(719) 287-1049

ERA Herman Group Real Estate

Serving Colorado Springs

Different loans offer different downpayment options

 What kind of loan should you use for your home purchase?

I often have home buyers in the Colorado Springs area ask me for loan recommendations.  Since it’s next to impossible for me to keep up with all of the loan options as their guidelines are constantly changing,  I  Pikes peaktypically tell them that they need to talk to a loan officer to find out the current guidelines; and I have several names that I can recommend to them.  But I do have a quick chart that I often share with buyers that outlines some of the options available to them.  There are many other things that enter into whether they can qualify for a loan; but down payments and credit scores dictate many of the options.

 Loan Type
Primary Home Rental Home – Investment Property
 
Conventional Loans
  Downpayment 5% 20%
  Minimum Credit Score 680 680
 
FHA
 Downpayment 3.5% N/A
 Minimum Credit Score 640 N/A
 
VA
  Downpayment 0% N/A
  Minimum Credit Score 640 N/A

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Kathy (719-287-1049)   [email protected]
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