Colorado Loan Programs and mortgages.

Guaranteed Colorado Rural Housing USDA Loans

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Looking for Colorado USDA Loans? We can help with USDA Guaranteed Rural Housing (GRH) loans.

No assets, no problem – With up to 100% financing available. Borrowers may be eligible to finance the purchase price plus some or all of the closing costs and prepaids, based on the appraised value, plus the USDA guarantee fee.

Colorado USDA Loans – 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.

For more product details on the USDA Guaranteed Rural Housing Program please contact us.

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The Taylor Mortgage Group

Looking for a land and construction loan? Our reputation in the industry is based on our ability to complete the entire lending process efficiently and quickly. This process includes new Colorado construction loans for both custom and factory built homes. Our specialty is securing loans that will ultimately save the borrower time and money from the land purchase through construction to permanent financing.

Our staff is at your disposal for all your lending needs. We can provide you with loan approval within a matter of hours. Any questions you may have about financing can be sent directly to: [email protected]

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

Colorado Construction Loans for Mountain Homes

One Time Close Construction Loans

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Looking for One Time Close Construction Loans? Taylor Mortgage Group has lenders that will do something that no other lender will do….a “One Time Close Loan”. The Lender can go off of the appraised value and could offer you a loan amount of 80% of the appraised value. Depending on the area and how much you have put into the land and the rising values of homes in Colorado, it has been possible to come to the table with no money down!!! (If you already own the land at the time of the application, you would be required to put down 20% of the hard costs!)

On a “One Time Close Construction Loan”, you have only one set of closing costs, one closing, one appraisal and you only pay off the portion of the loan that you have drawn. Since the lender will require a line item for cost overruns, you could actually have a permanent loan less than your construction loan.

Taylor Mortgage Group offers the fastest closing and best rates on “One Time Close Construction Loans”. Taylor Mortgage Group offers 15, 20, and 30 year fixed rate loans with no adjustable rate mortgage in a few years and no prepayment penalty. We also offer additional loan options including a 1, 3, 5, 7 adjustable rate mortgages.

Taylor Mortgage Group offers plenty of options for a One time close construction loan. The construction loan and the permanent loan are closed at one time! At the end of the construction the “One Time Close Construction Loan” modifies to the permanent mortgage (Your typical 30 year fixed mortgage).

The best news is that we lock in your rate prior to the closing of the loan, and that rate becomes an interest-only loan during the construction period. At the end of construction that same rate will convert to your fixed rate principal and interest payment. This feature offers you peace of mind during the construction of your new home, without the concern of the rates going higher by the time your home is built. Additionally, you only have to pay the interest each month, on the amount you have drawn from the total loan. If you have any further questions regarding the “One Time Close Construction Loan”, please contact Janie Taylor at our office at 303-339-5950 or directly at 303-884-9393.

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VA Construction Loans

Colorado VA Construction Loan One Time Close Construction Loan

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Our Colorado VA Construction Loan is a One Time Close Construction Loan.  It allows you to get into your home with no money down! The VA Construction Loan eliminates the need to requalify when the home is complete.  Because the VA Construction Loan is only one loan, it reduces the borrowers closing costs.  Many of the closing fees must be paid by the builder.  The builder must be registered on VA’s Website and the standard VA guidelines apply.  The property types that are allowed for the VA 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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FHA Construction Loan

Colorado FHA Construction Loan a One Time Close Construction Loan

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The FHA Construction Loan is a One Time Close Construction Loan.  It allows you to get into your home for as little as 3.5% down.  This FHA Construction Loan eliminates the need to requalify when the home is complete.  Because the FHA Construction Loan is only one loan, it reduces the borrower’s closing costs.  The borrower does not pay monthly interest payments during the construction period.  Interest is built into your loan at the beginning of your construction loan.   The property types that are allowed for the FHA 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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Jumbo Mortgages Luxury Home Loans

Jumbo Mortgages and Home Loans

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Jumbo Mortgages are mortgages with a loan amount above conventional loan limits determined by local counties.

Jumbo Mortgages are determined by local county limits.

What are the “Pros and Cons” of a Jumbo Mortgage? Pro: This allows you to purchase property above conventional loan limits. Con: Payment of slightly higher interest rates will apply. Dollar amounts that define a Jumbo Mortgage are redetermined annually by the local counties.  A Jumbo mortgage is considered a non-conforming loan because it exceeds the loan limits set by Fannie Mae and Freddie Mac. Single-family limit benchmarks change annually. If your borrowing needs exceed the Fannie Mae or Freddie Mac limit amount, you will need a Jumbo mortgage.

Are you buying a new luxury home, need information about Jumbo 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-qualifying 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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Home Renovation Loans

Home Renovation Loans

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Home Renovation Loans can be obtained by Colorado home owners to repair, remodel, or renovate their properties.

