Capital Home Mortgage Colorado

Colorado Renovation Home Loans

Renovation Mortgage Lender Colorado

Home Renovation Loans In Colorado

Home improvement loans are types of mortgages with built-in funding for repairs. They are used to finance a residence’s renovation, remodeling, or repair. These loans are frequently mortgages with additional funds for home enhancements, allowing homeowners to borrow against the home’s future value.

Home Renovation Loan Programs

Different types of home renovation loans are available in Colorado, each with unique guidelines and eligibility requirements. Here are the most common home renovation loans:

  • FannieMae HomeStyle

Popular among home improvement loans is the HomeStyle Renovation loan, which provides financing for a wide variety of repairs and improvements. This loan can be used to gut and renovate the interior, including the kitchen and restrooms.

A Fannie Mae Homestyle loan is a conventional mortgage that offers lower-interest financing for remodeling costs. It combines a purchase loan and a home improvement loan. Borrowers can use the loan to purchase a property that requires repairs and pay for the renovation expenses with a single mortgage loan, making it a simple financing choice.

The Fannie Mae Homestyle loan can be used for various remodeling projects, such as energy upgrades, landscaping, and luxury upgrades, as well as restoring older homes to their former splendor. The Homestyle loan can also fund the purchase of manufactured homes.

Borrowers with a minimum credit score of 620 are often eligible for a Fannie Mae Homestyle loan. While this minimal score exceeds the 580 required for an FHA 203k loan, the Homestyle loan offers significant advantages in the long run, making it the superior alternative for qualified borrowers.

  • FreddieMac ChoiceRenovation

The Freddie Mac ChoiceRenovation loan is a mortgage product that enables customers to fund home modifications and renovations with a single loan and closing rather than two separate loans. Borrowers can use the ChoiceRenovation loan to buy and renovate a home in one easy step, covering up to 100% of the renovation costs.

Typically, consumers need a credit score of 620 or above to be eligible for a Freddie Mac ChoiceRenovation loan. Additionally, borrowers must show their ability to repay the loan and submit proof of their income, employment, and assets. 1-4 unit primary residences, 1-unit second houses, 1-unit investment properties, and mobile homes are all eligible for the loan.

The ChoiceRenovation loan has a unique feature in that it is based on the property’s “after renovation value,” which means that borrowers may qualify for a more considerable loan amount based on the home’s improved value after the renovations. 

  • FHA 203k

An FHA 203k loan is a government-insured mortgage allowing borrowers to get a single loan for home purchase and renovation. This loan is intended to assist borrowers in financing an older property that requires extensive repairs. The FHA 203k loan can be utilized to buy or refinance a fixer-upper and fund the necessary renovations.

A minimum credit score of 580 is required to qualify for an FHA 203k loan, and a down payment of 3.5% is required for individuals with a credit score of 580 or more, while those with a lower score must put down 10%. Repairs and improvements must be made by a contractor rather than the borrower. The borrower must additionally provide a thorough proposal of the work they wish to perform.

There are two types of 203k loans, standard and limited. A standard 203k loan is used for large-scale rehabilitation projects costing over $35,000. This loan is designed to fund substantial upgrades, structural repairs, remodeling, the addition of a new garage, or landscaping. The loan can be used to purchase a home that requires significant repairs or to refinance an existing mortgage to cover the costs of the improvements.

The Limited 203(k) program lets purchasers and homeowners finance from $5,000 to $35,000 in repairs, improvements, and upgrades into their mortgage.

  • VA Renovation

A VA renovation loan is a government-backed loan program that assists veterans, active military personnel, and their surviving spouses in financing home repair projects. The loan can be used to purchase a home that does not satisfy basic habitability requirements and to finance up to $50,000 in renovation costs. VA rehabilitation loans, like standard VA loans, let borrowers acquire a property with no money down and low-interest rates. A one-time funding fee, as well as closing costs, might be rolled into the loan. 

Apply for a Home Renovation Loan

Capital Home Mortgage is a mortgage loan servicer and a direct lender. Any of our home improvement loans are available to Colorado residents. Our highly qualified mortgage professionals will collaborate with you to develop the best lending package that matches your needs while staying within your financial limits.

To begin your home improvement project, please contact us at (303) 266-1177.

Home Renovation Loans Colorado

Home renovation loans offer Colorado residents financing solutions for home repair projects. These loans can be used to fund various renovation improvements, including repairing or upgrading electrical or plumbing systems, building a new room, and replacing the kitchen or bathroom.

Types of Home Renovation Loans

The following is a list of some of the several home improvement loans available in Alaska. When selecting a loan, homeowners should extensively research each loan type, compare interest rates and costs, and assess their eligibility and repayment ability. It’s also worth noting that loan availability, limitations, and conditions may differ depending on the lender and location.

