THE HOUZ DIFFERENCE
Only Houz Mortgage offers you the Cost Eraser ™, PMI Edge ™, and Term Tailor ™. Find out how these great options can help guide you to the best decision
to meet your financial goals.
Conventional lending is currently a strong challenger to FHA. Conventional mortgage insurance is cancelable while most FHA mortgage insurance stays on
the loan for life. Houz Mortgage also has its PMI Edge™ program to eliminate private mortgage insurance from the very first day! People who qualify for a
conventional loan commonly opt for this program over FHA due to lower fees.
COST ERASER ™
Our closing costs are already very low, normally we charge no loan origination (also referred to as points) and qualified mortgage clients can take advantage
of Houz Cost Eraser ™ that helps eliminate your closing costs and even potential appraisal reimbursement!
PMI EDGE ™
Eliminate monthly mortgage insurance and increase your buying power! PMI Edge ™ offers you the ability to pay your Private Mortgage Insurance as a single
one-time premium, a low monthly premium, we can split the premium with you 50/50, or even totally eliminate your PMI.
TERM TAILOR ™
Customize the perfect loan for your goals! Don’t feel pressured to choose only a 15 or 30-year mortgage. Flex Term provides you with flexible options to
select your personalized amortization term.
You choose your desired term anywhere from 8 to 30 years and we tailor your loan to fit perfectly!
PROPERTIES ELIGIBLE FOR CONVENTIONAL FINANCING WITH HOUZ
- Single family homes (attached and detached homes)
- 2, 3, and 4-unit properties
- Condominiums
- Some co-op properties
CONFORMING MORTGAGE VS. NON-CONFORMING MORTGAGE
Conventional mortgages are either conforming or non-conforming, conforming meeting the standards introduced by government-back Fannie Mae (FN
MA) and Freddie Mac (FHLMC).
As both terms are very different, take care not to confound with conforming and conventional. However, neither are considered government loans.
One important variable that determines whether a mortgage is conforming is the amount of the loan. Loans over the maximum conforming loan limit are
called jumbo loans and typically will have a higher rate consequently. Nevertheless, both kinds of loans are conventional.
Other types of non-conforming loans include those made to borrowers with high debt, bad credit or bankruptcy in the recent past, or on homes with a
high loan-to-value (LTV).
Three other alternatives, USDA, VA and FHA mortgages, are backed by the federal government. Loans guaranteed by the Federal Housing Administration
(FHA) aim to make buying homes more affordable for low to mid-income families by offering low down payments. VA loans are guaranteed by the U.S
Department of Veterans Affairs and are accessible to active military, veterans, and surviving spouses only.
Conventional loans, however, are offered by private entities like banks, credit unions, private lenders or savings institutions. Since they’re not guaranteed
by the government in the event the buyer defaults the risk is increased to the lender and that is usually reflected in a slightly higher interest rate.
CONVENTIONAL LOANS AND DOWN PAYMENTS GIFTS
It’s possible for you to utilize a gift from a relative or eligible nonprofit service to cover loan closing costs and your entire down payment.
PRIVATE MORTGAGE INSURANCE (PMI)
PMI is usually required when you put less than 20% down on a conventional
loan. For people with great credit, private mortgage insurance on
conventional loans may really cost significantly less than FHA mortgage
insurance. It is because PMI is insurance hedging against the potential risk of
a borrower defaulting on their mortgage. Ultimately meaning that the better
your credit history, the lower your premiums. PMI is much like auto insurance,
no accidents, better insurance rates.
PMI EDGE ™
Eliminate monthly mortgage insurance and increase your buying power! PMI
Edge ™ offers your clients one of the lowest monthly payments available with
a low down-payment.
- Up to 99% LTV with no monthly PMI
- 100% gift for down payments eligible
COLORADO CONFORMING AND
FHA LOAN LIMITS BY COUNTY
| County Name | 1-Unit | 2-Units | 3-Units | 4-Units |
| ADAMS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| ALAMOSA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| ARAPAHOE | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| ARCHULETA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| BACA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| BENT | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| BOULDER | $856,750 | $1,096,800 | $1,325,800 | $1,647,650 |
| BROOMFIELD | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| CHAFFEE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| CHEYENNE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| CLEAR CREEK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| CONEJOS | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| COSTILLA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| CROWLEY | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| CUSTER | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| DELTA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| DENVER | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| DOLORES | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| DOUGLAS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| EAGLE | $1,075,250 | $1,376,550 | $1,663,900 | $2,067,850 |
| ELBERT | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| EL PASO | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| FREMONT | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| GARFIELD | $948,750 | $1,214,600 | $1,468,150 | $1,824,550 |
| GILPIN | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| GRAND | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| GUNNISON | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| HINSDALE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| HUERFANO | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| JACKSON | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| JEFFERSON | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| KIOWA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| KIT CARSON | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LAKE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LA PLATA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LARIMER | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LAS ANIMAS | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LINCOLN | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| LOGAN | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MESA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MINERAL | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MOFFAT | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MONTEZUMA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MONTROSE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| MORGAN | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| OTERO | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| OURAY | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| PARK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| PHILLIPS | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| PITKIN | $948,750 | $1,214,600 | $1,468,150 | $1,824,550 |
| PROWERS | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| PUEBLO | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| RIO BLANCO | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| RIO GRANDE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| ROUTT | $845,250 | $1,082,100 | $1,308,000 | $1,625,500 |
| SAGUACHE | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| SAN JUAN | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| SAN MIGUEL | $862,500 | $1,104,150 | $1,334,700 | $1,658,700 |
| SEDGWICK | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| SUMMIT | $953,350 | $1,220,450 | $1,475,250 | $1,833,400 |
| TELLER | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| WASHINGTON | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| WELD | $726,200 | $929,850 | $1,123,900 | $1,396,800 |
| YUMA | $726,200 | $929,850 | $1,123,900 | $1,396,800 |