Your Path to Homeownership: Simplified and Clear
Buying a home is one of the biggest and most exciting steps you’ll take — and understanding your financing options is key to making it happen smoothly. Whether you're a first-time buyer, upgrading to your dream home, or refinancing for better terms, knowing the types of loans available can make all the difference. From VA Loans and FHA Loans to Jumbo Loans and beyond, we’ll break down the options in simple terms so you can confidently choose the right path for your needs. Let's make your journey to homeownership easy, clear, and stress-free!
Your Path to Homeownership: Simplified and Clear
Buying a home is one of the biggest and most exciting steps you’ll take — and understanding your financing options is key to making it happen smoothly.
Whether you're a first-time buyer, upgrading to your dream home, or refinancing for better terms, knowing the types of loans available can make all the difference.
From VA Loans and FHA Loans to Jumbo Loans and beyond, we’ll break down the options in simple terms so you can confidently choose the right path for your needs. Let's make your journey to homeownership easy, clear, and stress-free!
EQUITY MORTGAGE LOANS
Home Equity Mortgage:
Unlock the financial power of your home! A home equity mortgage lets you tap into the value of your biggest asset. Whether you need extra cash for a new car, home improvements, or helping your kids with college, this type of loan can provide funds without disrupting your financial stability. I can refer you to a lender that can help you explore all the options, ensuring you get the best structure to fit your needs. Ready to turn your home equity into a smart financial boost? Reach out today, and let’s discuss how you can put your home’s value to work for you!
Home Equity Line of Credit (HELOC)
Need flexible funding for renovations or life expenses? A HELOC lets you borrow against your home’s equity as needed, similar to a credit card but with your home as collateral. It’s perfect for ongoing projects like home improvements, education costs, or even consolidating high-interest debt. Just remember, since your home secures the loan, it’s essential to borrow wisely. With lower interest rates than most credit cards, a HELOC could be the smart move you’ve been looking for.
Debt Restructure Mortgage (Refinance)
Refinancing your mortgage could be your ticket to lower payments and long-term savings! A debt restructure mortgage allows you to adjust the terms of your current loan, helping you secure a lower interest rate, reduce your loan term, or reorganize your finances. Whether you’re looking to save on monthly payments, free up cash for home improvements, or avoid financial strain, refinancing offers a flexible solution.
VA LOANS
Purchase Loans:
Looking to buy your dream home in Colorado Springs? A VA Purchase Loan lets you secure a home at a competitive interest rate, often with zero down payment required. It’s a fantastic way to become a homeowner without a huge upfront cost. Perfect for military families who want to settle down and start building their future without financial strain.
Cash-Out Refinance
Need extra cash for home improvements, debt payoff, or life’s big expenses? A Cash-Out Refinance allows you to tap into your home’s equity, turning it into funds you can use for whatever you need. This option lets you leverage your hard-earned investment while still benefiting from the favorable terms of your VA loan.
Interest Rate Reduction Refinance Loan (IRRRL)
Already have a VA loan and want to save money? The IRRRL, or Streamline Refinance, helps you lower your interest rate and monthly payments with minimal paperwork. No appraisal or income verification needed! It’s a hassle-free way to keep your mortgage costs down and your finances in check.
Native American Direct Loan (NADL)
If you’re a Native American Veteran, the NADL Program can help you purchase, build, or improve a home on Federal Trust Land. With competitive rates and the backing of the VA, it’s a great way to secure your property and invest in your family’s future. Your tribal organization must participate, but the benefits are worth it!
Specially Adapted Housing (SAH) Grants
For Veterans with service-connected disabilities, SAH Grants help make homes more accessible. From widening doorways to adding ramps, these grants cover essential modifications so your home meets your specific needs. It’s all about creating a comfortable, functional space that works for you and your lifestyle.
FHA - FIRST TIME HOMEBUYER LOANS
FHA Loans: A Path to Homeownership
If you’re a first-time homebuyer or someone with less-than-perfect credit, an FHA loan could be your ticket to owning a home. An FHA Loan is a mortgage backed by the Federal Housing Administration that helps buyers, especially first-timers, purchase a home with more flexible requirements. It typically requires a down payment as low as 3.5% if your credit score is 580 or higher. FHA loans come with the security of government insurance, making lenders more willing to work with you. FHA loans can be a smart way to get started.
FHA Loan
FHA loans are ideal for purchasing a move-in ready home and offer options like fixed or adjustable interest rates. These loans make homeownership accessible by offering lower down payments and more lenient credit standards.
