USDA Loan Overview
USDA loans are government backed loans that are granted to those in rural communities. The requirements for a USDA loan generally are: Credit score of 620-640 Property must be in a USDA eligible area, the USDA has a map on their website that shows all eligible areas A steady income or job (First Colorado Mortgage […]
FHA Loan Overview
The benefit of FHA loans is that they are generally easier to qualify for. The qualification process is much less strict as compared to a conventional loan. For an FHA loan you are only required to pay a 3.5% down payment and have a credit score of at least 580. If your credit score is […]
Conventional Loan Overview
Conventional loans are the most commonly used loan. In 2023 73% of new single family homes were purchased with a conventional loan. (NAF) Although the minimum down payment requirement can vary from lender to lender, expect to pay a minimum of either 3 – 5% down on your home. However if you pay less than […]
VA Loan Overview
A veterans affairs loan is a loan that is granted to United States veterans and can be applied for through any private bank, credit union or mortgage company. In order to be eligible for a VA loan you must: Have served at least 90 days or active duty during war time Have served a least […]
