USDA Home Loan Programs Colorado

 Colorado Has Excellent Home Loan Program Choices for USDA Loans Colorado

Colorado Home Loan Process

Home Loans Choices Made Simple By USDA Loans Colorado, Grants for Home Buyers Colorado

We Can Help You Obtain the Loan that is Right For You - There are many home loan programs available at USDA Loans Colorado While some may not apply to you, we take pride in letting you know all of your loan options.

 

USDA 502 Guaranteed Loan

This loan program offers no down payment and 100 percent financing. The elevated income range cap is typically based upon the county limits and there is no limit on the purchase price. This loan is guaranteed by the USDA.

 

USDA 502 Direct Loan

This loan program is also stacked at 100 percent financing with no down payment required. The loan amount is based on your personal income and is available to lower income persons. An annual review is performed annually and payments are adjusted according to current income. There is limited funding available for this loan type though this loan is guaranteed by the USDA.

 

FHA 203B

Colorado Rural Home Development

The loan has the easiest qualification process. The credit score can be below 500. If a person’s credit score is at or below the 640 mark,
a 3.5 percent down payment is then required. The down payment can be received from savings, family or tax refunds. This loan is typically used on any rural or urban home and has no cap on income. The typical loan limit is usually set at $290K.

 

FHA 203B – ZERO DOWN

This loan can be compared to the USDA 502 loan. If you have a credit score of 640 or better, you can utilize this loan type. With this loan, you can purchase a home in a city or urban area. This is one advantage this loan type has over the USDA loan.

 

FHA 203K Loan

This loan program is specially designed for people who would like to renovate or make repairs on a home or even their existing house. When repairs or renovations are made, you get cash back. Any amount needed for repairs or renovations is calculated into this loan.

 

FHA $100 Down

This is a loan made for FHA foreclosures. Down Payment Grants Colorado, This is a special deal where the down payment is only $100.00. The home must be HUD owned and a foreclosed property. This can be used on a mobile or single family home and only for primary occupancy.

 

FHA Mobile Home Loan

This is designed for prefabricated homes and can be used on double-wides, modulars or manufactured homes. There is a 3.5 percent down payment required and the home must be on a FHA approved foundation. The unit must be older than 1978.

 

FHA GNND

This is a new FHA product and offers a great deal. It is only available to state or federal employees or teachers. This allows the buyer to buy any HUD home at 50 percent off sale price. You must live in the home for at least 3 years.

 

New Construction Loan

If you want to build your own home, this is the loan for you. This loan requires no down payment and the construction and permanent loan are wrapped in one. This is perfect for single family and mobile homes also.

 

VA Guaranteed Loan

If you have been in the military and you have an honorable discharge, you may be eligible for a VA loan which has 100 percent financing. There is no PMI or income limits. Your credit score can be as low as 500.

 

Ranch and Farm

This loan is for any people who would like to purchase property with acres on it. Many of these properties have multiple outside buildings and many exemptions. There is no limit on acreage and the financing is as low as 5 percent.

Colorado USDA Home Loan Programs