FHA 203(k) Loan
An FHA 203(k) Loan is also backed by the Federal Housing Administration but designed specifically for homes that need repairs or renovations. With this loan, you can finance both the purchase of the home and the cost of the renovations into a single mortgage. There are two types: the Standard 203(k) for major renovations and the Limited 203(k) for minor repairs. This loan allows you to buy a fixer-upper and transform it into your dream home without having to take out a separate loan for the improvements.
What if My Credit is Lower than 580?
Don’t let an lower credit score stop you from achieving your dream of owning a home. FHA loans are designed to be flexible, so if your credit score is above 500, you’re still in the game. Even if you have a nontraditional credit history or limited credit, you can still qualify as long as you meet a few other requirements. If you still aren't ready to qualify, lenders can typically get you back on track to be ready sooner than you would expect. Always know your options and know what you need to do to reach your goals!
LOCAL GOVERNMENT ASSISTANCE PROGRAMS
Colorado Housing Finance Authority (CHFA) Loans
Looking to buy your dream home in Colorado Springs? A VA Purchase Loan lets you secure a home at a competitive interest rate, often with zero down payment required. It’s a fantastic way to become a homeowner without a huge upfront cost. Perfect for military families who want to settle down and start building their future without financial strain.
CHFA General Requirements
CHFA general requirements:
(These may change, so it is always good to connect with a lender to learn more)
Borrowers have a mid-credit score of 620 or higher
Borrowers’ income must not exceed CHFA’s income limits
Borrowers must individually and independently complete a CHFA-approved homebuyer education class prior to their mortgage loan closing date
Borrowers must make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home
In addition to meeting CHFA program requirements, borrowers must qualify according to the underwriting guidelines as determined by your CHFA Participating Lender. CHFA does not qualify homebuyers, and any questions regarding your potential qualifications can be discussed with a CHFA Participating Lender.
CHFA Down Payment Assistance Programs
You have two great options for down payment and closing cost assistance when financing your home.
The Down Payment Assistance Grant offers up to 3% of your first mortgage (up to $25,000), and best of all, it doesn’t need to be repaid. If you need a little more flexibility.
The Second Mortgage Loan provides up to 4% of your first mortgage (up to $25,000), with repayment deferred until you sell, refinance, or pay off your first mortgage.
Special programs offer up to $25,000 for first-generation homebuyers or those with a permanent disability. These options make it easier to achieve homeownership!
Please refer to the following website for more information and any changes in program details or requirements:
https://www.chfainfo.com/homeownership/down-payment-assistance
CHFA Frequently Asked Questions
Here is a link to the FAQ page of the CHFA Website:
Connect with one of my Preferred CHFA Participating Lenders
Paul Littrell
Fidelity Mortgage Solutions
12265 Oracle Blvd, Suite 200
Colorado Springs, CO 80921United States
Phone: 719-886-2752
Dustin Sidwell
Strategic Home Mortgage, LLC
7222 Commerce Dr., Ste 220
Colorado Springs, CO 80919
Phone: 855-609-2313
ADDITONAL LOAN TYPES
Rehabilitation Loans
If your home needs a little TLC—like fixing that leaky roof, upgrading an old electrical system, or repairing a faulty heating unit—a rehabilitation loan might be the solution you're looking for. These loans are designed to help low-income homeowners make necessary repairs to protect and improve their property value.
HOME AFFORDABLE LOANS PROGRAM (HARP)
If you owe more on your home than it’s currently worth, a HARP loan could give you the financial relief you need. The Home Affordable Refinance Program (HARP) helps homeowners refinance into a more affordable mortgage, even if their home has lost value. To qualify, your mortgage must be owned by Fannie Mae or Freddie Mac and originated before June 1, 2009. This program can help lower your payments and keep you in your home, no matter how the market has shifted. Reach out to our team today to see if HARP can help you get back on track with your mortgage!
Jumbo Loans
If your dream home in Colorado Springs comes with a price tag above the conventional loan limits, a Jumbo Loan can help make it a reality. Designed for larger loan amounts, these mortgages offer competitive rates and low up-front fees for qualified borrowers. The goal is to provide financing that works for your budget so you can step into that perfect home with confidence. Whether it’s a spacious family home or a luxury property, we’ll work with you to create a financing plan that makes sense and supports your long-term goals. Let’s turn your dream home into a reality — reach out to learn more!
Here is the info for my Preferred Lenders. Many of my clients have successfully navigated the process with them, with fantastic things to say about their experiences.
They offer competitive rates and have a thorough qualification process, whether you’re looking for a VA, FHA, or Conventional loans.
You always have options! You can work with any lender you feel comfortable with. My goal is to give you the tools and recommendations to make the best decision for you. I can help regardless of the lender you choose, whether it is one of my Preferred Lenders or not!
