Innis Mortgage Closing in Loveland, Colorado with Real Estate Agent Jordan Reilly and Home Loans by Sean Young
Denmon Mortgage Closing in Aurora, Colorado with Home Loans by Sean Young
Haggerty and Prince Mortgage Closing In Aurora, Colorado with Home Loans by Sean Young
Muro Mortgage Cloisng in Thornton, Colorado and Home Loans by Sean Young
Garcia and Salazar Mortgage Closing in Denver, Colorado with Real Estate Agent Sarah Heil and Home Loans by Sean Young
Falbo Home Purchase Closing, Denver, Colorado, with Loan Officer Sean Young and Real Estate Agent Kathy Falbo
Paul & Kristina Mortgage Closing in Northglenn, Colorado with Realtor Phil McDonald with Realty Advisors and Home Loans by Sean Young
Josh and Lindsay Mortgage Closing in Bailey Colorado with Realtor Brooke Rohrbough at Legacy Realty and Home Loans by Sean Young
Mortgage Closing in Frederick Colorado with Realtor Nicole Court with Village Brokers and Home Loans by Sean Young
Kesler Mortgage Closing in Lochbuie, CO with Team Whisler and Home Loans by Sean Young
Pearson Mortgage Closing in Highlands Ranch, Colorado with Realtor Justin Acker with Berkshire Hathaway and Home Loans by Sean Young
Volberding Mortgage Closing in Arvada, Colorado with Team Whisler and Home Loans by Sean Young
Kozak Mortgage Closing in Denver, Colorado with Team Whisler and Home Loans by Sean Young
Wood Mortgage Closing in Brighton, Colorado with Realtor Nicole Court and Home Loans by Sean Young
Gabe Cox Purchase Closing, Denver, Colorado with loan officer Sean Young and Nicole with Village Brokers -
Douglass Mortgage Closing in Firestone, Colorado with Team Whisler and Home Loans by Sean Young
Valdez and Stockley Mortgage Closing in Commerce City, Colorado with Realtor Nicole Court and Home Loans by Sean Young
Hodges Home Loan Closing in Colorado with Top Loan Officer Sean Young
Sara Bottger Closing
Kevin and Amity Hodges Closing
Post, VA Purchase Closing in Longmont, Colorado with Realtor Jeanene Diana and Loan Officer Sean Young
Strawbridge Purchase Closing in Aurora, Colorado with Realtor Nicole Court and Loan Officer Sean Young
Spina, CHFA Preferred 3 Percent Grant Closing in Lakewood, Colorado with Loan Officer Sean Young and Realty Advisors
Bartle, NHF Platinum 5 Percent Grant Purchase Closing, Lakewood, Colorado with Loan Officer Sean Young and Realty Advisors
Armstrong, first time homebuyer purchase closing, Arvada, Colorado with Loan Officer Sean Young and Realtor Duane Whisler
Thomas-Stahle Home Loan Closing in Loveland, Colorado with Realtor Ben Woodrum and Loan Officer Sean Young
Pedro Montes Home Loan Closing in Thornton, Colorado with Team Whisler and Loan Officer Sean Young
Christensen and Holley closing, NHF Platinum 5 percent grant, Frederick, CO with Loan Officer Sean Young 1
Blazer Closing, NHF Platinum 5 Percent Grant, Aurora, CO with Realty Advisors and Loan Officer Sean Young
Crabtree Home Closing in Longmont, Colorado with Realtor Steve Noel with Re Max Alliance and Loan Officer Sean Young
Douglass & Watson Closing in Westminster, CO with Realtors Team Whisler and Loan Officer Sean Young
Hoynak, CHFA SmartStep closing, Aurora, CO
McInnis Closing, VA Purchase, Aurora, CO with Loan Officer Sean Young
Kleman, USDA Purchase Closing, Brighton, CO with Realtor Mike Palmer and Loan Officer Sean Young
Leo and Debra Maestas VA Home Loan with Realty Advisors and Colorado Top Loan Officer Sean Young
Louisma Closing in Greenwood Village, CO with Realtor Nicole Court and Loan Officer Sean Young
Miller & Roscow home closing in Boulder, CO with Diana Caile with Steps Real Estate and Loan Officer Sean Young
Quinn Home Purchase Closing with Loan Officer Sean Young, Arvada, Colorado
Vigil USDA Home Purchase Closing with Loan Officer Sean Young, Milliken Colorado
Walk Closing, Colorado Springs, VA Purchase with Realtor Andrew Fortune and Loan Officer Sean Young
Kevin Price Purchase Closing with Realtor Mike Carroll and Colorado Top Loan Officer Sean Young
