| |
Can You Still Get Denver Mortgage Loans if You’ve Been Turned Down By a Colorado Mortgage Lender?
It’s true that it isn’t as easy to get Denver mortgage loans as it was two years ago. However, it’s also true that the soft housing market we’re seeing in the Denver metropolitan area and all over the state of Colorado at present has made this an excellent time to buy a home. Prices are lower than they’ve been in years and many people are looking at the market with the idea of getting off of the hamster wheel of renting and becoming a homeowner. After all, it’s a far better thing to build equity in something you own than to keep paying someone else – and for many home buyers, their monthly mortgage payments are actually lower than what they’re currently paying in rent.
The only problem is that the average Colorado mortgage lender is especially risk averse as the nationwide mortgage crisis continues to unfold. There many people in Colorado who would have had no problem whatsoever getting Denver mortgage loans a short time ago who now find it nearly impossible. Certainly, these are different times for home buyers; however, there are still ways that you can purchase a home in the Denver area, even if traditional lenders are saying no.
It’s Time To Talk To FHA Mortgage Professionals
Even if you’ve been turned down by a Colorado mortgage lender, you may be eligible for Denver mortgage loans through the Federal Housing Administration. Through this federal agency, the US government has lowered some of the hurdles to home ownership which can prevent many people from being able to make their dreams of being homeowners a reality.
The requirements for an FHA loan are a bit less onerous than for those asked by many private lenders; you can purchase a home with a down payment of as low as 3.5%. Your down payment can also be in the form of a grant from approved non-profit organizations or even a gift from a family member, rather than coming from your own personal savings as is the case when seeking Denver mortgage loans from a traditional Colorado mortgage lender.
The advantage of working with professionals in securing an FHA loan for your purchase of a home is that these firms are well versed in the application process and can help you to determine your eligibility, help you set a budget to work with based on pre-approval and generally take a lot of the stress out of buying a home. FHA pros know how to work with lenders and with government agencies and act as an advocate for you during the entire process. They may not help you move into your new home; but they can provide you with a much needed helping hand along the path to home ownership.
|
Why you must stop renting