Paul Littrell
Fidelity Mortgage Solutions
12265 Oracle Blvd, Suite 200
Colorado Springs, CO 80921United States
Phone: 719-886-2752
Dustin Sidwell
Strategic Home Mortgage, LLC
7222 Commerce Dr., Ste 220
Colorado Springs, CO 80919
Phone: 855-609-2313
https://www.strategichomemortgage.com/dustin-sidwell/
Types of Available LOANS
EQUITY MORTGAGE LOANS
Home Equity Mortgage:
Unlock the financial power of your home! A home equity mortgage lets you tap into the value of your biggest asset. Whether you need extra cash for a new car, home improvements, or helping your kids with college, this type of loan can provide funds without disrupting your financial stability. I can refer you to a lender that can help you explore all the options, ensuring you get the best structure to fit your needs. Ready to turn your home equity into a smart financial boost? Reach out today, and let’s discuss how you can put your home’s value to work for you!
Home Equity Line of Credit (HELOC)
Need flexible funding for renovations or life expenses? A HELOC lets you borrow against your home’s equity as needed, similar to a credit card but with your home as collateral. It’s perfect for ongoing projects like home improvements, education costs, or even consolidating high-interest debt. Just remember, since your home secures the loan, it’s essential to borrow wisely. With lower interest rates than most credit cards, a HELOC could be the smart move you’ve been looking for.
Debt Restructure Mortgage (Refinance)
Refinancing your mortgage could be your ticket to lower payments and long-term savings! A debt restructure mortgage allows you to adjust the terms of your current loan, helping you secure a lower interest rate, reduce your loan term, or reorganize your finances. Whether you’re looking to save on monthly payments, free up cash for home improvements, or avoid financial strain, refinancing offers a flexible solution.
VA LOANS
Purchase Loans:
Looking to buy your dream home in Colorado Springs? A VA Purchase Loan lets you secure a home at a competitive interest rate, often with zero down payment required. It’s a fantastic way to become a homeowner without a huge upfront cost. Perfect for military families who want to settle down and start building their future without financial strain.
Cash-Out Refinance
Need extra cash for home improvements, debt payoff, or life’s big expenses? A Cash-Out Refinance allows you to tap into your home’s equity, turning it into funds you can use for whatever you need. This option lets you leverage your hard-earned investment while still benefiting from the favorable terms of your VA loan.
Interest Rate Reduction Refinance Loan (IRRRL)
Already have a VA loan and want to save money? The IRRRL, or Streamline Refinance, helps you lower your interest rate and monthly payments with minimal paperwork. No appraisal or income verification needed! It’s a hassle-free way to keep your mortgage costs down and your finances in check.
Native American Direct Loan (NADL)
If you’re a Native American Veteran, the NADL Program can help you purchase, build, or improve a home on Federal Trust Land. With competitive rates and the backing of the VA, it’s a great way to secure your property and invest in your family’s future. Your tribal organization must participate, but the benefits are worth it!
Specially Adapted Housing (SAH) Grants
For Veterans with service-connected disabilities, SAH Grants help make homes more accessible. From widening doorways to adding ramps, these grants cover essential modifications so your home meets your specific needs. It’s all about creating a comfortable, functional space that works for you and your lifestyle.
FHA - FIRST TIME HOMEBUYER LOANS
FHA Loans: A Path to Homeownership
If you’re a first-time homebuyer or someone with less-than-perfect credit, an FHA loan could be your ticket to owning a home. An FHA Loan is a mortgage backed by the Federal Housing Administration that helps buyers, especially first-timers, purchase a home with more flexible requirements. It typically requires a down payment as low as 3.5% if your credit score is 580 or higher. FHA loans come with the security of government insurance, making lenders more willing to work with you. FHA loans can be a smart way to get started.
FHA Loan
FHA loans are ideal for purchasing a move-in ready home and offer options like fixed or adjustable interest rates. These loans make homeownership accessible by offering lower down payments and more lenient credit standards.
FHA 203(k) Loan
An FHA 203(k) Loan is also backed by the Federal Housing Administration but designed specifically for homes that need repairs or renovations. With this loan, you can finance both the purchase of the home and the cost of the renovations into a single mortgage. There are two types: the Standard 203(k) for major renovations and the Limited 203(k) for minor repairs. This loan allows you to buy a fixer-upper and transform it into your dream home without having to take out a separate loan for the improvements.
What if My Credit is Lower than 580?
Don’t let an lower credit score stop you from achieving your dream of owning a home. FHA loans are designed to be flexible, so if your credit score is above 500, you’re still in the game. Even if you have a nontraditional credit history or limited credit, you can still qualify as long as you meet a few other requirements. If you still aren't ready to qualify, lenders can typically get you back on track to be ready sooner than you would expect. Always know your options and know what you need to do to reach your goals!
