Colorado Loan Programs and mortgages.

Colorado Conventional Construction Loans

Colorado Conventional Construction Loans

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Colorado Conventional Construction Loans for homeowners allows you to get into your home for as little as 5% down payment!   

Colorado Conventional Construction Loans

This Conventional Construction Loan eliminates the need to re-qualify when the home is complete.  Because this Conventional Construction Loan is only one loan. It reduces the borrower’s closing costs. The property types that are allowed for the Conventional Construction Loan are: traditional stick built homes, Modular Homes, and Manufactured Homes.  No owner builder is allowed for this loan and must be owner occupied. 

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We offer Colorado Conventional Construction Loans and mortgage lending for new construction, renovation and pre-built homes.

We earn your trust by taking the stress out of the buying/building process with our vast experience we can intelligently discuss with you the client the various options available and advise our client in the direction they should follow.

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-qualification process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Call or email Janie today with your lending questions!

Construction Loans for Colorado Real Estate

Conventional & Jumbo Construction Loans

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Offering Construction Loans in Colorado. People have several reasons for needing a construction loan. The first and most obvious reason would be to construct. A construction loan is a short-term loan that is at a fixed rate, an interest only and is usually from 6 to 18 months in length. Taylor Mortgage Group offers construction loans on owner occupied properties as well as investment properties to build and sell home.

Construction Loans for Colorado

Construction Loans for Colorado homes and mountain properties can provide a way to remodel an existing home or to purchase an existing home that will require some additional repairs before putting a permanent loan on the property. In many instances, our construction lenders will allow the borrower to be the General Contractor/Builder. These loans are available to borrowers from city lots to large acreages and from factory pre-built manufactured homes to million dollar mansions.

Down Payment: The down payment can be as low as 10% of the total cost of the loan needed. In the case of the land loan, we may be creative as to the equity the lender will require during the construction period if cash is not readily available. The equity in your land will be credited toward the down payment required by the construction loan. It is possible, depending upon your credit package and other compensating factors, to do a loan for zero down!

Rates: The interest rate on a construction loan may vary depending, on location, credible worth, the total loan package, and is tied to the prime rate on Wall Street. The rate for construction lending has been has been as low as 3.99% to 7.5% in the past. These rates will also vary depending on whether we do a one time close or a construction then permanent loan.

Pre-qualifying

Eliminate wasted time in the purchase transaction. A pre-approval process can be helpful in structuring your final goal. An accurate credit report is a useful tool in assessing your lending options. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan. We are there to advise and assist with any challenges.

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up the verbal pre-qualification with a secure email including a link to our loan application and credit report authorization form to be completed, signed, and returned securely. Upon receipt of your application and credit report authorization, Taylor Mortgage Group will provide an official pre-qualification letter as well as a list of items that you will need to provide to Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group is diligent in meeting our deadlines and commitments. Please call us today at 303-339-5950 or use our online pre-qualification form to get pre-qualified for your home.

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Colorado Reverse Mortgage

Colorado Reverse Mortgage

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Colorado Reverse Mortgage product offers easy approval, does not depend on credit or credit score requirements, and there is no income verification involved. Applicant eligibility requires that the applicant has achieved the minimum equity requirement.

Colorado Reverse Mortgages Lender Closing Costs or points

Homeowners ages 62+ may be pleasantly surprised with the thousands of dollars in savings and an easily obtained Reverse Mortgage product. Taylor Mortgage Group offers retirees Colorado Reverse Mortgages with NO points and NO lender closing costs.

Homeowner’s would benefit from no Lender closing costs; the money spent by lenders while approving loans. Homeowner’s using this Reverse Mortgage program only pays for closing costs applicable to the terms and conditions of the lender, i.e. appraisals, etc… These “non-lender” fees can be financed as part of the Reverse Mortgage Loan.

A traditional mortgage or home equity loan requires monthly payments. A Reverse Mortgage Loan program stops all mortgage payments as long as the owners retain the home as a permanent residence. Homeowners that are still making mortgage payments can save hundreds or thousands of dollars each month. Homeowner’s are required to pay insurance, taxes, and to properly maintain the home and property. An upfront one lump sum payment option is available.

Reverse Mortgage clients utilizing this specially designed program enjoy the freedom to use the money they receive after signing the contract. Homeowners have the opportunity to put the money into savings or investments, pay bills, complete renovations/updating, etc.

