Bank Of America Loans In Boulder

In a recent meeting with Bank of America’s Boulder branch AVP Home Loan manager, Elizabeth Million, and Bank of America Home Loan Consultant, Cameron White-Ford, I learned that getting a home loan in Boulder isn’t as difficult as you might think.

There’s been a lot of talk about how tight the national lending market has been recently. Many people have told me they thought that loans are hard to get, or that banks simply weren’t lending at all right now. Sort of a circling of the wagons in a sense.

Another misunderstanding is that you have to have a lot of cash in order to qualify for a loan. While it’s certainly true that having a healthy down payment is going to make it easier to qualify for a loan to buy a home, the shift over the last few years has been back towards FHA loans. That means that in many cases if you have 5% of the purchase price of your own money to bring to the transaction (and sometimes even maybe as little as 3%), with good credit, and a job, you can likely qualify for an FHA home loan.

There are some other interesting parts of this for Boulder residents. We all know that Boulder housing prices are a little higher than the national average, or even higher than some of our other nearby communities. But did you know that the FHA limits are higher in Boulder?Call, Text, or Email me if if you want to talk more about what’s going on in the local market; whether it’s jobs, quality of life opportunities, or the real estate market, I’d love to hear from you.

You can still get an FHA loan in Boulder with only 5% down up to $460,000. While that’s not as high as some of us would like it considering the average price of sold homes in Boulder runs around $600,000, it’s still workable in some neighborhoods.

Here’s another tidbit if you want to know a little more about who you’re talking to when you go out looking for a home loan. Essentially there are three channels for loans:

1. Wholesale Channels. Mortgage Brokers who work as a middle-man to find home loans from one of a variety of resources who will fund the loan, and then in many cases subsequently sell the loan off to another entity

2. Correspondents. These are essentially Mortgage Brokers, like Nora Ziel, who work for lenders like Cherry Creek Mortgage, who fund the loans, and then typically sell the loan to a loan servicer. That’s not a bad thing, and your terms don’t change, it just means that after you’re done with the purchase or refinance, you’ll likely start making payments to a different entity.

3. Retail. These are the banks. Entities such as Bank of America, and Wells Fargo who fund their own loans, and hold that loan in their own portfolio and service it themselves. What this means it that it’s likely that if you get a loan through a ‘retail’ home loan source like B of A, or Wells, you’ll likely be making the payments to that same entity.

Although nothing is absolute, the retail home loan channel still sells off some of the loans, since they’re required to only hold 90% of the loans they make in their own portfolio.

Any one of these channels can be an excellent choice. My best advice is to work with someone you trust, and if you don’t already have a loan officer or mortgage broker you know, or have worked with already, get a referral from a professional in the industry like your Realtor, or a close friend or family member. I believe it’s best to build relationships, and to trust to relationship based networks you build.

Whether it’s mountain property for salevacant land for sale, sustainably designed green-built homes for saleneighborhood profiles, or Boulder county business profiles, I strive every day to give you the useful information and critical support you need to make an informed decision.

Call, Text, or Email me. I’m never too busy for your referrals, and as a real estate professional intent on giving back to the community, my relationship-based approach is exactly what you’ve been looking for in a helpful Realtor, and I will listen to you.

So you may not be moving, but if you know someone who is, I’d love to hear from you. Call, Text, or Email me anytime.

Zachary Epps, full-time professional Realtor® and EcoBroker® at RE/MAX Alliance Boulder

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