  • FHA 203(k) Loans

The Federal Housing Administration (FHA) backs this loan, which is meant for homeowners who want to buy a fixer-upper or refinance an existing property while funding remodeling costs. The property’s after-renovation valuation determines the loan amount. FHA 203(k) loans are classified into two types: limited and standard, with specific loan limits and eligibility requirements.

  • Fannie Mae HomeStyle Loan

This traditional loan allows borrowers to finance up to 95% of the after-renovation value of their house. The loan amount can be up to the maximum loan limit set by Fannie Mae, which is $726,200 in most areas and up to $1,089,300 in high-cost markets. It can be used to fund structural and non-structural improvements and luxury enhancements such as swimming pools and outdoor kitchens.

  • Freddie Mac ChoiceRenovation Loan

Freddie Mac’s CHOICERenovation mortgage allows borrowers to purchase and renovate properties without needing two separate loans. It also enables existing homeowners to refinance, incorporating renovation costs into the new loan amount. The CHOICERenovation loan can save you thousands of dollars in closing costs since it combines the financing of your home loan and renovations into one mortgage.

  • VA Renovation Loan

This loan is guaranteed by the United States Department of Veterans Affairs (VA) and is accessible to qualified veterans, service members, and their spouses. The loan can be used to buy or refinance a home and pay for renovation costs. The property’s after-improved value determines the loan amount.

  • Home Equity Line of Credit (HELOC)

A home equity line of credit (HELOC) is a revolving line of credit that allows homeowners to borrow money against the equity in their property. It can be used to finance renovation projects and has a lower interest rate than a personal loan or credit card. However, because the loan is secured against the home, failure to repay could result in foreclosure.

This loan enables homeowners to refinance their current mortgage for a higher amount than they presently owe and use the difference to fund renovation costs. The interest rate on the loan is typically lower than that of a personal loan or credit card, but because the loan is secured against the property, failing to repay could result in foreclosure.

Apply For A Home Renovation Loan

Capital Home Mortgage Colorado is both a direct lender and a mortgage loan servicer. Alaska residents can apply for any of our home improvement loans. Our highly skilled mortgage experts will work with you to determine the ideal lending package that meets your needs while remaining within your budgetary constraints.

Please get in touch with us at (303) 266-1177 to get started on your home improvement project.

Why Colorado 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

Colorado 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

Colorado Fannie Mae HomeStyle RenovatioN Loan

Fannie Mae Homestyle Reno is a program that allows a homeowner multiple renovations options… from a simple luxury addition, to small cosmetic updates to a full rehabilitations.

  • 95% LTV Primary Residence
  • 97% LTV 1st Time Buyer Single Family
  • 85% LTV on 1 Unit Investment
  • 90% LTV on Second Home
  • Purchase & Refinance
  • As Completed Values
  • Maximum Loan Amount – $766,550
  • High Balance (Varies By County)

Colorado Freddie Mac Choice Mortgage Loans

Freddie Mac Choice Reno is a great alternative to a new home purchase.  It allows for a buyer to renovate a home as part of purchase or refinance bringing it back to life. Making your dream home come true might just be updating that older home.

  • 95% LTV Primary Residence
  • 97% LTV 1st Time Buyer Single Family
  • 85% LTV on 1 Unit Investment
  • 90% LTV on Second Home
  • Minimum Credit Score 620
  • Luxury Renovations are Eligible
  • Maximum Loan Amount – $766,550
  • High Balance (Varies By County)

Colorado FHA 203K Renovation Loans

FHA 203K is a great option for makes cosmetic changes to an older home.  It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance.  Make that old home new with a Streamline 203K renovation.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Colorado Mortgage Programs

Colorado Home Purchase

Thinking of Buying a Colorado 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

Colorado renovation home loans

Looking to Rehab a Colorado 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

Colorado FHA Home Loans

Great for 1st Time Colorado 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

Colorado VA Home Loans

100% Financing for Colorado 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

Colorado Conventional Home Loans

Flexibility for Colorado 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

Colorado Jumbo Home Loans

Colorado 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

Colorado USDA Home Loans

100% Rural Colorado 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

Colorado Native American Loans

Colorado 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

Colorado Manufactured Home Loans

Great Alternative Colorado Housing

Colorado reverse mortgages

Your Colorado 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

Colorado Non QM Home Loans

Making Colorado 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

Colorado One Time Close mortgages

Build Your Colorado 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

Colorado Refinance Mortgage Loans

Colorado 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

Colorado Cash-out Home mortgages

Colorado 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

Colorado 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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