USDA Loans in Colorado

USDA Home Loans

I’m not a mortgage lender and I don’t play one on TV. Before hiring or even talking to a mortgage originator please consult the Department of Regulatory Agents (DORA) in the State of Colorado. OK, now lets move on. Recently I attended a class on USDA loans. Below is an overview of the loan. Please consult a licensed mortgage lender about the actual process of getting a loan and the requirements to obtain one.

  • No first-time buyer requirement. You must not currently own a home, unless your home is not structurally sound or is not a reasonable commute to work.
  • No down payment requirement. You can get up to 102% of the appraised value. And if you may get your earnest money back or reimbursed for out of pocket expenses.
  • Financed settlement costs
  • Low monthly mortgage insurance payments(MIP)
  • No loan limits
  • No reserve requirements
  • Flexible credit criteria
  • Manual and automated (GUS) underwriting Loan amounts above price to roll in settlement costs, appliances or home repairs.
  • Repair escrow accounts for post closing repairs
  • No limit on concessions
  • No property seasoning requirements, good for new construction and fix & flips
  • No recapture upon the sale of property
  • No more thermal standards, eliminated in 2008 Property eligibility, check the web site maps
  • Income Limits, check the web site for details
  • Property types, check the web site for details
  • Outbuildings are not allowed – for residential only
  • Acreage, there is no limited, but not to exceeding 30% of house values
  • Driveways must be connected to the street, have road base, gravel or hard surface
  • Private roads must have a recorded easement and meet the same requirements as the driveway standards.
  • Flood Zones – check the website maps Appraisal requirements are similar to FHA
  • Wells must be at least 3-5 gallons per minute and 5 gallons for new construction

About Dena Stevens (719) 369.9087

Putting the 'real' into REALTOR since 2004 Ask about vacant land, ranch land or residential properties. Loyalty and devotion are things buyers and sellers expect from their Realtor as well as the fiduciary responsibility of due diligence. Dena is a certified Ecobroker, focused on sustainability, energy efficiency and the environment and is a Certified Sales Professional from the Association of Home Builders. Specialties: A client once said "you put the 'real' into REALTOR" to me. I took it as a complement and I've been using it ever since, I'm a no nonsense kind of person. I've been helping people buy and sell real estate since 2004. Associate Broker REALTOR Certified Sales Professional (CSP) Short Sale Foreclosure Resource (SFR) Ecobroker GHSP The Fair Housing Act is a federal act in the United States intended to protect the buyer or renter of a dwelling from seller or landlord discrimination. Its primary prohibition makes it unlawful to refuse to sell, rent to, or negotiate with any person because of that person's inclusion in a protected class.
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