We’ve been helping our clients in Colorado Springs, the Pikes Peak region, Colorado and nationwide to understand more about the home loan process. We pride ourselves in showing how different mortgage programs like VA, FHA, Conventional, and Rural Development loans are best suited to specific financial situations.

A single loan program doesn’t fit every situation. For example, we have many veterans here in Colorado Springs and the Pikes Peak Region who are eligible for VA financing and while a VA loan is an excellent choice for purchasing a home with no money down or for refinancing an existing VA loan, it is not the best home loan in some situations. VA requires a funding fee (2.15% - 3.3% of the loan amount) that is added to the loan amount. The percentage depends of eligibility usage. For a loan of $200,000, VA lender would be adding $6,600 to the loan amount. With sufficient down payment the funding fee can be avoided and a lower rate can be achieved by using a conventional loan program. Would some veterans have made a different choice if they had received all the facts? 

The FHA loan program is the hot loan item nationwide at present. It is a great option for folks who have limited down payment available (minimum – 3.5% as of October 1, 2008 – gifts from family can be used) and for those who have had some credit challenges in the past. However, like the VA loan, the FHA loan also has a funding fee (a sliding scale based on credit score is used) and in addition, it has monthly mortgage insurance increasing the monthly payment. The funding fee and mortgage insurance is required even if you have more than the 3.5% for a down payment. Unfortunately, the FHA program has been pushed because it can potentially provide more income to the lending institution. Under the right circumstances FHA and VA loans are excellent choices but all aspects need to be considered before making that choice.

We can’t describe every situation on our website, but the examples above should show you why you need to understand the program that is best for your situation. We will take the time to help you feel comfortable with the decisions you make. We’ve met many people who don’t have a clue why they were put into the loan program they currently have. THIS IS NOT ACCEPTABLE!  NEVER SIGN FOR A LOAN YOU DON'T UNDERSTAND!

Our job is to help you understand ALL YOUR OPTIONS so that you receive the best value in a home loan possible. We are here to provide education and help you make the best choice possible for your home mortgage needs.

Whether you are here in our home town of Colorado Springs, the Pikes Peak Region, Colorado or somewhere in our great nation, we promise to help you understand more about the home loan process and how different mortgage programs like VA loans, FHA loans, Conventional loans and Rural Development loans are best suited to specific financial situations.

We are committed to your financial strength.