Home Loans: at Vision Home Loans we can provide; Conventional, FHA, VA & Jumbo financing
Conventional Home Loans
This is the “average” home loan chosen by borrowers with decent credit who have never served in the military (ex-military people would want to explore VA loans first). The upper limit for 2018 in El Paso County is $453,100 (other counties may be higher). At 80% loan to value (LTV) or less, there is no “mortgage insurance” You can take “cash out” to 80% LTV.
Jumbo Home Loans
Jumbo home loans home loans have no upper limit and start just above conforming limits. Better credit is required.
FHA Home Loans
FHA home loans are guaranteed by the government. They allow for lower down payments and lower FICO credit scores are eligible. You can take “cash out” to 85% of your home’s value to consolidate bills or other projects. The current FHA loan limit for El Paso County is $304,750. Other Colorado Counties might have a higher or lower limit. All FHA loans require “mortgage insurance”.
VA Home Loans
VA home loans require Veterans Administration eligibility. Their El Paso County upper limit is $453,100 (other counties may be higher). These loans never have “mortgage insurance”, have lower interest rates and require “$0.” down payment. As a veteran you can borrow up to 100% of your home value to consolidate debt or for any other purpose.