Several types of FHA 203K Loans are available

  • Loans assumable to a qualified buyer with no money down.
  • 15-year or 30-year fixed rates
  • The borrower may finance up to six months of mortgage payments, or the property may be purchased, refinanced, and improved with one combined loan.
  • 1-year ARM

FHA 203K Renovation Loan, a Construction Loan, and/or Equity Loan or Line of Credit. These types of loans cover repairs or remodels of kitchens, bathrooms, plumbing, septic, additions, pop tops, or site improvement.

The FHA 203K Loan is designed to help communities and neighborhoods maintain vitality.  These renovation loans follow standard FHA guidelines and upfront mortgage insurance is not required.  This program offers borrowers flexible credit-qualifying terms with low down payments of 3.5 percent.

FHA 203K Loans, Conventional Renovation Loans, and Jumbo Renovation Loans offer many options.  The FHA 203K Loan is available to borrowers of all income levels.

Eligible borrowers for FHA 203K Loans:

  • owner occupants and
  • nonprofit organizations

Eligible properties for FHA 203K Loans:

  • single-family dwellings
  • condominiums
  • townhouses
  • mixed-use storefronts
  • 1-4 Unit buildings/homes.

(Investors are excluded for FHA 203K loans)

Conventional Renovation Loans allow investors and second-home owners to obtain Renovation Loans for greater amounts than the FHA 203K Loans.

Construction Loans

Major remodeling can be achieved through a Construction Loan.  This loan is perfect for additions or adding pools or tennis courts.  The Construction Loan is beneficial for many reasons.  Up to 100 percent of the loan-to-cost ratio can be considered.  The loans can be designed to pay house payments during the remodeling job.  Available as full documentation loans. We offer several options and creativity on structuring these loans!

Equity Loan or Line of Credit

A homeowner can also utilize an Line of Credit or Equity Loan to finance home remodeling, new additions, and landscaping projects.  Homeowners can apply for 90 percent of the value of their homes.  This option works for those with very good credit.  Some specific remodel loans which improve the home’s value are released in draws to pay for materials and/or contractors. Most are built with variable rates.

 

Need information about Home Renovation 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. 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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Owner Builder Spec Home Loans & Mortgages

Colorado Owner Builder and Spec Home Loans

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Are you a licensed contractors in Colorado looking for Owner Builder Spec Home Loans? Taylor Mortgage Group can assist you in securing licensed contractors that have been screened for your construction needs. Some lenders will accept the borrower acting as their own General Contractor provided the owner builder has verifiable experience in home construction.

Owner Builder and Spec Home Loans

Construction loans or owner builder loans for spec homes are available both as an owner occupied property and as an investment property.

The borrowers need only to prepare the site and foundation and the manufacturer will build, deliver, and set the home. Many owner builder loans that we offer are for Factory Built homes. Construction lenders find this financing attractive due to less risk and a shorter term of construction.

At the completion of the construction loan, Taylor Mortgage Group will match you and your project with the best source of permanent funding available. Working with several local and National resources we can provide a permanent loan for most transactions. Taylor Mortgage Group specializes in construction and construction to permanent loans.

Down Payment: The down payment can be as low as 20% depending on whether or not the property will be owner occupied or built to sell. We also have a zero down program that is offered based upon the credit package and the loan to value ratios. If cash is not readily available there are several different options that we can offer the lender for equity in lieu of cash.

Rates: Our lenders for the owner builder loans will usually not penalize the borrowers in rate. Remember that construction loan rates can change daily.

A pre-qualification can be handled by telephone. 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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HELOC Home Equity Loan

Home Equity Loans (HELOC)

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Looking for a HELOC or Home Equity Loans? HELOC stands for Home Equity Line of Credit. Most home equity loans require good to excellent credit history, reasonable loan-to-value, and combined loan-to-value ratios. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education.  A home equity loan creates a lien against the borrower’s house and reduces actual home equity.

What types of Home equity loans are there?

Home equity loans come in two types: closed end HET and open end HELOC which can be referred to as second mortgages. Home equity loans and lines of credit are usually for a shorter term than first mortgages. Home equity loans can be used as a person’s main mortgage in place of a traditional mortgage. You can not purchase a home using a home equity loan and you can only use a home equity loan to refinance.

A home equity loan is when the borrower uses the equity in their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A home equity loan is when the borrower uses the equity in their home as collateral.

Need information about HELOC or Home Equity 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 LLC at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

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Land Loans

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Colorado Land Loans

Taylor Mortgage Group can direct the potential homeowner and assist with the best financing utilizing our valuable expertise to our customers. Taylor Mortgage Group can do it all! We can bridge a Colorado land loan to a construction loan and on to the permanent financing with literally one-stop shopping. Taylor Mortgage Group is a broker that is Colorado statewide that helps you find all your lending needs!

Typical Requirements:

  • 680 Minimum FICO score
  • 43% DTI (Debt- to- Income) Ratio
  • 20-35% down payment

Pre-Qualifying for a Colorado Land Loan

Eliminate wasted time in the purchase transaction with a pre-approval. The 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.

Pre-Qualification

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up with a 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. Feel Free to contact us today at the Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at 303-884-9393 for any of your funding needs!

