Beacon Lending Home Loans in Denver Colorado

Construction Lending Available In Colorado with as little ZERO DOWN

It is no question that the real estate market in Colorado is hot! hot! hot! This can frustrate many buyers who show up to an open house with 10 other buyers, and a seller who is only interested in highest and best offer. It is definetely a seller's market out there, and that can really discourage someone who is an FHA buyer with only the alloted 3.5% down, who cannot afford to pay above contract.

It is saddening how many FHA buyers I have that cannot put in an offer, simply because the seller does not want them as buyers. They want conventional or cash, who can absorb a low appraisal, and have no problems paying above market value. Before I ramble on about this, the true spirit and nature of this article is to discuss a brand NEW product that we offer right NOW, that will get more smart buyers into homes, hopefully at a better value, then getting into a bidding war with other buyers, driving up prices, which become inflated.

Enter The Construction LOAN

This is an FHA and VA product that has been offered for years, however many, if not all lenders refuse to touch it. Until TODAY. The loan works like any other VA or FHA Loan. Zero down for VA and 3.5% down payment for FHA.

Here is an example of how exactly this would work.

Step #1 -------FIND a lot you would like to build on. Seller makes a contract with you for land at $150,000.

Step #2 ------Have your General Contractor put together plans and specs to put together price of construction loan, which in this case is $240,000

Step #3-----Your base loan amount is $390,000, as this includes the $240,000 Construction Cost plus $150,000 lot cost

Step #4 ----Close your LOAN!  You will be required to put dont 3.5% for FHA, or ZERO DOWN FOR VA.

Here are some of the program highlights and guidelines for you to review initially

  • Down to 580 Credit Score
  • 10-30 year terms available
  • Modular, Condo, Townhomes, Manufactured, and Single Family Residences okay
  • Owner Occupied Only
  • Loan Amount limits by County for FHA and VA

For any questions on how to get approved for this loan, and how to take the proper steps, call Brian Quigley at 720-524-3215 or email him at loans@brianquigley.com

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

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Beacon Lending

NMLS# 2085418
brianq@beaconlending.com
(720) 524-3215
2301 Blake Street Suite #207
Denver, CO 80205

Our office is located in the northwest area of downtown Denver just 1 block North East of Coors Field on Blake Street. Our building sits on the Northwest Corner of Blake Street and Park Avenue West.

Hours

Monday: 8:00 AM – 6:00 PM
Tuesday: 8:00 AM – 6:00 PM
Wednesday: 8:00 AM – 6:00 PM
Thursday: 8:00 AM – 6:00 PM
Friday: 8:00 AM – 6:00 PM
Saturday: 8:00 AM – 6:00 PM
Sunday: 8:00 AM – 6:00 PM
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