When a homeowner decides to move permanently from the home the payment structure changes. Reverse Mortgages are a non-recourse loan. Whether the homeowner decides to sell the home or both the homeowner and spouse pass on. Essentially, if home values decline, a surviving spouse and heirs will not be required to pay off more than the fair market value of the home.

Another requirement to obtain a Reverse Mortgage has to do with a federal government guideline. All reverse mortgages are insured by the federal government. The government requires reverse mortgage applicants to speak with a counselor from the Department of Housing and Urban Development (HUD) prior to approval. Once the applicant receives HUD Certification, then the Reverse Mortgage approval process can be finalized.

For information about creative solutions for home loans and reverse mortgages or rural loans used to develop housing, businesses, industries, and cooperatives, please call Taylor Mortgage Group, at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Colorado Hard Money Loans

Hard Money Loans

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Utilizing Colorado Hard Money Loans, property owners seeking mortgages for Colorado real estate are able to leverage the value of existing real estate holdings to obtain capital for the new real estate purchase. Lenders using Hard Money Loans often minimize the value of the collateral property that is used to secure the loan to 60 to 70% of its value to minimize their risk.

Do I Need a Colorado Hard Money Loan?

Hard Money Loan refers to an asset-based loan with a high interest rate and a Bridge Loan is normally used for a commercial or investment property in transition. Hard money loans are typically issued by private investors or companies for projects lasting 3 to 36 months.

Hard money loans may be used in distressed situations. Hard money loans help property owners to avoid imminent foreclosure or a quick sale. A borrower may save equity and extend the time frame needed to balance his books. Borrowers look into hard money options during distressed financial situations, delinquency on existing mortgages, or midst bankruptcy and foreclosure proceedings.

Hard Money Mortgages are more expensive than Sub-Prime Mortgages. The rate depends on the real estate market and the availability of hard money credit. Extra points also make hard money loans more expensive for the borrower. In comparison to a traditional loan, hard money lenders charge 1 to 3 points more. Commercial hard money loans may cost much more in points. The rate and fees may vary from lender to lender.

Qualifications and criteria for Hard money loans vary depending on the purpose of the loan as well as the lender. Most lenders base decisions on the value of the real estate being secured as collateral and may consider credit scores and income.

The Hard money loan field is loosely regulated by state and federal laws. It is important that borrowers consult with professional real estate attorneys regarding hard money loans before entering into contract.

For information about creative solutions for rural loans used to develop housing, businesses, industries, and cooperatives. Please contact Taylor Mortgage Group at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Customer Reviews - Reverse Mortgages

Reverse Mortgage

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Reverse Mortgage for Colorado Homeowners:

Taylor Mortgage Group offers reverse mortgages to those 62 and older who own their own homes peace of mind and funding for years to come.

  1. Lump sum payment, guaranteed monthly payments, or line of credit options
  2. Never make a monthly mortgage payment again (Homeowner must still live in the home as your primary residence, continue to pay required property taxes homeowners insurance, HOA fees and maintain the home according to FHA requirements)
  3. The money you receive does not affect Medicare
  4. Access to your home’s equity
  5. Heirs inherit any remaining equity after paying off reverse mortgage loan
  6. Maintain home ownership and title

Eligibility:

  • At least one homeowner must be at lest 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse.

There are a number of products available to fit the goals and needs of homeowners. One size does not fit all homeowners in Colorado and Taylor Mortgage Group will tailor the reverse mortgage to your individual situation.

  • Taylor Mortgage Group assists clients to choose the best reverse mortgage product for their circumstances. For example, the London Inter-Bank Offering Rate is connected to the HECM LIBOR Reverse Mortgage. It is traded around the world. It provides stability and higher credit with more cash available. With current low interest rates, the HECM Fixed Rate Reverse Mortgage offers similar value to the adjustable option. Interest rates are subject to change.
  • The HECM for Purchase Reverse Mortgage allows the senior to buy a new principal residence with less upfront cash than would be needed in a regular purchase. The amount depends on home purchase price, lending limit, age, and interest rate. The buyer makes no payments while living in the home.
  • If the holder of a reverse mortgage permanently sells the home, passes away, allows homeowners or flood insurance to lapse or refuses to pay property taxes, then the loan becomes due and payable. However, many of these elements can be dealt with in the design of the reverse mortgage product.

