Colorado Mortgage Rates
May 5, 2016 04:02 PM Eastern
Colorado Mortgage Rates and Loan Options
Colorado is best known for its breathtaking mountains and rivers, which delight thousands of out-of-state hiking and camping enthusiasts each year, along with the 5 million people who make Colorado their home.
Colorado has much to offer its residents who inhabit both small towns and big cities, along with a myriad of financial programs for those looking to become homeowners, or refinance an existing loan. Colorado is second to none in offering mortgage programs and competitive mortgage rates through its public and private lending institutions, as well as the many commercial banks and conventional lenders found right here at Lendingtree.com.
Colorado Mortgage Interest Rates and Housing Assistance
For those who have trouble coming up with equity to purchase a new home, The Colorado Housing Assistance Corporation (CHAC) makes the down payment assistance program available. Regardless of a home's purchase price, residents statewide can apply for a second mortgage to cover the down payment and closing costs required by their first mortgage lender. The loans are made at market rate simple interest and require a relatively low monthly payment.
In some counties, such as Jefferson, Denver, and Arapahoe, borrowers can obtain down payment assistance loans at fixed interest rates well below current Colorado mortgage rates. In some cases, the loan payments can be deferred up to five years after the borrower purchases their home and obtains the mortgage. Not having to pay a second mortgage for that long period of time allows a buyer to maintain her cash flow and not have to worry about rising loan payments.
Colorado Public Housing Opportunities
The federal government's Office of Public Housing services the State of Colorado and exists to empower its people and strengthen its communities. Colorado residents can benefit from housing counseling, financing below current CO mortgage rates, and down payment and closing cost assistance for eligible buyers.
Government Insured Loans and CO Mortgage Rates
In high cost areas like Eagle County, the FHA has raised its normal maximum loan limit. This allows buyers of higher priced homes to take advantage of FHA loan programs that are typically offered to the more moderately priced homes. In other counties, the FHA loan limits remain at normal levels which can be researched through your local lenders found here at lendingtree.com or through the FHA.
Conventional lenders also make traditional FHA insured home loans for secondary market buyers Fannie Mae and Freddie Mac. For this purpose, there are conforming loan limits across all of Colorado, depending on the county in which you live. For information about current conforming loan limits in Colorado, please visit: https://entp.hud.gov/idapp/html/hicostlook.cfm.
Because of their low down payment options and ability to use gift funds from family members, employers, and charitable organizations, and their low CO mortgage interest rates, these loans have become favorites of first time homebuyers in Colorado.