Now operating in Colorado, Arizona, Texas, Oregon, and Michigan

Purchase a Home

At Locus Mortgage, our home loan calculator Colorado feature plays a pivotal role when it comes to Colorado home financing. We recognize the significance of this transaction in your life and commit to accompanying you at every stage of the process.

Our purchase loans are focused on low fees and home equity loan rates Colorado, allowing you to take advantage of our exceptionally minimal fees. Here are some of the Purchase options we offer:

Conventional Purchase:

This is a traditional option for any home buyer who will provide a 20% down payment. It is supported by two government-sponsored enterprises, Fannie Mae and Freddie Mac.

Home Possible and Home Ready:

These are remarkable programs for a first-time home buyer that require only a 3% down payment, primarily aimed at first-time home buyers. They offer similar attractive rates of 20% down loans, but a smaller down payment. Because the down payment is less than 20% of the Purchase price, these loans require monthly mortgage insurance as part of the new payment.

FHA Purchase:

We have successfully closed FHA loans with a middle FICO score as low as 508 and a 5% down payment. FHA is considered the benchmark for purchases with a 3.5% down payment and a credit score below 680.

VA Purchase:

In our view, this is the absolute best purchase program available for a home buyer. Of course, you must have VA eligibility to use it. This program offers the possibility of zero percent down, the most competitive Colorado mortgage rates available, and no mortgage insurance. The home equity loan Colorado will have a funding fee, so we recommend contacting us for more details.

Non-QM Programs:

These programs include bank statement loans for self-employed individuals and Debt Service Coverage Ratio (DSCR) loans for investors. If you find that you don’t fit into the standard purchase category but believe you can afford to buy a home, this could be an option worth considering.

Reverse Mortgages For Home Purchases

A lesser-known fact is the potential to use a Reverse Mortgage for the purpose of buying a home.

At Locus Mortgage, we view this option as an essential tool, particularly for seniors who may otherwise face challenges in qualifying for a home purchase. Even for many who have the option for a conventional loan on a purchase, a Revese Mortgage can actually be a better financial decision because of their structure.

A Reverse Mortgage for Purchase, or Home Equity Conversion Mortgage (HECM) for Purchase, enables seniors to purchase a new primary residence with a reverse mortgage. This can be a beneficial choice for seniors who want to relocate or downsize, and it’s an alternative to traditional mortgages or home equity loans.

In certain scenarios, opting for a Reverse Mortgage for Purchase could be a more advantageous choice over other types of purchase loans.

This could be the case for seniors who want to preserve their cash savings or those who want to supplement their income while also purchasing a new home.

It’s important to note that while this option can provide numerous benefits, it may not be the right choice for everyone.

Therefore, we encourage you to reach out to us to gain a deeper understanding of this option and to determine if it aligns with your specific circumstances and financial goals.

We’re here to help any home buyer navigate their options and make the best decision for their future.

First Time Homebuyer Loans Across Various Locations

First-time homebuyer programs vary by location, offering financial assistance and education. However, we can help you in the following locations:

  • First Time Home Buyer Texas: TDHCA offers programs like My First Texas Home with low-rate mortgages and down payment assistance, plus specific options for veterans and teachers.
  • First Time Home Buyer Michigan: MSHDA’s MI Home Loan and MI Home Loan Flex programs provide low-interest loans and cover closing costs for low- and moderate-income first-time buyers.
  • First Time Home Buyer Arizona: ADOH’s Home Plus program comes with a 30-year fixed-rate mortgage with down payment assistance for all first-timers.
  • First Time Home Buyer Colorado: CHFA provides various loan options (conventional, USDA, VA, FHA) alongside education and down payment assistance to first-time buyers.

Frequently Asked Questions

You must be a first-time home buyer and not have owned or purchased a home in the past three years.

The interest rate for first-time home buyers can vary based on several factors, including credit score, down payment, and the type of loan.

Benefits for first-time home buyers often include lower minimum down payments, special grants, and assistance with paying closing costs.