LOCAL GOVERNMENT ASSISTANCE PROGRAMS
Colorado Housing Finance Authority (CHFA) Loans
Looking to buy your dream home in Colorado Springs? A VA Purchase Loan lets you secure a home at a competitive interest rate, often with zero down payment required. It’s a fantastic way to become a homeowner without a huge upfront cost. Perfect for military families who want to settle down and start building their future without financial strain.
CHFA General Requirements
CHFA general requirements:
(These may change, so it is always good to connect with a lender to learn more)
Borrowers have a mid-credit score of 620 or higher
Borrowers’ income must not exceed CHFA’s income limits
Borrowers must individually and independently complete a CHFA-approved homebuyer education class prior to their mortgage loan closing date
Borrowers must make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home
In addition to meeting CHFA program requirements, borrowers must qualify according to the underwriting guidelines as determined by your CHFA Participating Lender. CHFA does not qualify homebuyers, and any questions regarding your potential qualifications can be discussed with a CHFA Participating Lender.
CHFA Down Payment Assistance Programs
You have two great options for down payment and closing cost assistance when financing your home.
The Down Payment Assistance Grant offers up to 3% of your first mortgage (up to $25,000), and best of all, it doesn’t need to be repaid. If you need a little more flexibility.
The Second Mortgage Loan provides up to 4% of your first mortgage (up to $25,000), with repayment deferred until you sell, refinance, or pay off your first mortgage.
Special programs offer up to $25,000 for first-generation homebuyers or those with a permanent disability. These options make it easier to achieve homeownership!
Please refer to the following website for more information and any changes in program details or requirements:
https://www.chfainfo.com/homeownership/down-payment-assistance
CHFA Frequently Asked Questions
Here is a link to the FAQ page of the CHFA Website:
Connect with one of my Preferred CHFA Participating Lenders
Paul Littrell
Fidelity Mortgage Solutions
12265 Oracle Blvd, Suite 200
Colorado Springs, CO 80921United States
Phone: 719-886-2752
Dustin Sidwell
Strategic Home Mortgage, LLC
7222 Commerce Dr., Ste 220
Colorado Springs, CO 80919
Phone: 855-609-2313
ADDITONAL LOAN TYPES
Rehabilitation Loans
If your home needs a little TLC—like fixing that leaky roof, upgrading an old electrical system, or repairing a faulty heating unit—a rehabilitation loan might be the solution you're looking for. These loans are designed to help low-income homeowners make necessary repairs to protect and improve their property value.
HOME AFFORDABLE LOANS PROGRAM (HARP)
If you owe more on your home than it’s currently worth, a HARP loan could give you the financial relief you need. The Home Affordable Refinance Program (HARP) helps homeowners refinance into a more affordable mortgage, even if their home has lost value. To qualify, your mortgage must be owned by Fannie Mae or Freddie Mac and originated before June 1, 2009. This program can help lower your payments and keep you in your home, no matter how the market has shifted. Reach out to our team today to see if HARP can help you get back on track with your mortgage!
Jumbo Loans
If your dream home in Colorado Springs comes with a price tag above the conventional loan limits, a Jumbo Loan can help make it a reality. Designed for larger loan amounts, these mortgages offer competitive rates and low up-front fees for qualified borrowers. The goal is to provide financing that works for your budget so you can step into that perfect home with confidence. Whether it’s a spacious family home or a luxury property, we’ll work with you to create a financing plan that makes sense and supports your long-term goals. Let’s turn your dream home into a reality — reach out to learn more!
Here is the info for my Preferred Lenders. Many of my clients have successfully navigated the process with them, with fantastic things to say about their experiences.
They offer competitive rates and have a thorough qualification process, whether you’re looking for a VA, FHA, or Conventional loans.
You always have options! You can work with any lender you feel comfortable with. My goal is to give you the tools and recommendations to make the best decision for you. I can help regardless of the lender you choose, whether it is one of my Preferred Lenders or not!
Paul Littrell
Fidelity Mortgage Solutions
12265 Oracle Blvd, Suite 200
Colorado Springs, CO 80921United States
Phone: 719-886-2752
Dustin Sidwell
Strategic Home Mortgage, LLC
7222 Commerce Dr., Ste 220
Colorado Springs, CO 80919
Phone: 855-609-2313
https://www.strategichomemortgage.com/dustin-sidwell/
RE/MAX Real Estate Group, LLC.
12265 Oracle Blvd
Colorado Springs, CO
80921
RE/MAX Real Estate Group, LLC.
12265 Oracle Blvd
Colorado Springs, CO
80921