Loan Types

Mortgage loans issued by the Federal Housing Administration are popular with first-time homebuyers. These loans are designed for low- to moderate-income consumers and typically are more accepting of lower credit ratings than conforming loans. You can also enjoy a down payment as low as 3.5 percent.

At NFM Lending - Colorado Springs, CO - Branch 357, we’re proud to support VA loans guaranteed by the United States Department of Veterans Affairs in support of our military at Fort Carson Army Base, Peterson AFB, Schriever AFB, Air Force Academy, and others. These loans offer long-term financing to eligible American veterans or a surviving spouse. VA loans usually require no down payment, and up to 100 percent of the purchase or refinance of a home can be offered.

Loans issued by the United States Department of Agriculture, also known as Rural Development loans, are designed to help low- to moderate-income consumers purchase homes in rural areas. Much like a VA loan, USDA loans may not require a down payment and provide up to 100 percent for a home purchase or refinance.

Also available at NFM Lending - Colorado Springs, CO - Branch 357 are jumbo loans, those that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Fixed- and adjustable-rate terms are available with loan amounts up to $3 million.

Fixed-rate loans offer a set interest rate and monthly payment for the entire length of the mortgage term, so you can know that your premium will not change throughout the duration of the loan. The most common loan length is 30 years with other options being 25-, 20- and 15-year terms.

If you would like to start off with a lower rate and monthly payment at the start of your loan period, an adjustable-rate loan may work best for you. Periodic adjustments in rates and payments can follow throughout the duration of your loan.