Capital Home Mortgage Denver

Denver home purchase loans

Home Purchase lender Denver Colorado

Home Purchase Loans In Denver

Denver homebuyers should expect fierce competition in 2023. Home values have risen 13% yearly and may climb 0.5% further. S&P/Case-Shiller Home Price Index shows prices are becoming more affordable for purchasers. Despite economic issues, the Denver housing market will continue rising. Buyers should expect competition due to record-low availability and great demand.

Purchase Loan Programs in Denver

Denver home buyers have several mortgage options when financing a home purchase. The most prevalent among them are the following:

  • Conventional Loans

A conventional loan in Denver, Colorado, is a mortgage that is not federally guaranteed. Unlike FHA or VA loans, conventional loans are solely guaranteed by the financial institution that makes the loan. These loans are available in various term lengths, down payment alternatives, and interest rates, allowing borrowers to customize the mortgage to their specific requirements.

The fundamental distinction between a conventional conforming loan and a non-conforming loan is the lending limit imposed by Freddie Mac and Fannie Mae. Conforming loans comply with these established restrictions, but non-conforming loans exceed them. As of 2023, the conventional loan ceiling for conforming loans in Denver, Colorado, is subject to yearly modifications based on home prices and other economic conditions.

Denver’s 2023 conforming loan limits are $787,750 for a single-unit home, $1,008,450 for a duplex, $1,219,000 for a triplex, and $1,514,950 for a quadplex.

Conventional conforming loans have lower interest rates and more flexible terms than non-conforming loans. Lower down payments and the possibility of removing private mortgage insurance (PMI) after equity reaches 20% are frequent advantages. Eligibility requirements often include a minimum 620 credit score, a debt-to-income ratio of less than 45%, and proof of steady income and assets. These elements contribute to lenders’ risk assessments, ensuring borrowers fulfill the set parameters for a typical conforming loan.

  • FHA Loans

The Federal Housing Administration (FHA), a U.S. Department of Housing and Urban Development (HUD) division, insures FHA home loans in Denver, Colorado. The primary purpose of FHA loans is to facilitate homeownership for purchasers who may not qualify for conventional loans, typically by requiring smaller down payments and more lenient eligibility requirements.

The fundamental distinction between FHA and conventional loans is the conditions for backing and eligibility. Because FHA loans are government-backed, they can have lower down payments and more lenient credit standards. Conversely, conventional loans are not backed by the government and often need higher credit scores and more significant down payments.

Key characteristics of an FHA loan include the option for a smaller down payment (occasionally as low as 3.5%) and leniency regarding credit scores, frequently approving scores as low as 580. First-time purchasers and those with less-than-perfect credit histories can qualify for FHA loans, which is a significant advantage. However, debtors are required to pay mortgage insurance premiums, which can increase the cost of the loan over the long term. A stable employment history, a FICO credit score of at least 580 for maximum financing, and a debt-to-income ratio not exceeding 45% are typical eligibility requirements.

  • VA Loans

A VA home loan in Denver, Colorado, is primarily intended for active-duty military members, veterans, and certain eligible spouses. These loans, guaranteed by the United States Department of Veterans Affairs, are designed to make homeownership more accessible to veterans who have served their nation. A VA loan has no down payment requirement, no private mortgage insurance (PMI), and often lower interest rates than conventional loans.

The key distinction between VA and conventional loans is the guarantee backing and eligibility requirements. Conventional loans are not backed by any government entity, making them riskier for lenders and frequently necessitating larger down payments, higher credit scores, and the addition of PMI for down payments of less than 20%. On the other hand, VA loans have less stringent credit requirements and are backed by the government, eliminating the need for PMI and allowing for 100% financing.

Eligibility for a VA loan is based solely on service history and military status. Applicants must meet specific service standards, including minimum active-duty service or an honorable discharge. A Certificate of Eligibility (COE) is granted to people who qualify, and it is required to apply for a VA loan.

  • Jumbo Loans

A jumbo home loan in Denver, Colorado, is a type of mortgage that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. In essence, jumbo loans are intended for homebuyers seeking to purchase high-value residences that necessitate a loan amount higher than the conventional-conforming limit of $787,750 for 2023.

