Refinance

Glossary

Montrose, CO Office

Moab, UT Office

What if I have limited or no funds for a down payment?  If your short of funds for a down payment or even closing cost there are loan programs that can help make your home purchase a reality.  Our mortgage professionals will work hard to secure the loan that best fits your needs. Two examples of programs that have helped local borrowers who may have limited funds available for their down payment are briefly described below.  For more information go to our Loan Program page, view our Glossary page, or call the First Mortgage office nearest you.

FHA (The Federal Housing Administration) offers fixed-rate or adjustable-rate loans with a down payment of approximately three percent of the purchase price. Because qualifying ratios are more lenient, you are able to be approved for a larger loan amount with less income. There are loan amount limitations that vary by region across the nation, to view a chart of FHA loan limits by location click here.

USDA Farmer's Home Administration (FmHA) offers a 100 % No Money Down Rural Development Guaranteed Loan, which have been used by many first time homebuyers or borrowers who have limited funds for a down payment  This loan can be used for the purchase of a home the borrowers will personally occupy.  This 30 year fixed rate mortgage does have income limits (view chart) based on family size and the area in which the home is located.  This no down payment loan can be used to purchase rural property.  Most city properties in Western Colorado are also eligible.   One very attractive feature of this loan to those borrowers who qualify is closing costs and even needed repairs can be included if the appraised value warrants.