Whether You Are A First Time Home Buyer, Veteran,
Investor or Want to Refinance, Here Are Some
Practical Steps to Home Financing –
There are still two programs that are 100% financing for home loans:
1. The VA loan for veterans and reservists.
2. The Rural Housing Program, for properties outside urban areas. In Mesa County that would be places such as Fruita, Palisade, Whitewater, DeBeque and Collbran, Colorado. FHA (Federal Housing Authority) loans require 3.50% down payment and Conventional Loans require 5% down payment.
Most home loans require a credit score of at least 620. However, the higher the credit score the better deal you will get on the interest rate. A 740 credit score or above is the best. So before going to a lender, get a copy of your free credit report at Annual Credit Report. Dispute anything that is incorrect with the 3 major credit repositories. If you don’t have a credit score, get a credit card from somewhere like Orchard Bank, which can be backed by your own money. Borrow a small amount and pay back every month on time until you establish good credit.
Mortgage Brokers usually have several lenders they can shop your loan to, and as a big advantage aren’t locked into the policies of one lender. You should look at 3 lenders at the very minimum. You need to get at least one Good Faith Estimate of closing costs from each of those lenders. Then at this point, you will need to decide if you should go for the lowest interest rate or the lowest closing costs or something in between.
Next step, enjoy your new home.
Rhonda Sherman, Owner
License # 100008357 NMLS # 381084
145 Grand Ave., Suite B
Grand Junction, CO 81501
Office: (970) 257-1502 or Cell: (970) 250-8613
Web site: Dependable Mortgage Co. (apply online 24/7)
Regulated by the Division of Real Estate
An Equal Housing Lender