The fundamental difference between conventional and jumbo loans is the loan amount. Conventional loans meet the requirements established by government-sponsored enterprises such as Fannie Mae and Freddie Mac. These loans comply because they follow these defined parameters, including lending limits. On the other hand, Jumbo loans are not acquired by these enterprises and thus do not have to adhere to these criteria; yet, they often have more demanding credit requirements and need higher down payments.

Jumbo loans provide bigger loan limits, greater flexibility in loan-to-value ratios, and the option of both fixed and adjustable rates. The capacity to finance more expensive homes and flexible loan structures are frequently cited as advantages. However, the eligibility standards are often more demanding; borrowers frequently require a higher credit score, a lower debt-to-income ratio, and more enormous cash reserves than conventional loans.

  • Construction Loans

A Denver, Colorado, construction home loan is a mortgage designed to finance the construction of a new home or the considerable renovation of an existing one. Unlike a regular mortgage, which is disbursed in one lump payment to purchase a home, a construction loan is often paid in draws at various stages of the development process. The loan is due or converted into a regular mortgage after construction.

The number of closings and loan conversions is the primary distinction between a one-time close construction loan and a standard construction loan. A one-time close construction loan combines the construction loan and the permanent mortgage into one transaction, needing only one closing. This financing locks in the mortgage rate immediately and transforms into a permanent loan after construction is completed, eliminating the need for a second closing. On the other hand, a regular or two-time close construction loan necessitates two different transactions: one for the construction phase and another for the conversion to a permanent mortgage, each with its own closing.

A construction-to-permanent loan simplifies financing by consolidating the construction loan and permanent mortgage into a single transaction. This generally reduces closing costs and provides the advantage of securing a mortgage rate from the outset. It reduces the risk of rate fluctuations during the construction period and facilitates the budgeting process for borrowers. In addition, such loans frequently feature interest-only payments during the construction phase, which can reduce financial strain during this period.

  • Non-Qualified Mortgage Loans

In Denver, Colorado, a Non-Qualified Mortgage (Non-QM) loan is a mortgage loan that does not meet the Consumer Financial Protection Bureau’s guidelines governing Qualified Mortgages. Non-QM loans are more flexible and can handle diverse financial scenarios such as irregular income or lower credit scores than Qualified Mortgages, which must meet specific requirements such as debt-to-income ratios and proof of borrower’s ability to repay.

The main distinction between qualified and non-qualified mortgage loans is the level of regulatory control and borrower protection. Qualified mortgages are created to adhere to tight rules that try to ensure the borrower’s ability to repay the loan, reducing risk for the lender. These frequently contain loan features such as interest-only payments and negative amortization. Non-QM loans are not subject to these constraints and have more relaxed underwriting standards, allowing them to accommodate a broader spectrum of borrowers.

Non-QM loans include interest-only loans, loans with terms longer than 30 years, and loans with negative amortization. Non-QM loans are notable for their adaptability; they can accommodate self-employed individuals, those with considerable assets but unpredictable income, or those with less-than-perfect credit. Non-QM loans often provide faster approval times and the capacity to acquire finance that might otherwise be unavailable through regular loan products.

Apply for a Denver Home Purchase Loan

It is imperative to assess one’s financial status and long-term objectives before choosing the most suitable home loan, as each type of loan offers unique advantages and disadvantages. Seeking guidance from a mortgage expert is highly advisable when navigating the mortgage process and arriving at the optimal conclusion tailored to one’s circumstances.

Call (303) 226-1177 to speak with a Denver Home Loan Specialist about a home purchase loan.

Why Denver HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Denver Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Denver Home Purchase Loans

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Denver fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Denver Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

Denver Mortgage Programs

Denver Home Purchase

Thinking of Buying a Denver Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Denver renovation home loans

Looking to Rehab a Denver Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Denver FHA Home Loans

Great for 1st Time Denver Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Denver VA Home Loans

100% Financing for Denver Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Denver Conventional Home Loans

Flexibility for Denver Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Denver Jumbo Home Loans

Denver Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Denver USDA Home Loans

100% Rural Denver Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Denver Native American Loans

Denver HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Denver Manufactured Home Loans

Great Alternative Denver Housing

Denver reverse mortgages

Your Denver Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Denver Non QM Home Loans

Making Denver Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Denver One Time Close mortgages

Build Your Denver Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Denver Refinance Mortgage Loans

Denver Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Denver Cash-out Home mortgages

Denver Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Denver Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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