Santistevan Purchase Closing with Dean Yocum and Colorado Top Loan Officer Sean Young
Bair Purchase Closing with Real Estate Agent Nicole Court with Village Brokers Inc
Gonzales Home Purchase Closing with Team Whisler and Colorado Top Loan Officer Sean Young
Mahlin Purchase Closing with Colorado Top Loan Officer Sean Young
Luke Pacheco Home Loan Closing with Colorado Top Loan Officer Sean Young
Sean Stasica Closing with Colorados Top Loan Officer Sean Young
Yelena Sindiy Refinance Closing with Colorado Top Loan Officer Sean Young
Gabryel Montalbo Home Loan Purchase Closing with Colorado Top Loan Officer Sean Young
David Close Home Purchase Closing with Realtor Terri Cox and Colorado Top Loan Officer Sean Young
Stacey Wolf Home Loan Closing with Colorado Top Loan Officer Sean Young
Paul Grant Purchase Closing with Colorado Top Loan Officer Sean Young
Justin & Jessica Bollig Closing Photo with Colorado Top Loan Officer Sean Young
Kevin Price Purchase Closing with Realtor Mike Carroll and Colorado Top Loan Officer Sean Young
Sears - Closing Photo
Chris Wells Closing with Home Loans by Sean Young
Shane and Jess King Closing with Home Loans by Sean Young
Dan Appell closing with Home Loans by Sean Young
Shane and Jess King - closing
Chris Wells - Closing
Tiffany Castens Closing with Home Loans by Sean Young
Lacquement Closing 450x350
Lazzara Closing by Sean Young
Mills - Closing
Muniz - Closing
Storrs Closing Day with Nicole and JoAnn
Walk Closing by Loan Officer Sean Young
Shawn Bair Closing Pic 2
Joe Granger Closing Day
Thanks for visiting. As a Colorado Mortgage Loan Officer with over 18 years of experience, I attribute my success to one simple quality: I take care of my clients!
Whether your goal is to purchase your dream home, refinance an existing loan, or consolidate debt, I can provide you with the expertise, professionalism, and customer service that will ensure that your transaction goes smoothly.
It can be difficult to find a dream house, so many potential homeowners might be looking to save money by purchasing a home that they need to repair. Often referred to as a fixer-upper, this is a house that may require some extra work to restore to a livable condition. Not only is this a great opportunity to customize a home, but it could also be a valuable investment. At the same time, homeowners need to take out enough money to not only purchase the house but also cover the cost of repairs. How can potential homeowners decide what loan is best for a fixer-upper? There are a few options available.
Consider Taking Out An FHA 203(k) Mortgage
One option is something called an FHA 203(k) mortgage. This is a loan from the Federal Housing Administration that has been specifically designed to help potential homeowners who are purchasing a house that needs a significant amount of repairs. As long as the cost of the home and the estimated repairs do not exceed 110 percent of the appraised value of the home, homeowners should be able to take out this type of loan.
Borrowers have to put down at least 3.5 percent and they need to have a minimum credit score of 580. Then, applicants can place themselves in a position to get approved for this loan. Keep in mind that the total cost of the property has to be less than the FHA mortgage limit for that local area.
Look At A Fannie Mae HomeStyle Renovation Mortgage
Another option to consider is called the Fannie Mae HomeStyle Renovation Mortgage. This is a great option if the house requires major renovations. Borrowers can borrow money to cover potential repairs that are as high as half of the appraised value of the property. This could include energy efficiency enhancements, remodeling work, and repairs. As long as the repairs increase the value of the home, they should be covered by this mortgage. The loan will cover the cost of getting permits, hiring an architect, and purchasing materials. Even though this mortgage may be a bit more competitive, it also has a higher borrowing limit, opening more doors for homeowners.
