What is an FHA Loan The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) offer mortgage programs in all states. Product options include both fixed-rate and adjustable- rate mortgages. Features include flexible qualification guidelines for eligible borrowers. These mortgages are helpful for eligible borrowers with limited funds to use as a down payment. Ask about the advantages of the U.S. Bank Firstep program. FHA and VA mortgages give eligible borrowers the opportunity to become homeowners with low or zero down payment requirements depending on the mortgage product. FHA-allowable loan maximums are set by county and state. FHA loans are insured by the federal government. Many first-time homebuyers select FHA loans because of the program’s flexibility. VA-guaranteed loan programs are available to Military Service Veterans, current active duty service men and women and their surviving spouses. Features include: · No down payment · No mortgage insurance

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What is a Conventional loan Conventional loans work best when you have more than 10% equity or down payment, and you have higher credit scores. Conventional loans can also be used for a greater variety of property types and loan purposes. If you have less than 20% equity, you are required to have mortgage insurance, however, depending on the loan-to-value and your credit scores, the mortgage insurance can be very inexpensive. If you have at least 20% equity or are making a 20% down payment, then Conventional loans are hard to beat!  Minimum 5% equity or down payment (3% in limited cases)  Any loan amount (over $417,000, would be considered a Jumbo loan)  640 minimum credit score  Mortgage insurance required for loan-to-value over 80%  Limited gift funds allowed on purchase  30 year, 20 year, 15 year terms (other terms available)  Both fixed rate and adjustable rate programs  No prepayment penalties Peak Home Mortgage offers a variety of mortgage products to meet your needs, including competitive fixed and adjustable loan rates. Our goal is to provide you with the mortgage loan that suits you best. Call us today at 303-526-9620 to discuss what type of loan is best for you. We are a full-service mortgage broker with experienced staff offering expertise in every area of mortgage lending from purchase to refinance to construction lending. Our staff is dedicated to finding you the best loan product at the best rate and helping you navigate the ever- changing mortgage industry!

What is a Jumbo Loan An option for consumers who wish to borrow more than the conforming loan limit of $417,000. The JUMBO mortgage products offer flexible loan terms. Financing is available for primary residences, second homes, investment properties. Primary and investment properties with 2 - 4 units are allowed. What is a Adjustable (ARM) Loan The initial mortgage interest rate may be lower than current fixed- rate loans. Choose from a number of adjustable-rate loan products. Borrowers who intend to remain in a property for a shorter period of time may prefer this option. The interest rate will adjust in the future.