Colorado Home Loans
Moving to the Centennial State is a chance to enjoy liberal living, clean mountain air, and a wealth of outdoor activities. As one of the states with the highest standard of living in the country, it shouldn’t be surprising that there’s an overwhelming demand for Colorado home loans.
At Capstone Direct, we aid people in securing the best home loans in Colorado. Work with our team to find the most competitive rates on your home loan.
Compare current rates from leading mortgage providers in three minutes or less today.
Finance Your Home in Colorado
It’s no secret that housing within Colorado is a problem. Securing a Colorado mortgage at a rate to suit you requires more searching than ever. Rising prices and a blazing hot real estate market nationwide have complicated matters for first-time and repeat buyers alike.
According to the National Association of Realtors, 46% of major metropolitan areas saw year-on-year double-digit price increases. It shows that moving to the mountains requires taking a hard look at your finances.
Colorful Colorado’s reputation for being such a great place to live has attracted wealth from across the country, pushing up prices. The typical home price in Colorado is $604,911, which is still a far cry from the prices of the resort-anchored counties.
While there are still affordable areas throughout the state, location defines affordability. Six countries designed around resort living boast the highest prices in the state. These counties are Grand, Eagle, Pitkin, Summit, San Miguel, and Routt.
According to the latest figures, average prices have doubled from 2019 to 2021, with the median home price currently sitting at seven figures.
Living in less well-known areas of Colorado, such as Lamar, will enable you to keep costs down. There are still American home loans in Colorado for buyers willing to research and find bargains.
With interest rates rising and demand slowing, now has never been a better time to prepare for your move to Colorado. Collaborate with Capstone Direct to learn more about Colorado mortgage loans and where to secure the most competitive rates.
Types of Colorado Home Loans
What are the best Colorado home finance options for you and your family?
Deciding which financial product will allow you to realize your dreams of homeownership will allow you to formulate a plan for the future. With the professionals of Capstone Direct by your side, you’ve got the resources and know-how to choose the ideal mortgage in Colorado.
Take a look at these loans available from mortgage companies in Colorado.
Conventional Loans
Conventional loans are federally-backed home loans set to Freddie Mac and Fannie Mae’s standards. This scheme encourages private lenders to provide their borrowers with affordable mortgages and down payments.
First-time buyers and people on lower incomes are ideal candidates for conventional loans. Down payments can be as low as 3%, with no requirement to carry private mortgage insurance if you can put down 20%.
VA Loans
The U.S. Department of Veterans Affairs offers affordable loans to veterans, active service members, and surviving spouses to thank them and their families for their service.
VA loans are the cheapest mortgages in the country, with below-average interest rates, no private mortgage insurance, and a zero percent down payment.
If you have a credit score of at least 640, you can connect with a VA-approved lender in the Centennial State and get a VA loan relatively easily.
FHA Loans
One of the most common home loans in Colorado for first-time buyers is the FHA mortgage. Provided through the Federal Housing Administration, this homebuying program enables purchasers to put down a 3.5% down payment with a minimum credit score of 580.
Buyers with low credit scores of 500 can also obtain these loans by putting down a 10% down payment. Be aware that private mortgage insurance is mandatory to get approved for one of these loans.
USDA Loans
The USDA Rural Development Guaranteed Housing Loan Program aims to rejuvenate deprived areas. If you’re moving to a designated suburban or rural area in Colorado, you could qualify for a special USDA loan.
USDA loans have no down payments, minimal credit score requirements, and even come with streamlined processing if you have a credit score of at least 640.
Jumbo Loans
Home loans in Colorado are often insufficient due to the high prices of Colorado real estate. If purchasing a home worth more than $647,200, you will almost certainly need a jumbo loan to fund the purchase of your new home.
Jumbo loans are available if you have a good credit score. However, you’ll need to put down at least 20%, and the interest rates are often higher to cover the added risk incurred by the lender. Note that higher closing costs are a feature of these loans.
Make the process simpler and save money on your Colorado home loans by contacting Capstone Direct today.
CHFA First-Time Home Buyer Loan Programs
The CHFA provides support in the form of down payment and closing cost assistance through its network of lenders across Colorado.
To be eligible, you will need a minimum 620 credit score, willingness to complete an online/in-person home buyer education course, meet income limits, and fulfill the qualifying requirements of the CHFA mortgage lender in Colorado.
First-time and low-income buyers are prime candidates for these residents-only home loan programs.
Why Capstone Direct?
Capstone Direct is the leading mortgage provider in America. Our network of Colorado lenders helps ordinary Americans realize their dreams of owning their own homes.
Learn more about your perfect mortgage with the company that goes the extra mile. Our R.I.S.E philosophy ensures we go above and beyond to provide you with a first-rate customer experience.
- Relationships – Robust relationships with our stakeholders enable us to provide reliable, trustworthy services to our clients.
- Integrity – We prioritize honesty and transparency in everything we do. Our old-school core values are unshakeable.
- Service – Get the best service in the business, with fast response times and streamlined application processes.
- Expertise – Join the team with local expertise and experience navigating Colorado home loans.
We take pride in enabling our clients to compare the latest mortgage rates in as little as three minutes. Learn more about Capstone Direct’s unique approach to securing a mortgage for your next home purchase by getting in touch today.