Grand Junction is a beautiful city that has a lot to offer to its residents including close access to the Colorado National Monument, hiking and horseback riding trails in Grand Mesa, and a charming historic downtown area. If you’re thinking about relocating to this stunning part of Colorado, you may be wondering what home buying opportunities are available. Below, we’ve discussed some popular home loan options for the Grand Junction area.
Types of Home Loans for Buying a House in Grand Junction
Do you dream of escaping the business of the Front Range? Want to move to Colorado but pricey areas like Boulder and Denver are out of the question? If so, Grand Junction could be the perfect place for you!
Exciting opportunities for outdoor recreation, beautiful views, and close access to natural areas are some of the qualities that make Grand Junction a great place to live. All you need to do to start shopping for a home is find the right loan program and get pre-approved!
Here are some popular home loans for buying property in the Grand Junction area:
Conventional loans are a popular option because of their attractive terms. Great rates, lots of flexibility, and low costs make these loans a great choice for qualifying borrowers. The only thing is, requirements are stricter than other options. Your credit will need to be in good shape and you’ll need a low debt-to-income ratio. Also, you may be required to put more money down than with other types of loans.
ARM loans are a great option for borrowers that are just looking to purchase a starter home or don’t plan on living in the property for very long. With an adjustable-rate mortgage, the interest rate is fixed for a set period (generally three, five, seven, or ten years), and then fluctuates periodically.
If you’re looking for a low-down payment option, then an FHA loan could be right for you. FHA loans are a great alternative for borrowers who can’t put a large sum of money down or are unable to meet conventional loan requirements.
Sometimes, you fall in love with a home, but it needs major repairs. And the bank won’t give you the money until those repairs are taken care of. The good news is, you’re not out of luck! You can still apply for an FHA 203k Renovation Loan. These loans combine the funds for purchase and renovation into one convenient loan. You can either opt for a Standard 203k or a Streamline 203k depending on the extent of repairs needed.
Explore Home Loans for Buying in Grand Junction
Take the first step towards buying your dream home in Grand Junction! Call our office today to begin exploring home loan options!