Commonly Asked Questions
We can typically get your loan done in 30 days. This is, of course, dependent on your financial situation, willingness to help us collect the needed documents as well as several other factors.
Once you’re locked in, you’re locked in. This protects from any market volatility in either direction. With a locked in rate, we guarantee that your rate will not change, within the given time frame, even if rates sky rocket!
Both FHA and Conventional loans have their pro’s and con’s. To keep this answer from getting too long, here’s the short and sweet of it:
With an FHA loan, you’ll likely have a lower down payment and reduced mortgage insurance which can mean a lower monthly payment (depending on your overall profile). However, you will have to pay mortgage insurance for the life of the loan. FHA programs are also more flexible with credit scores and past credit issues.
With a Conventional loan, you do not have to pay mortgage insurance in many cases (and in cases where you you do, it’s not for the life of the loan), but you may have an increase in your monthly mortgage payment amount. You may also be required to put more money down than FHA.
Veteran’s Administration or “VA” loans are available for active, non-active and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements. This means that there are more than 25.5 million veterans and service personnel that are eligible for VA financing!
Denver VA Loans Benefits:
- 100% financing/no down payment option available
- No monthly mortgage insurance (PMI)
- Gift funds are acceptable for closing costs
- No cash reserve requirements
- A variety of terms or loan types available
- Available for purchase and refinance
- Reduced costs for disabled veterans
- Seller can pay for closing costs
- Seller pays for any required repairs
- No pre-payment penalty
To determine your ability to participate in this program, just provide you Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880.
The Newman Team and Cherry Creek Mortgage have a variety of Jumbo loan programs to fit your particular needs. Our Jumbo loan programs are designed for credit worthy borrowers who desire a higher-balance loan amount with flexible guidelines and competitive pricing.
In the past, Jumbo mortgage required mortgage insurance, but not with this program. With multiple options, this no MI Jumbo loan is a great option.
- 85% LTV with no mortgage insurance
- 740 minimum FICO score
- Up to 1,500,000 loan amount
- Available on purchase and rate/term refinance transactions
- Available for primary residence 1-Unit Attached/Detached properties
- Offered in 15 and 30 year fixed terms as well as 5/1, 7/1, 10/1 ARM terms
- Loan amounts up to $2 million for primary residences
- Available for new purchases and cash-out refinances
- Maximum 80% LTV (for loan amounts up to $2,000,000) with a minimum credit score of 720
- Maximum 75% LTV (for loan amounts up to $1,500,000) with a minimum credit score of 720
- Maximum 70% LTV (for loan amounts up to $1,000,000) with a minimum credit score of 700
- Primary residence only
- Available in 30, 20 or 15 year terms
- Mortgage insurance is required
- Maximum DTI of 43#
- Maximum 90% LTV (for loan amounts up to $850,000) with a minimum credit score of 680
- Maximum 85% LTV (for loan amounts up to $1,000,000) with a minimum credit score of 700
Cherry Creek Mortgage Co., Inc. NMLS #3001. An equal housing opportunity lender. NMLS #493951. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.