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FHA VA Loans

FHA & VA Home Loans

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FHA VA home loans can benefit home buyers by insuring the transactions, the FHA’s loan products boost competitive interest rates and loan terms.  They also demand fewer home repairs. The Federal Housing Administration or FHA-backed mortgage allows home buyers imperfect credit histories and low down payments.

The FHA loan product is most often used by first-time home buyers and low to moderate income buyers.  FHA approved lenders are authorized to assist home buyers by taking loan applications, processing loan applications, underwriting loans, and closing loans.

FHA home loans consolidate the cost of mortgage insurance into the home loan, increasing the premium approximately 1.75%, as an upfront fee with and additional monthly fee of 1.5%  incurring a small increase to the monthly mortgage payment.  The use of the term “FHA loan” is a misnomer.  The Federal Housing Administration serving under the Department of Housing & Urban Development insures home loans.  It does not issue the loan or guarantee the loan.  Therefore, the FHA insurance-backed home loan minimizes the default risk for lenders.  That is especially important when borrowers submit less than 20 percent down payments.

How to Find Out if You Qualify for a VA Loan

One popular Colorado home loan is available from the Veterans Administration or VA. Present and past military on active duty service and reservists are eligible for the VA loan package. The Veterans Administration loan program requires eligible applicants to qualify.

Below are the basic eligibility requirements for VA loans. The applicant must accrue one of the following terms of service with the United States military and have received an honorable discharge, if applicable:

  • 90 days or more active-duty service during wartime
  • 181 days or more of active-duty service during peace time
  • Surviving spouse of a veteran who died during service or because of service related injuries
  • Reservist deployed for 90 days or more in a combat zone
  • Reservist with six years of service

Qualifications

Qualify for a VA loan parallels the traditional loan process. Applicants need to obtain a Certificate of Eligibility from the Veterans Administration or the VA Loan Specialist to begin the process.

Oftentimes, veterans choose to mortgage their homes with VA loans to leverage their accumulated service to the country. A VA approved lender will facilitate the process. Other variables to be considered during the qualification process include; credit, employment, income, and bankruptcy.

Most lenders require applicants to maintain a minimum credit score of 580. Credit history, especially during the past year, is heavily weighted. Late payments and new credit applications need to be kept at a minimum. Applicants must wait two years after a Chapter 7 Bankruptcy and one year after a Chapter 13 Bankruptcy.

The Veterans Administration prefers borrowers who are employed with a steady income for two consecutive years. With documentation to support a good explanation, in some circumstances they will allow for a shorter employment term period. The applicant must prove enough income to make monthly mortgage payments, monthly expenses, and have discretionary income left over for miscellaneous expenses and emergencies.

Circumstances and situations may differ from the general overview presented here. We highly recommend speaking with a VA Approved Home Loan provider for expert advice.

Low down payment:  FHA rules as of January 1, 2009 allow borrowers to put down as low as 3.5% and to finance 96.5% of the purchase price of a home.

FHA Loan limits are high:  Home buyers may use FHA loans to mortgage homes costing up to 115% of local median prices.  The FHA mortgage limits change periodically.  On January 1, 2009, the FHA maximum conforming loan limit changed to $417,000 for single family homes; loan limits may not exceed $625,500 in any area.  There are no income limits.

FHA and credit background:  An FHA loan mitigates many financial problems.  Applicants may have lower FICO scores than they are allowed with a conventional loan.  To obtain FHA loans after bankruptcy, the applicant must wait 2 to 3 years and maintain good credit.  To obtain FHA loans after foreclosures, the applicant must wait 2 to 3 years and maintain excellent credit.  In addition, FHA allows higher debt ratios than the limits imposed for conventional loans.

Reasonable FHA repair demands:   In the past several years the FHA has loosened its requirement for home repairs.  For example older roofs do not need to be replaced unless they leak; however, defective roofs that leak need to be replaced before closing.  Windows that stick do not need to be replaced.
FHA loans offer competitive rates and terms:  Interest rates for FHA loans vary within 0.125 percent of conventional loan.

Anyone may apply for an FHA loan. Please contact Taylor Mortgage Group for assistance.  For information about creative solutions for rural loans used to develop housing, businesses, industries, and cooperatives. 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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Conventional Loans for a New Home

Conventional Loans

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Have you been looking at Conventional Loans? Conventional Lenders prefer a high down payment and high credit but sometimes they will grant a loan to someone with a low down payment and high credit.  The higher your credit score; the better chance of getting a lower interest rate. If you have a credit score that is low and you still qualify for the loan, you will have a higher rate than someone with a high credit score. Typically this loan would be a 30 year fixed rate loan. The terms of the loan will change depending on your down payment.  Down payments less than 20 percent down make you a bigger risk to a lender and typically require private mortgage insurance (PMI).  PMI protects the lender in case of default.  Avoiding PMI may be accomplished with a larger down payment.

Need information about Conventional 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-qualify. 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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Small Business Loans

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