Fixed Rate Mortgages are the most common type of mortgage. The borrower will qualify for a certain rate and term, which will stay fixed through the life of the loan. Generally the rate will be lower for a shorter term. The national limit for these types of loans is $517,000 and may be increased up to $750,000 in certain CO counties. 

Adjustable rate mortgages have been given a bad name since the housing crisis of 2008. Bad banking practices can definitely exploit the negatives of these loans, however, they do have a place for certain types of people or investments. The rate will vary year over year based on prime interest rates, but they can be a great option for shorter term real estate financing or fix and flip real estate investors.

FHA backed mortgages are the best program for first time home buyers. Because the government backs these loans with the buyer, the bank is able to offer better rates, less money down and less financial requirements post closing. Down payments can be as low as 3.5% LTV and this portion is okay to be gifted or granted from a relative or friend. FHA properties must be owner occupied.

FHA backed mortgages are the best program for first time home buyers. Because the government backs these loans with the buyer, the bank is able to offer better rates, less money down and less financial requirements post closing. Down payments can be as low as 3.5% LTV and this portion is okay to be gifted or granted from a relative or friend. FHA properties must be owner occupied.