like Denver) · FHA Loans – 3.5% down, reduced Mortgage Insurance premiums, lower Interest Rates, qualification criteria can sometimes be more forgiving. |
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Down Payment Assistance (DPA) · 2% Lender Assistance, up to $4,000 · CO Housing Assistance Corp (CHAC) – Lesser of 6% of Value or $15k · CO Housing Finance Authority (CHFA) – Up to 4% of Loan Amount |
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Forever Home: Jumbo Loan Options |
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Jumbo loans or “non-conforming” loans can vary widely by investor – both in terms of pricing and qualfying criteria. As a broker, we have access to a wide range of options from a wide range of lenders, which means we have more CHOICES. Finding a jumbo program that fits your circumstances – with the most attractive terms – is what we do best. · Intended occupancy: Primary, Second Home or Investment · Credit score: Available with FICO Scores down to 660 · Down payment: Options for as little as 10% down · Debt to income ratios: Some allow ratios as high as 50% · Reserve requirements: Programs with as little as No Reserves · Allowable sources of funds: Gifts or Business Assets possible · Allowable sources of income: Retirement, Self-Employed, Asset Depletion, RSUs, Rental Income – similar to conforming programs. |
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This month’s “Timely Topic” speaks to some of the different ways we are helping our clients across the spectrum tackle the challenges of obtaining mortgage financing in the current market – whether it is their First Home, or their Forever Home. The Timely Topic series is specifically intended to support you and your client-facing communication – sharing strategies, highlighting opportunities, offering key talking points, and providing thoughtful content that you can use (in whatever form makes the most sense for you).
Published June 8, 2023
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