Getting your player ready...
Each week the Denver Post finds a professional in the locale it profiles and lets prospective home buyers ask questions that may help them learn a little bit about the home buying process.
Question: With housing at sky high affordability levels, are lenders still lending? Can I get a loan with the stricter lending standards out there today? Are there low down-payment programs available? Answer: You are correct that lending standards have changed dramatically in the last few years as banks and lenders have gone from very loose standards, particularly on subprime loans in the 2000s, to stricter standards today. Verification of income to repay and assets for down payment (and sometimes reserves) are now required, as the stated income/stated asset or no-income/no-asset loans are now extinct. Waiting periods after bankruptcies, loan modifications, short sales and foreclosures have been extended – but loans ARE available even for people that have had those credit blemishes. As for low down-payment programs, many counties, as well as CHAFA, offer down-payment assistance programs, although most of those come with income or asset qualifiers. The VA loan program, for veterans, offers a no money down-payment program, and fees can be waived for those with disabilities. FHA offers a program with only 3.5 percent of purchase price as a down payment. It also offers a reverse mortgage purchase program that has a higher down payment but no ongoing monthly payments. Finally, conventional loans are available with as little as 5 percent down. If you’re looking to purchase or refinance, seek an experienced, trustworthy, financially savvy lender you can meet face to face who has access to the full spectrum of loan programs. Then work with them to select the proper loan program and have them customize the loan to best suit your needs. For more information on how you can purchase or refinance a home, please contact Randy Spierings, CPA (over 30 years), and branch manager for Primary Residential Mortgage, Inc. at 303-256-5748 or rspierings@primeres.com. BestColoradoMortgages.com. They are A+ rated by the Better Business Bureau and winner of multiple Gold Star awards. It is located at 9800 Mt. Pyramid Court #400 in Englewood. It offers a 100% satisfaction guarantee and will give you $500 at closing if it doesn’t meet or exceed your expectations. Regulated by the Department of Real Estate. NMLS #217152. LMB#100022405.
