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Different Loans for Your Montrose Home Purchase?

Different Loans for Your Montrose Home Purchase?

Unless you are one of the lucky few with a full bank account or a big windfall coming your way, you’ll need to consider financing when you decide to buy a house. In fact, it’s often a good idea to line up your home loan and get preapproved for a mortgage before you start shopping so that you’ll be ready to make a strong offer when you find the house of your dreams.

When you shop around for home loans in Montrose Colorado, you’ll notice that there are several types available, depending on your financial and personal situation. Here are the most common types of home loans available:

  • Conventional Mortgages: This is your classic home loan, and it typically requires a 10 to 20 percent down payment. Common terms are for 15 or 30 years. Buyers often need strong credit scores to qualify.
  • FHA Loans: These loans are backed by the Federal Housing Authority and allow borrowers to purchase a home with as little as 3.5 percent of the selling price as a down payment. It’s easier to qualify, but you’ll also have to pay a monthly mortgage insurance premium for the privilege.
  • USDA Rural Housing Loans: The US Department of Agriculture has a loan program to encourage buyers to purchase property in rural areas, and it offers low rates and special terms. You’ll need to meet income requirements, and your property will need to be approved to qualify.
  • VA Loans: If you are a veteran of the US armed forces, you can qualify for a zero percent down payment loan on a home. This is the best possible deal, so take advantage if you can.
  • 203k Rehab Loan: This is a specialty loan for fixer-upper properties that need major renovations before you can move in. You’ll need contractor estimates as well as before and after appraisals to get approved, but it could be well worth the effort if you find a one-of-kind house that just needs some love.

In addition to these basic types of loans, there are many other things to consider, including the pros and cons of fixed vs. adjustable rate mortgages. Work with a qualified, trustworthy mortgage officer to learn more about which home loan is right for you, and you’ll be ready to move into your new Montrose house before you know it.

Photo of Brad Oberto
Brad Oberto
Bank of Colorado
Vice President / Lender
200 N. Townsend Avenue
Montrose, CO 81401
970-240-5909
NMLS: 608071
 

Copyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.

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Diana Atha

Diana Atha is a seasoned agent in the Montrose, Colorado real estate industry. She has served within the Montrose professional market since 2006 and is part of Keller Williams Colorado West Realty. Diana has extensive experience as a real estate agent and is naturally gifted in customer service. She has passed on this knowledge and mentored rising stars in the Atha Team. Diana and her team have achieved many awards serving as buyer's and seller's agents in Montrose, Ridgway and Ouray. “Top Residential Sales Team” in 2017 “Top Residential Sales Team” in 2016 “Top Listings” and “Top Producer” in 2016 “Top Residential Sales Team” in 2015 “Realtor of the Year” in 2013 Recognition for ranking 3rd in real estate sales volume in 2013 Diana has served as a volunteer in many different aspects of the community throughout her over 25 years of Montrose residency. Growing up, Diana was modeled in the discipline of servant leadership. Her father, Rick Weaver of Del-Mont Consultants and Samaritans Aviation, included Diana in many community projects serving the needy. As Diana grew older, she traveled to Kenya, Papua New Guinea, Australia, New Zealand, Hungry, Romania, and Japan to help serve others in a Christian Humanitarian context. Diana now volunteers her time at the Magic Circle Theatre, Grace Community Church, Rotary International – Montrose CO, and served on the Board of Directors for the Montrose Association of Realtors. Diana is married to Ian Atha the Listing Specialist for the Atha Team and happily resides in Montrose Colorado.

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