FHA Home Loans are a mortgage insured by FHA within the Department of Housing and Urban Development. Since 1934, FHA home loans have been available, in fact, FHA began during the depression era. FHA has always been a very popular home loan for first-time buyers. It has also been very popular for people who have suffered bankruptcy or foreclosure, due to shorter waiting periods than conventional loans after these types of events. FHA won’t lend you the money, but an FHA approved lender will. FHA loan limits have been increased over the years to assist as housing has become more expensive. Given the down payment, requirements are currently 3.5%, it opens the door to homeownership for many who thought it would not be possible.
A conventional loan is ideal for those who make larger down payments and have a stronger credit profile. Unlike government backed loans (FHA,VA,USDA), conventional loans are not insured by government agencies. So they conform to underwriting guidelines set forth by Fannie Mae and Freddie Mac. Therefore, you will find that the higher the credit score, the lower the interest rate. Times have changed, so this isn’t your 1980’s conventional loan. You don’t need 20% down. In fact, this is a big misconception about conventional loans.
Many recent changes have expanded the available pool of mortgages to buyers through conventional loans.Bear in mind, if you are buying an investment property you will need a conventional loan. Sometimes condos (unless FHA/VA approved) require that you buy using a conventional loan as well.
Running a successful business is no small accomplishment. Though when you turn around and try to get financing to buy a home, it can feel like an uphill battle to Securing a Self-Employed Mortgage. Being told you don’t qualify because of your tax returns can make you want to scream. Meanwhile you look at your cash flow and business financials and know you can afford to buy a home. It is a delicate balancing act. Between your C.P.A maximizing the benefits you are afforded by being a business owner, when filing taxes and obtaining a mortgage. If you have been told by your bank you can’t qualify for a mortgage, there is still hope. As a mortgage broker, we have a fiduciary responsibility to offer loan programs to those who qualify. There are options for you as a business owner to qualify to buy a home, even if on paper it may not appear so to your bank. Reach out and let’s chat. We’ve helped many homeowners who were told no by their banks.
VA home loans (available to qualified veterans, surviving spouses) in Denver allow you to buy a home without a down payment. You can buy 1-4 unit homes, and approved condos with a VA mortgage. The VA does not impose a maximum loan amount. Meaning lenders can lend above the effective loan limits, but the Veteran may be required to make a down payment.
Jumbo home loans are for those looking to buy a home, second home or investment property that is priced above the Conventional and FHA loan limits.
Flexibility exists with adjustable rate mortgages allowing you to be strategic about your cash flow position. However, in today’s world jumbo fixed rates are competitive with standard conventional interest rates as well.
Obtaining a residential mortgage if you work in the cannabis industry is now possible. There are far too many false facts, inaccurate statements, and false assumptions. We want to help put to rest all of these and give you the facts and the truth in order to help you achieve the American dream of homeownership.
We have helped other cannabis employees such as yourself purchase a home when in fact they thought it wasn’t possible.
The cannabis industry is projected to create more jobs than manufacturing by 2020 per Forbes and Business Insider. Colorado created an estimated 20,000+ jobs from just the cannabis industry alone, as well as helping to lower our unemployment rate. With stats like this, we are happy to know that we can help more employees.
DSCR – This one is all about how well your property cash flows. Suppose you have long-term or short-term rentals without any income documentation. In that case, this qualification will be based on how well the property cash flows for the rental amount without the need to use your income for qualifying
Fix & flips are some of the most popular ways to invest in real estate. The investor purchases a property, fixes it up, and then sell for more than they bought it at initially–this is called ‘flipping.’ These are short-term loans (12 – 24 months). Remember that you could also fix & flip to rent your property and get passive income monthly.
The bridge loan is a 12-month mortgage that uses the equity from one home to buy another. It’s great for buying houses without being contingent on selling your current property
Note: terms depend on your experience as an investor – the more experience you have, the better the terms you will get. Let’s craft your wealth building path together!
USDA mortgage loans are designed to help you buy in rural areas. Applicants must meet income limitations as defined by the area median income. The USDA mortgage loans are separated out to Direct and Guaranteed segments. Income limits will vary by segment.
The cross-collateral loan is a creative and innovative investment approach where you will use the equity in your current property (without selling) to reinvest in your next home.
Our Bridge Loan programs can help you purchase a new home before your existing home is sold. If a seller is unwilling to consider purchase offers with sales contingencies, we have two programs to choose from:
This loan program is designed for borrowers who are under contract for the sale of their existing property and want to make an offer on another property without a sales contingency. Under this program, you can take the equity from your current home (that is a pending sale) and use the funds to purchase a new home.
Are you looking for a fix and flip loan? Mortgage Maestro Group has you covered. We have a variety of loans that can meet your needs, whether you’re a first-time flipper or a seasoned pro. Our team has the knowledge and experience to get you the best possible financing for your next project.
If you’re new to flipping, we can help you learn the ropes and get started on the right foot. Step by step, we’ll walk you through the process, from finding a property to finalizing the sale. And if you’re an experienced flipper, we’ll work with you to get the most competitive financing.
If you dream it, you can do it! Whether you choose a conventional renovation loan or an FHA 203K loan. For those whose project exceeds county loan limits for conventional and FHA loans, there are even construction loans we can help with.
CHFA has been assisting homebuyers in Colorado since 1973! They can make your dream come true. They do require homebuyer education, however, CHFA can supplement when you need down payment assistance, or prefer to make a smaller down payment.
Down payment assistance can help a buyer who is ready to buy but has limited funds saved for a down payment. However, this may not always be the case. It may also be needed when you are looking to hold on to your hard-earned savings and leverage your savings by not liquidating all of it for a down payment on a home.
Lowering your interest rate saves you money, but that isn’t the only reason people choose to refinance. Refinancing goes beyond “rate shopping”, it takes experience, knowledge and education.
Deciding to refinance starts with weighing the benefits and the cost, then deciding if it makes financial sense. Every lender can offer lender paid closing costs, but a good lender should show you the cost benefit of this option. They should guide you and help you understand the available options. They also, may advise a strategy you didn’t think you were open to, but has a positive financial impact for your family’s largest asset.
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
387 N Corona St #646, Denver, CO 80218.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
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