Trends in Colorado Mortgage Rates – Available Programs, Incentives and More

If you have a look at the governing trends in Colorado mortgage rates, you will see that the mortgage rates in the Centennial State are currently on the rise, in harmony with the trends that characterize mortgage rates in most other states in the US. Even so, Colorado mortgage rates are still a bit lower than the rates offered by lenders in other parts of the country – 15-30 fixed mortgage rates are 0.01% lower than the national average. It may seem like a small percentage at first, but if you calculate how much that would mean in your specific case, you will see that it is a lot of money, so investing into real estate is an excellent idea today – here are a few more details about the programs you can use.

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Mortgage Programs and Options

The affordability of housing is a top priority for the state in Colorado, so there are many great, advantageous loan programs that allow buyers to purchase a home with very little down payment, in some cases as low as $1,000.

There are various sources that provide assistance for various categories of borrowers:

  • The Colorado Housing and Financing Authority (CHFA) provides down payment assistance for first-time buyers in the state and they also offer mortgage loans with very favorable conditions, such as very low mortgage insurance fees, financial education for potential buyers, affordable, 30-year fixed rates and refinancing options. Their programs are provided via approved loan lenders and are available for applicants who have limited income, low credit scores and insufficient funds to make a down payment.
  • VA loans – Colorado currently gives home to six military bases and to almost 50,000 active duty and reserve members of the military and the state wants to help these members to find the home they want and deserve. The conditions that Veterans Affairs mortgages, also called VA loans, come with are becoming increasingly favorable these days: VA rates today are lower than the rates offered to civilian borrowers, no down payment and no insurance is required and the loans are available not only active members and veterans, but to surviving spouses as well.
  • FHA loans – these government-insured loans are geared especially towards first-time buyers, but they are available to other categories of borrowers who fulfill the employment, credit score and income-related requirements and they come with very favorable conditions, such as down payment ranging between 3.5-10%, low rates and the option to use the loan for refinancing purposes.
  • USDA loans – these loans are offered by the US Department of Agriculture to homebuyers willing to move to rural areas in the state of Colorado. The Centennial State being one of the most beautiful states in the nation, borrowers who are intrigued by country life can benefit from USDA loans that come with zero down payment requirement and favorable repayment conditions.

With all these great facilities offered by lenders approved by government and state agencies, you can now make the most of the favorable trends in Colorado mortgage rates – take your time to check the programs that you qualify for or contact an experienced and reliable mortgage broker and you can move into your own house as soon you obtain the loan approval.