Purchasing a home is a major decision, and it could be the most expensive financial transaction somebody ever makes. Therefore, it is important to get this right. One of the biggest hurdles for a new homeowner is coming up with enough money for the down payment. A lot of people believe they require 20 percent down to purchase a home. Saving this amount of money can be overwhelming, and some people are wondering, is this really necessary? There are several key points to keep in mind.
Putting 20 Percent Down Is Not Really Necessary
When taking a look at the prices of homes, putting 20 percent down can seem like a pipe dream for most people. Fortunately, putting this amount of money down is not actually necessary. It is possible for people to qualify for a loan with significantly smaller amounts of money. For example, there are some lenders who might be willing to provide a loan to a first-time homebuyer for as low as 3.5 percent. Even though this is still a lot of money, it is not nearly as much as 20 percent down. Potential homeowners need to do their homework and work with down payment assistance programs to make this process easier.
Why Do People Put 20 Percent Down?
So, where does the idea of putting 20 percent down actually come from? Many homeowners decide to put 20 percent down because they would like to avoid something called private mortgage insurance, or PMI. This is an insurance policy that potential homeowners may be required to purchase on behalf of the lender to protect the lender in the event of a default. When homeowners reach 20 percent equity in their homes, they can ask for PMI to be canceled. Because most homeowners do not want this additional expense, they may feel compelled to put 20 percent down.
Find The Right Home Loan
Potential homeowners should not feel like their dreams are derailed simply because they need to put 20 percent down. It is possible to qualify for a home loan with significantly lower down payment percentages, but every homeowner has to assess his or her options. That way, they can make the best financial decision for their individual situation.
FHA borrowers have an exceptional program available to them called the FHA streamline refinance. It’s a simple way to get a lower mortgage payment and/or lower rate, but it’s not for everyone.
Read this guide to learn all about FHA streamline refinance and how it works.
What is an FHA Streamline Refinance?
The FHA streamline refinance allows FHA borrowers to skip most underwriting tasks including income and credit verification. It’s a simplified way to get a lower rate or change your loan’s term to get a more predictable payment.
Who is Eligible?
To be eligible for the FHA streamline refinance, you must be a current FHA borrower with a current loan. To qualify, you must meet these requirements:
Have an on-time payment history of at least 12 months
You must have owned the home for at least 210 days (6 mortgage payments)
Show you benefit from the refinance
The on-time payment history shows lenders you can afford a higher mortgage payment with a higher rate and/or riskier terms. Since the streamline refinance should lower your payment or improve your term, it should be even easier to afford the loan.
You must prove there is a net tangible benefit to refinancing. This could mean a lower payment, lower interest rate, or refinancing from an ARM to a fixed-rate term. It must make sense for you to refinance to qualify.
How Does it Work?
If you use the non-credit qualifying version of the FHA streamline refinance, you may not have to verify your credit score or credit history. Some lenders may check it though, so always make sure your credit is in good standing.
If you aren’t sure, pull your credit reports and see if there is any negative credit history you should fix before applying. Look specifically for any late mortgage payments, late consumer payments (credit cards, personal loans, etc.), or overextended credit (using up over 30% of your credit lines).
Most lenders don’t verify your income or employment and you won’t need a new appraisal. Lenders use the value from your original appraisal to determine your LTV and eligibility for the loan.
Most FHA streamline refinance loans close much faster than a traditional refinance because of the smaller documentation and verification requirements.
FHA Mortgage Insurance Refunds
Another great aspect of the FHA streamline refinance is the FHA upfront MIP refund. You’re eligible for the refund from 6 months after taking out your FHA loan up until 36 months. You’ll earn a prorated refund each month.
Month 6 – 70% refund
Month 12 – 58% refund
Month 18 – 46% refund
Month 24 – 34% refund
Month 36 – 10% refund
This refund directly lowers the amount of upfront MIP you owe at the closing, lowering your closing costs.
The FHA streamline refinance is great for current FHA borrowers who want to take advantage of today’s low rates or better terms. It’s a simple program that most borrowers qualify for as long as they have an on-time payment history and can show they benefit from the refinance.