Michael Shotnik
Branch Manager
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FROM OUR BLOG
June 12, 2017

Home Possible Mortgages

Are you renting in Colorado and tired of the raising rates? Would you like to buy a home, but wondering how in the world you’re ever going to afford it? Have you heard of Home Possible Mortgages? You might qualify! Read on to learn more!

The Scoop

Home Possible mortgages offer flexibility in down payments for low-moderate incomes, and homebuyers in high-cost areas and/or underserved areas. For home buyers without established credit, such as first time home buyers, this might be the best option. There’s flexibility, as well, 15-30 fixed rate mortgages, and multiple mortgage insurance options.  Furthermore, the limited down payment has little to no impact on the rate we’re able to offer. In other words, you can put little down and still obtain top notch pricing!

Requirements

This program does require a home buyer education course. There may be more paperwork involved in a Home Possible loan, but given this market and the flexibilities this program has to offer, it’s worth it! In addition to being a solid product, it will allow you to purchase using conventional, NOT FHA financing. If you’ve made any offers, you know sellers move FHA offers to the bottom of their stack.

HomeOwners

Already own your dream home? Perfect! Home Possible mortgages are eligible for refinances as well! As with anything, there are guidelines in place. Refinancing is only available if you’re switching terms on your loan or interest rates.

Not sure if you qualify for this program? We’d love to discuss it with you! Call us today!

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Sierra Pacific Mortgage Company, Inc. dba Colorado Mortgage

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.