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Lending By Example | FLEX Loan Services is a Colorado based Mortgage company specializing in Colorado Residential Loans, and Colorado Commercial Loans. |
LOAN PROGRAMS
There
are numerous options when looking for the right loan. In today's market
we strongly recommend a 30 year fixed mortgage. Below you will find a
description of some of the types of loans we provide to our clients. Whether
you are refinancing your exiting home, purchasing a new home, considering
an investment property or consolidating your debt, FLEX would like to
be your loan resource center.
Allow FLEX to provide you with mortgage peace of mind in knowing that you are getting the best loan possible given your situation. You can rest assured that we always have your long term financial success at the top of our priority list. When we say Lending by Example, we mean it. We can provide you and your friends and family in Colorado with a steady fixed rate mortgage, full doc and stated income loan, jumbo loans, FHA loans, credit score review and repair, and much more!
These loans have an interest rate that remains the same throughout the life of the loan. Therefore, the monthly payment of principal and interest for this loan will be constant. As with every loan, the monthly escrow payment for Hazard Insurance, Property Taxes and/or HOA dues will change with time. This is due to the changes in inflation, current replacement costs, claims made against the insurance, periodic county property assessments, etc.
FHA Loans - Government Insured Loans
These loans are available as fixed rate, ARM or buy down and are insured by the Federal Housing Administration. They fall under the umbrella of “Government Loans” and offer loans with low down payments and qualifying rations that may be more generous than conventional loan programs. FHA publishes a list of maximum loan amounts available in each county. Based on the funds you have available for down payment and closing cost, these limits may reduce the pool of homes for which you may obtain a loan. However, FHA underwriting guidelines are often more “forgiving” than those of conventional investors, which is helpful if you have some credit issues. FHA requires Mortgage Insurance, regardless of the amount of your down payment, but generally at a premium rate that is less than conventional programs.
If you have ever served in the US Military and are still active duty or were honorably discharged, you may be eligible of a VA loan. These loans are guaranteed, in part, by the Veteran’s Administration as a benefit to veterans. VA limits the size of loan they will guarantee, but requires no down payment and no Mortgage Insurance! They also limit the veteran’s exposure to some closing costs, requiring the seller or lender to pay some of these costs for you. You may even be able to acquire this type of loan if you have had a Bankruptcy, as long as that Bankruptcy has been discharged for 24 months.
This loan is amortized over 30 years but is due and payable at the end of the term specified. That term can be anything from 5 to 15 years. Some balloon loans may be extended or rolled over at the end of the specified term. Generally, this type of loan has a lower starting interest rate than others.
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Credit Score Review and Repair
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