There are thousands of loan programs available in the marketplace. The 30 year fixed conventional conforming loan is still the most popular mortgage program. FHA has gained popularity since the financial crisis since it allows low down payments of 3.5% and is liberal with the credit score requirements. You can use an FHA mortgage to buy or refinance with credit scores down to 620. FHA loan limits are generous. VA mortgages have always been very popular with veterans since they allow mortgage rates. Jumbo Loans are for loans above the Colorado conforming limits.
Most of the loans offered today are back-to-basics mortgage loans with common terms such as fixed rates and intermediate term fixed rate arms such as 5 year fixed ARMS. Most of the abusive mortgage features have been regulated out of the mortgage market. But beware, the exotic loans of the past will return to the market at some point and if you select the wrong mortgage, you could live with the terms of it for a long time.
There are still options for 100% loans that require no down payment. The VA offers these loans as does the USDA for rural properties. You can search for USDA eligibility here.
The mortgage market is much safer for borrowers after years of tightening regulation and licensing for originators. Still, it’s important to take the time to learn about the various programs to make sure that the mortgage you select will keep your home safe from a default.
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