For more information, please call Taylor Mortgage Group at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

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Reverse Mortgages - Home Equity Conversion Mortgage

Home Equity Conversion Mortgage (HECM)

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Reverse Mortgages as a Home Equity Conversion Mortgage (HECM)

Funds Available, Distribution Options, Interest Rates and Costs

  • Most closing costs and fees can be financed as part of the loan, resulting in little or no upfront fees (except for HUD required counseling).
  • The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. Consult your advisor for detailed program terms.
  • Receive your funds in a lump sum, a regular monthly payment, a credit line, or a combination of these options.
  • Amount available is based on the age of the youngest borrower or non-borrowing spouse, current interest rates, existing mortgage amount, and the lesser of the appraised value of your home, sale price or the maximum lending limit.
  • Fixed and variable loan rates may be available.

Eligibility

  • At least one homeowner must be at least 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse, approved condominium or permanently affixed manufactured home

Benefits

  • Eliminates existing monthly mortgage payments. You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, HOA fees and maintain the home according to Federal Housing Administration requirements.
  • Stay in your home and maintain the title
  • Heirs inherit any remaining equity after paying off the HECM loan
  • Federal Housing Administration (FHA) insured HECM Loan Program
  • Loan proceeds are tax-free (Please consult your financial advisor)

Forward Mortgages vs Reverse Mortgages

Forward Mortgage,Lender requirements:

  • Good credit ratings as well as total debt limits.
  • The borrower pays upfront costs, such as closing costs and down payments, and the monthly house payment.
  • When applying for forward home loans, applicants must show proof of income and assets.
  • The homeowner is responsible for taxable income and property taxes.
  • Substantial indications are required that an applicant will be able to make payments on their homes.

VS

Reverse Mortgage Lender Requirements:

  • At least one homeowner must be at least 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit owner occupied home, townhouse, approved condominium or permanently affixed manufactured home

Physical property and equity already paid can serve as collateral in a reverse mortgage. Reverse mortgages are federally insured (FHA) and offer homeowners and heirs additional benefits.

Home Equity Conversion Mortgage (HECM), is A FHA insured loan and used for 95 percent of all reverse mortgages. Consequently, Colorado reverse mortgages are often a better choice for those who qualify. Traditional loan costs increase over time; reverse mortgage costs decrease. To calculate the Total Annual Loan Cost or TALC, ask your mortgage professional for a helpful form similar to the APR of a traditional loan.

For information about creative solutions for home loans, reverse mortgages, and other mortgage products used to develop housing, businesses, industries, and cooperatives, call Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

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USDA Loans Colorado

USDA Loans

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USDA Loans for Colorado. Taylor Mortgage Group wants all potential home buyers to be aware of the opportunity to obtain Colorado mortgage loans from the United States Department of Agriculture or USDA.  Its Rural Development program offers USDA home loans for real estate purchases in small cities and rural areas throughout Colorado and the nation.

USDA loan program offers home buyers financial resources when they purchase Colorado homes or properties.  Using USDA mortgages, borrowers find relief from needing to ask family and friends to pay closing costs and other unexpected fees.

Certain restrictions are important considerations to determine which properties and home buyers may qualify for USDA home loans in Colorado.

 Benefits of the USDA Guaranteed Rural Housing Program:

  • Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
  • No requirement to be a “first-time” home buyer.
  • Available to low and moderate-income rural households.
  • Less up-front cash-to-close requirements for this program than for conventionally insured or FHA loans.
  • Fully amortized 30-year fixed-rate loans.
  • No penalty for pre-payment.
  • No maximum loan limit. Loan limits are dictated by the applicant’s income with respect to program eligibility and loan repayment ability. Previous ties to FHA loan limits have been eliminated.
  • For depository institutions, USDA GRH loans provide opportunities to meet Community Reinvestment Act (CRA) goals.

Property restrictions

  • The property must be located in a rural area.  For the purposes of the USDA loan, the home may be in an open country area or in a city with a population under 10,000 residents.  On occasion, the local USDA Rural Development field officers are able to make exceptions in cities with populations under 25,000 residents.
  • The home needs to meet state and local home-standard requirements to qualify for the USDA home loan products.  For example, the foundation and framing must be solid.
  • Inspections are required for older homes as well as homes that are less than a year old.
  • For new construction the builder must provide a certificate of occupancy and a one-year guarantee on the home.

