Home Purchase Loans in Durango & Southwest Colorado

Buying in Durango Takes a Plan

Buying a home in La Plata County takes more planning than most places. Good listings move fast, prices are high, and mountain properties come with wells, septic systems, HOAs and short-term rental rules that can change which loan works.

Peter Pritchard has helped Southwest Colorado buyers for 28 years. He compares programs across 200+ wholesale lenders, then focuses on the few that fit your situation, so you go into an offer knowing your numbers. Start with the checklist below, or use the mortgage calculators to see what a payment could look like.

Buying while rates are high? Use the refinance reality check calculator to see when a refinance could realistically work for you, if rates cooperate.

Whether you are buying in Durango, Bayfield, Pagosa Springs, Cortez or anywhere else in Southwest Colorado, the same local know-how applies, and I am licensed to lend on homes anywhere in Colorado.

Myth: You need perfect credit and a big down payment to buy.
Reality: FHA, VA and USDA programs are built for buyers without large savings, and many credit situations can work. Ask Peter what’s possible for you.

What’s Different About Buying in Southwest Colorado

  • Wells and septic. Rural homes often need water and septic inspections before closing, and some loans have specific requirements.
  • Condos and HOAs. Many condos near Purgatory and in town need a project review before a lender will approve them. See Purgatory and Durango condo loans.
  • Rural areas. Parts of La Plata County outside Durango may qualify for USDA loans.
  • Acreage and cabins. Land, outbuildings and seasonal access affect the appraisal. See buying a rural mountain home.
  • Insurance. Wildfire risk can affect insurance cost and availability, so get a quote before you write an offer.

Are you ready to buy? Six quick questions

Tap an answer for each one. You'll see what to do next. Nothing is saved or sent.

Rafters on the Animas River just below Durango, Colorado

Find the Right Loan for Your Purchase

First home, move-up home, a cabin for weekends or a rental: each is financed differently. Read about renovation loans for a home that needs work, second home loans and investment property loans, take the which-loan-fits quiz, or see why buyers work with a local Durango mortgage lender.

Get a Free Rate Analysis
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Ask for a no-obligation rate and closing cost review.

How Much Home Can You Afford?

Start with a monthly payment you’re comfortable with, not the most a lender will approve. The payment is more than principal and interest: property taxes, homeowners insurance, HOA dues and, on some loans, mortgage insurance all count. In the mountains, insurance and HOA costs can vary a lot from one property to the next, so get quotes early.

Up-front Costs:

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Down Payment:
Depends on the loan program and the property. Some programs allow very little down for qualified buyers; second homes and investment properties need more. Putting more down builds equity faster and can lower your payment.
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Closing Costs:
Lender fees, title, appraisal and prepaid taxes and insurance. They vary by price and loan, and the seller can sometimes pay part of them. You'll get a Loan Estimate itemizing every cost before you commit.
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On-going Costs:
Owning a home can include the following payments: monthly mortgage payment, homeowners insurance, mortgage insurance, flood insurance (if applicable), property taxes (if applicable), utilities, maintenance.
Check How Much You Can Afford Calculator! Check How Much You Can Afford Calculator!
Couple hugging and holding the keys to their new home