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We want to buy a house in Fort Collins, CO (Larimer county) Credit is 750, but really need zero down and

house is over the FHA loan limit of 312,000. Any recommendations? Thanks.
Mon Jun 23 2008, 14:50 - Fort Collins - Home Buying - 9 answers
 
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Lorri
Home Buyer
in Fort Collins
Lorri, Home Buyer in Fort Collins in Fort Collins
Answers (9)
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Joellen Cabot was FIRST TO ANSWER
Call Jeff Johnson, Owner of Ameritrust Mortgage. 303-969-9569 - he got us in our place up here.

Thu Jun 26 2008, 15:18
 
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You should really save up and put a down-payment on a home. Why aren't you lookin in the low 200's if you don't have money down? I've been saving for years to be able to do so. Good Luck!

Thu Jun 26 2008, 08:01
 
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Lorri,

There are loan options available though they do get tougher as you go above the $312,500 FHA limit. Keep in mind that you are looking at a P&I payment over $2,000 at $312,500 not counting taxes, insurance and mortgage insurance. The question you should be asking is not if there are loan programs available that high but what monthly payment are you comfortable making. Are you comfortable making a $2,500 monthly PITI payment that may or may not include HOA? Either way, please make sure you consult with an experienced lender and realtor so that you make make the best, informed decision for your family.

Tue Jun 24 2008, 20:53
Web Reference: http://SearchFortCollinsMLS.com
 
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There are few options yet available for you. The USDA program is one option if you are purchasing in a "rural" area. There are some community programs that will allow you to go up to $350,000 with zero down. There are also a few 80/20 options left with your credit scores with a limit of $417,000. An 80/20 utilizes two mortgages to avoid mortgage insurance. I work for First National Bank (a local bank in the Northern Colorado area) as a Professional Mortgage Planner. First National Bank has an 80/20 Portfolio Loan that may be a good option for you. If you would like some information on it feel free to call me or email me at astorteboom@1stNationalBank.com.

Andrew J. Storteboom
First National Bank
970-494-5537

Mon Jun 23 2008, 16:14
Web Reference: http://www.AndrewStorteboom.com
 
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Hi Lorri,

I have 100% financing available through a USDA program that is only available in select areas. If you can e-mail me the address, I can let you know if your property will qualify. Ben@bythebrookemortgage.com (or you can post it in this forum, whichever you are more comfortable with).

Thanks,

Ben Edgson
Mortgage Broker
720.280.0441
Ben@bythebrookemortgage.com

Mon Jun 23 2008, 15:47
Web Reference: http://www.bythebrookemortgage.com
 
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Hello Lorri,

You can exceed the 312,000 loan limit with 100 financing. I would recommend contacting David Stephenson with Northern Colorado Mortgage Company in Fort Collins. His number is 970-567-8399.

Mon Jun 23 2008, 15:42
 
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I don't know of a program at this time where you could get into a $350,000 home with zero down. I wish I had a better answer for you. However, good luck with your search!

Joellen Cabot

Mon Jun 23 2008, 15:34
 
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We have been approved for a FHA loan, but we are looking at a house where we would most likely offer $350,000 range -but have not found a loan program for this.

Mon Jun 23 2008, 15:12
 
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FIRST ANSWER
How much over the FHA limit? Because you can always make an offer at $312,000 or under. Have you thought about the downpayment assistance programs, such as Nehemiah or Genesis? Have you been pre-approved for a loan? Are you a first time home buyer?

Mon Jun 23 2008, 15:07
 
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