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COLORADO CONVENTIONAL LOANS

About 60% of all mortgage applicants choose a conventional loan as their best option.
Conventional mortgages are also known as conforming loans, since they conform to a
set of standards set by Fannie Mae (FNMA) and Freddie Mac (FHLMC).

  • Purchase a primary residence, second home, or investment property
  • Colorado conventional loans are available in fixed rates, adjustable rates (ARMs), Houz offers terms from 8 to 30 years using Term Tailor ™
  • Down payments as low as 1%
  • No monthly mortgage insurance with a down payment of at least 20% or PMI Edge ™
  • Lower mortgage insurance costs than FHA
  • Mortgage insurance is cancelable when home equity reaches 20%

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 GSE 1-unit limit FHA 1-unit limit
Adams Count, CO $575,000 $575,000
Alamosa Count, CO $510,400 $331,760
Arapahoe County, CO $575,000 $575,000
Archuleta Count, CO $510,400 $331,760
Baca County, CO $510,400 $331,760
Bent County, CO $510,400 $331,760
Boulder Count, CO $644,000 $644,000
Broomfield County, CO $575,000 $575,000
Chaffee Count, CO $510,400 $369,150
Clear Creek Count, CO $575,000 $575,000
Conejos Count, CO $510,400 $331,760
Costilla County, CO $510,400 $331,760
Crowley Count, CO $510,400 $331,76
Cheyenne County, CO $510,400 $331,760
Custer County, CO $510,400 $331,760
Delta Count, CO $510,400 $331,760
Denver County, CO $575,000 $575,000
Dolores Count, CO $510,400 $331,760
Douglas Count, CO $575,000 $575,000
Eagle Count, CO $750,950 $765,600
Elbert County, CO $575,000 $575,000
El Paso Count, CO $510,400 $356,500
Fremont Count, CO $510,400 $331,760
Garfield County, CO $765,600 $765,600
Gilpin County, CO $575,000 $575,000
Grand Count, CO $510,400 $473,800
Gunnison County, CO $510,400 $371,450
Hinsdale County, CO $510,400 $427,800
Huerfano County, CO $510,400 $331,760
Jackson Count, CO $510,400 $331,760
Jefferson Count, CO $575,000 $575,000
Kiowa Count, CO $510,400 $331,760
Kit Carson County, CO $510,400 $331,760
Lake County, CO $625,500 $314,827
La Plata County, CO $510,400 $422,050
Larimer Count, CO $510,400 $454,250
Las Animas County, CO $510,400 $331,760
Lincoln Count, CO $510,400 $331,760
Logan Count, CO $510,400 $331,760
Mesa County, CO $510,400 $331,760
Mineral Count, CO $510,4000 $331,760
Moffat County, CO $510,400 $331,760
Montezuma Count, CO $510,400 $331,760
Montrose County, CO $510,400 $425,500
Morgan County, CO $510,400 $331,760
Otero Count, CO $510,400 $331,760
Ouray Count, CO $510,400 $425,500
Park County, CO $575,000 $575,000
Phillips County, CO $510,400 $331,760
Pitkin County, CO $765,600 $765,600
Prowers Count, CO $510,400 $331,760
Pueblo County, CO $510,400 $331,760
Rio Blanco County, CO $510,400 $331,760
Rio Grande County, CO $510,400 $331,760
Routte County, CO $638,250 $638,200
Saguache County, CO $510,400 $331,760
San Juan County, CO $510,400 $331,760
San Miguel $625,500 $765,600
Sedgwick County, CO $510,400 $331,760
Summit County, CO $625,500 $722,200
Teller County, CO $510,400 $365,500
Washington County, CO $510,400 $331,760
Weld Yuma Count, CO $510,400 $404,800
Yuma County, CO $510,400 $331,760

Contact Information

PHONE: (303) 649-1245

FAX: (888) 752-8254

ADDRESS: 10700 E Geddes Ave, Suite 155 Englewood, CO 80112

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Terms and Conditions Apply. HOUZ MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet Houz Mortgage’s and/or investor underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Licensed by the Colorado Division of Real Estate. Houz Mortgage loans are originated by Colorado Homesmartz, LLC DBA Houz Mortgage, NMLS # 1578407. (www.nmlsconsumeraccess.org)

Lowest rates are reserved for most creditworthy applicants; not all who apply will qualify for the top tiers. Rates and APRs are subject to change and may not be available at the time of lock or loan commitment. Interest rates are subject to potential increases over the life of the loan, once the initial fixed-rate period expires. APR for adjustable rate mortgages are subject to increase after fixed rate period and does not include 3rd party costs or prepaid interest. Please contact one of our Licensed Mortgage Loan Originators at (303) 649-1245 for a customized rate and payment quote.


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COVID-19 Update

March 12: Today, we closed Houz's Englewood office and asked everyone based there to work from home as a precaution due to COVID-19. Houz was prepared for this and is fully functioning during this time. Please do not bring any paperwork to the office and make alternative arrangements by calling (303) 649-1245 or by contacting your personal loan team until further notice.