Borrower parameters

  • The borrower must be a citizen of the United States, a non-citizen National, or qualified Alien.
  • The borrower may not own a home within commuting distance of the property and must live in the USDA-financed home on a permanent basis.

Financial limitations

  • Each borrower must be unable to qualify for a traditional home loan, for example must not have enough in their account for the required 20-percent down payment.
  • USDA home loans require satisfactory credit history, payment history, and maximum 41 percent debt-to-income ratio.
  • Total amount of loan payment, taxes, and insurance may not exceed 29 percent of gross monthly income of the household.
  • Income restrictions apply in certain geographic locations.  The income strength of the entire household – all persons who will be living in the home – may also be factored in to the qualifications of an applicant.

 

Are you Looking for a USDA Loan in Colorado?

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-qualification process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

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Colorado Home Loan Programs

Colorado Loan Programs

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Taylor Mortgage Group lends statewide in Colorado and here is a list of some of our loan program options:

  1. Fixed Rate Mortgages
  2. Adjustable Rate Mortgages
  3. Conventional Loans
  4. First Time Home buyers
  5. FHA
  6. VA
  7. USDA
  8. Land Loans
  9. Construction Loans
  10. One-Time Close Construction Loan
  11. Construction to Permanent Loan
  12. Consolidation Loans
  13. Investment And Second Home Loans
  14. Jumbo Loans
  15. Sub Prime Loans
  16. DSCR Loans
  17. Self-Employed
  18. Horse Properties And Farm Loans
  19. Modular Home Loans
  20. 2nd Mortgages
  21. Refinances
  22. Owner Builder Loans
  23. Renovation Loans
  24. Reverse Mortgages
  25. Agricultural Zoning Loan
  26. Small business loans
  27. Home Equity Loans
  28. Stand Alone HELOC (Home Equity Line Of Credit)
  29. Commercial Loans
  30. Hard Money Loans

One of the most important steps in getting the loan process started is getting pre-qualified. This step can eliminate wasted time in the purchase transaction. A prequalification process can also be helpful in structuring your final goal. You may find something showing up on your credit report that is incorrect, or may need to do some debt consolidation in order to qualify for the price range you were interested in. We are there to assist and advise with any challenges that may come up.

A pre-qualification can be handled by telephone. This is followed up by an email with a link to our loan application, and a secure link to upload the documents to. A letter with a list of items that will be needed to complete the transaction ” Needs List” once you are under contract. More complicated packages may require a few days. In any event, we strive meet our deadlines and commitments without any undue stress for anyone involved.

For additional information on your financing needs please feel free to call Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393!

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Reverse Mortgages for Seniors

10 Questions & Answers about Reverse Mortgages

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Do you have Questions about Reverse Mortgages? Seniors 62 and older are now joining others who have already taken advantage of the Reverse Mortgages available as one of today’s Colorado home loan options. Senior interest is growing and many are considering applying for Reverse Mortgage home loans.

The Reverse Mortgage

The Reverse Mortgage can fund anything from healthcare to home modifications to travel plans.Seniors are employing the  Reverse Mortgage home loan product as a tool to create financial independence. Because they chose a fitting Reverse Mortgage for their circumstances, quite a large number of homeowners have opted to remain in their Colorado homes free of mortgage payments.  These seniors employed Reverse Mortgage home loan products as tools to create financial independence.

Common questions asked by seniors (age 62+) to determine if the Reverse Mortgage is a good choice for their lifestyle.

