Finances

Staying within budget, saving, and having good credit

You're more than your credit score. Keep these in mind when planning to purchase.

01.

Credit Score

The higher your credit score the better interest rates and loans you can qualify for.

02.

Debt to income

The lender won't approve you for a house you can't afford. Keep your debts below 40%

03.

Down Payment

Anywhere from 3-20% of the home value is necessary to save.

04.

Past Payment History

Have you shown that you can consistently make full payments on time?

05.

Income

A steady income and job history is important to show stability and reliability

06.

If your finances aren't perfect, don't panic!

Chat with your lender about what options and goals apply to your specific scenario.

Loan Types

FHA Loan
- Great for first time home buyers, require smaller down payments, you will need to pay PMI or mortage insurance every month
Conventional Loan
- As low as 5% down payment required. Monthly mortage insurance can still apply. minimum credit scpre of 620
Jumbo Loan
- Larger loans for more expensive properties. 15-20% down payment required. For homes over $720,000 in Larimer County. May have aditional requirements for reserves in your savings account.
VA Loan
- Loans specifically for veterans that require 0% down.
USDA Loan
- Loans for more rural areas, can qualify for 0% down
ARM Loan
- Adjustable rate mortgages, interest rate varies over the life of the loan

Remember, you don't need to choose your own loan! Your lender and myself will help guide you through the process. It doesn't hurt to know what's out there, but you'll be in expert care every step of the way!