Loan Types
Types of Home Loans in Durango & Southwest Colorado
Find the Loan That Fits Your Situation
Every loan program has its own rules for credit, down payment, property type and how you’ll use the home. In Southwest Colorado, the property often decides it: a cabin on acreage, a Purgatory condo and an in-town rental can each need a different loan.
As a hybrid lender with access to 200+ wholesale lenders, Peter compares options across lenders, so you’re not limited to one bank’s menu. Take the quick quiz, then read about each program below.
Which loan fits me?
Answer a few quick questions and see which home loan programs are worth talking about for your situation.
- A range of loan terms to fit your budget and goals
- Low down payment options for primary homes
- Refinance options for your primary home
- Monthly payments remain the same for the entire loan term
- An initial fixed-rate period, then a rate that adjusts on a set schedule
- Can make sense if you plan to sell or refinance before the fixed period ends
- Competitive rates for eligible veterans and service members
- Sellers can help with closing costs
- Higher allowable debt-to-income ratios than for many other loans
- Low down payment options
- Low down payment options for eligible rural homes
- No cash reserves required
- Seller can pay closing costs
- Income limitations
- Great first time homebuyer financing option
- Very low cash needed to buy your first home
- Low down payment option on purchases
- Flexible credit guidelines
- Post-bankruptcy qualifying - 2 years after
- Post-foreclosure qualifying - 3 years after
- Higher loan amounts for Durango-area prices
- Options without mortgage insurance
- 1-2 units acceptable
- Fixed-rate and adjustable-rate options available
- Buy a home that needs work and finance the repairs in the same loan
- FHA 203(k) for a home you'll live in
- Fannie Mae HomeStyle for primary homes, second homes and rentals
- Based on the home's value after the work
- You must be age 62 years or older, and own the home you live in (must be your principal residence)
- Minimal income and credit requirements
- Cabins, condos and mountain getaways
- Financing for part-time use, not full-time rental
- Condo and HOA eligibility checked early
- Buyers from out of state welcome
- Single-family rentals and 2-4 unit properties
- Cash-out refinances on rentals you own
- Options for self-employed investors
- Local guidance on Durango rental rules
- Use your home's equity and keep your first mortgage as is
- Line of credit (HELOC) or lump-sum second mortgage
- Remodels, additions, college or paying down costlier debt
- Blended-rate calculator to compare with a cash-out refinance