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"Audrey Anna made our loan go from failing to passing.  We went thru another mortgage company first and we almost lost the house.  Audrey Anna saved us and we are now happy homeowner's."

 

"  Audrey Anna & Tammy are always available and willing to explain everything and answer questions.  Audrey Anna was willing to stay late so we could get our paperwork completed."

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Yampa Valley Bank offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Fixed Rate Loans
USDA Guaranteed Loans
Freddie Mac Home Possible
FHA Mortgage Loans
VA Loans
Adjustable Rate Loans
Refinancing

Conventional Fixed Rate Loans

Fixed-Rate Loans:  The most common mortgage loan is a traditional fixed-rate loan because the interest rate does not change over the life of the loan.  Most homeowners prefer this type of loan since they know that their monthly mortgage payment will remain steady over the years.    Low down payment programs are available, please inquire today!


 

 


USDA Guaranteed Loans

This is a perfect loan for Homebuyers:

This fixed rate loan assists low to moderate income rural homebuyers achieve their dream of home ownership.  Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located.  USDA Guaranteed Loans offer many benefits that include:

No down payment options.

Flexible credit guidelines.  Non-traditional credit histories may be accepted.

No maximum purchase price.  Qualifying ratios and the applicant's stable and dependable income will determine home affordability.

Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD's), townhouses and eligible condominiums.

Not limited to first time homebuyers.

USDA Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.


 

 


Freddie Mac Home Possible

Freddie Mac's Home Possible Mortgage is a great mortgage program designed for first time homebuyers.  This program offers low down payment options which may be gifted by a family member and there are no reserve requirements.    For purchase transactions when all of the borrowers are first time homebuyers, at least one of the borrowers must attend a home ownership education class. 

Eligible Property - 1 Unit Single Family Residence

Eligible Product - Fixed Rate Only

Income - Client income must NOT exceed the area median income as calculated by the Freddie Mac Affordable Income & Property Eligibility Tool.  Currently the income limit for Moffat County is $66,200.  120% - 170% of area median income in high cost areas.  No income limits apply if the Mortgage Property is located in an Underserved Area.

 

 

 

 

 


FHA Mortgage Loans

Why choose an FHA-insured loan?

There are lots of good reasons to choose an FHA-Insured loan, especially if one or more of the following apply to you:

  • You're a first-time homebuyer.
  • You don't have a lot of money to put down on a house.
  • You're worried about qualifying for a loan.
  • You don't have perfect credit.

If any of these things describe you, then an FHA-insured loan may be right for you.  Why?  FHA-insured loans offer many benefits and a level of security that you won't find in other loans including:

Low Cost:  FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders.

Smaller Downpayment:  FHA-insured loans have low downpayments and the money can come from a family member, employer or charitable organization as a gift.

Less Than Perfect Credit:  You don't have to have perfect credit to get an FHA-insured mortgage.  In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA-insured loan than a conventional loan.

You may use an FHA -insured mortgage to purchase or refinance a new or existing 1-4 unit home, a townhouse or a manufactured home home (provided it is on a permanent foundation).

Flexible amortizations are available.


VA Loans

 VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners.  The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

No down payment as long as the sales price doesn't exceed the appraised value.

No private mortgage insurance premium requirement.

VA rules limit the amount you can be charged for closing costs.

Closing costs may be paid by the seller.

The lender can't charge you a penalty fee if you pay the loan off early.

VA may be able to provide you some assistance if you run into difficulty making payments.

You do not have to be a first time homebuyer.

You can reuse the benefit.

Flexible amortizations are available.

 

 

 


Adjustable Rate Loans

Adjustable Rate Loans (ARM):  The median length of stay in a home is only 8.2 years (1998 Census data), so if you plan on staying in the new home for a short period of time, you may want to consider this alternative financing to the traditional fixed-rate loan.  Adjustable-rate loans offer a lower interest rate for a set period of time.  The interest rate on these loans can be adjusted annually or other longer fixed rate terms can be selected by the borrower.  For example, under a 7/1 adjustable rate loan, the loan will stay fixed for the first seven years and then reset each year thereafter.  Again, if you plan on staying in the new home for a short period of time then this may be the perfect loan for you.


Refinancing

Why consider refinancing?

 

 Lowering your interest rate - The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month.  You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved.  A lower interest rate also may allow you to build equity in your home more quickly.

Changing from an adjustable rate mortgage to a fixed rate mortgage - If you have an adjustable rate mortgage, or ARM, your monthly payments will change as the interest rate changes.  With this kind of mortgage, your payments could increase or decrease.  You may find yourself uncomfortable with the propect that your mortgage payments could go up.  In this case, you may want to consider switching to a fixed rate mortgage to give yourself some peace of mind by having a steady interest rate and monthly payment. 

Getting cash out from the equity built up in your home - You might choose to do this, for example, if you need cash to make home improvements, pay for a child's education or for debt consolidation.  If you are considering a cash out refinance, think about other alternatives as well.  You could shop for a home equity loan or home equity line of credit instead.