  1. May I obtain a Reverse Mortgage if I still owe my lender?  You can qualify for a Reverse Mortgage if you have a low loan amount or a trust.
  2. Do I seem desperate if I opt for the Reverse Mortgage?  No.  Large numbers of homeowners use the Reverse Mortgage as a financial planning tool to fund investments and any number of objectives such as in-home healthcare.
  3. Will the bank take my home if I opt for a Reverse Mortgage?  No.  The title remains in the homeowner’s name.
  4. Does the credit line pay interest?  The increasing credit line grows over time and does not pay interest.
  5. Does the Reverse Mortgage only work for a principal residence?  On a private Reverse Mortgage, some second homes also qualify.  If the Reverse Mortgage is FHA-insured, only the primary home qualifies.
  6. Are all Reverse Mortgages FHA?  Private lenders such as Lehman Brothers and Seattle carried private Reverse Mortgages.
  7. Are the closing costs high?  Closing costs are included in the credit line and are paid when the loan is mature, sometimes after the home owner’s lifetime.  Although the appraisal fees are required up front during closing, some Reverse Mortgage loans can include appraisal fees in the credit line.
  8. Does the Reverse Mortgage tie up all the home equity?  Brief verse mortgages do not allow 100 percent lending against the value of the property.  The applicant is only charged for what is taken out.
  9. If I have a year of bookable trust, can I still do a Reverse Mortgage?  For the Reverse Mortgage, the irrevocable trust can be used with the private jumbo program.
  10. Do I have to be a United States citizen?  There are Reverse Mortgage programs for resident aliens and people with working visas.
Need information about home loans and reverse mortgages? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

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Factory Built housing Loans

Manufactured & Modular Home Loans

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Modular / Factory Built Housing Loans?

Included in the mainstream lenders are:

  • FHA (Federal Housing Administration)
  • Fannie Mae (The Federal National Mortgage Association)
  • Freddie Mac (The Federal Home Loan Mortgage Corporation)
  • HUD (US Department of Housing and Urban Development)

Factory Built home lending has changed as well changed and so have their buyers! Factory Built home lending has changed as well. Previously factory built homes were financed almost entirely on a non-real estate loan basis. Today these same homes are being financed with traditional mortgage loans enabling Taylor Mortgage Group to offer the lowest financing available.

Factory Built housing is becoming the wave of the future. Studies indicate that sales of manufactured housing will exceed the sales of site built housing within the next decade.

 

Pre-qualifying

Eliminate wasted time in the purchase transaction A  pre-qualification process can be helpful in structuring your final goal. An accurate credit report is a useful tool in assessing your lending options. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.  We are there to advise and assist with any challenges.

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up the verbal pre-qualification with a secure email including a link to our loan application and credit report authorization form to be completed, signed, and returned securely. Upon receipt of your application and credit report authorization, Taylor Mortgage Group will provide an official pre-qualification letter as well as a list of items that you will need to provide to Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group is diligent in meeting our deadlines and commitments.

Please call us today or use our online pre-qualification form to get pre-qualified for your home.

Are you buying a new factory built home home, need information about Factory Built Housing Loans? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

Apply Online Now
Jumbo Construction Loan a One Time Close Construction Loan

Jumbo Construction Loan a One Time Close Construction Loan

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This Jumbo Construction Loan is a One Time Close Construction Loan.  It allows you to get into your home for as little as 10% down.  This One Time Close Jumbo Construction Loan eliminates the need for you to requalify when the home is complete.  The One Time Close Jumbo Construction loan is only one loan, it reduces the borrowers closing costs.  This loan product is only offered to primary and 2nd home construction.  The property types that are allowed for the One Time Close Jumbo Loan are: traditional stick built homes, Modular and Manufactured Homes.  Call for more details on this loan product. Owner builder’s are not allowed for this loan type.

Taylor Mortgage Group

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Please contact us for owner builder loans that are not our One Time Close product.

Apply Online Now
USDA Construction Loan

USDA Construction Loan a One Time Close Construction Loan

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The USDA Construction Loan is a One Time Close Construction Loan.  It allows you to get into your home with no money down!  Builder approval is required and additional steps are required for builder approval.   Contingency is required in the cost to build.   The USDA loan eliminates the need to requalify when the home is complete.  Because this USDA Loan is only one loan, it reduces the borrowers closing costs.  This loan is only allowed in specific areas of the State of Colorado, so location is important to check out before proceeding.  This loan also has income limits.  The property types that are allowed for the USDA Construction Loan are: traditional stick built homes, Modular Homes and Manufactured Homes.

Call for more details on this loan product. No owner builder is allowed for this loan and it must be owner occupied. 

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Taylor Mortgage Group

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates. We work with with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation. This is done in order to help them qualify for the price range they are interested in for their loan.

Call or email Janie today with your Colorado home loan or CO mortgage lending questions.