Mortgage Questions, Answered
Frequently Asked Questions
Everything you need to know about the mortgage process, loan programs, and working with The Becker Team.
Colorado Market
What is the CHFA loan program in Colorado?
CHFA (Colorado Housing and Finance Authority) offers below-market interest rate loans and down payment assistance to qualifying first-time homebuyers and some repeat buyers across Colorado. Income limits and purchase price caps apply and vary by county. CHFA loans can be combined with other programs to reduce your upfront costs. Contact Jamie to find out if you qualify based on your income and target purchase area.
Does The Becker Team offer VA loans in Colorado Springs?
Absolutely. Colorado Springs has one of the largest military concentrations in the country — Fort Carson, Peterson SFB, Schriever AFB, and the Air Force Academy. VA loans are a specialty at The Becker Team. Eligible veterans, active-duty service members, and surviving spouses can purchase with zero down, no PMI, and typically the best available rates. Jamie works with military clients at all Colorado installations and statewide.
Can I get a jumbo loan for a mountain property in Vail, Aspen, or Boulder?
Yes. The Becker Team specializes in jumbo loans for Colorado's mountain resort markets. Vail, Aspen, Breckenridge, Boulder, and Summit County all qualify. Mountain resort properties sometimes require specialty financing including non-warrantable condo programs — Jamie has experience navigating all of it.
Do you offer mortgages for self-employed borrowers in Colorado?
Yes. The Bank Statement Mortgage Program lets self-employed buyers, business owners, and freelancers qualify using 12-24 months of bank statements instead of tax returns. P&L and asset depletion options are also available — ideal for Colorado's large population of remote workers and tech entrepreneurs.
What Colorado cities does The Becker Team serve?
The Becker Team is based in Denver and serves all of Colorado — including Denver, Aurora, Lakewood, Littleton, Colorado Springs, Boulder, Fort Collins, Vail, Aspen, Breckenridge, Steamboat Springs, Summit County, and the Western Slope. Jamie can work remotely with clients anywhere in the state.
Getting Started
How do I know how much home I can afford?
Start with a pre-qualification call with Jamie. We review your income, debts, assets, and credit to give you a realistic purchase range — usually within 24 hours, at no cost.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on self-reported information. Pre-approval is a verified review of your financials with a formal credit pull — sellers take pre-approvals more seriously.
How long does the mortgage process take?
The Becker Team can close in as little as 10 days for straightforward purchases. Complex files or unique loan programs may take 21-30 days. We work fast without cutting corners.
Do I need to sell my current home before buying a new one?
Not necessarily. Bridge loans, contingent offers, or properly timed closings can allow you to buy before you sell. We help structure the right solution for your situation.
Down Payments & Credit
How much of a down payment do I need?
It depends on the loan type. VA loans require zero down payment for eligible veterans. FHA loans start at 3.5%. Conventional loans can be as low as 3-5%. Jumbo loans typically require 10-20%.
What credit score do I need to buy a home?
Most loan programs require a minimum score of 580-620. VA loans are sometimes more flexible. A higher score means better rates. We can review your credit and identify quick ways to improve your score before applying.
Can I buy a home with bad credit?
It depends on how low the score is and the overall picture. FHA loans are more flexible with lower scores. In some cases, taking 3-6 months to build credit before applying saves you significantly on rate and terms.
Can down payment funds come from a gift?
Yes — gift funds from family members are acceptable on most loan programs including FHA and conventional loans. VA loans also allow gift funds. Proper documentation of the gift is required.
Loan Programs
What is a VA loan and who qualifies?
VA loans are mortgage loans backed by the Department of Veterans Affairs for eligible veterans, active-duty service members, and surviving spouses. They require no down payment, no PMI, and typically offer competitive rates.
What is an FHA loan?
FHA loans are government-insured mortgages with down payments as low as 3.5% and more flexible credit requirements than conventional loans. Mortgage insurance is required for the life of the loan in most cases.
What is a jumbo loan?
A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac — currently $766,550 in most U.S. markets. They are used for higher-value properties and have stricter qualification requirements.
What is an asset qualifier loan?
Asset qualifier loans allow borrowers to qualify based on assets rather than traditional income. Ideal for retirees, investors, or high-net-worth individuals with significant savings or investments but non-traditional income documentation.
I am self-employed — can I still get a mortgage?
Absolutely. We specialize in self-employed borrowers. Bank statement loans use 12-24 months of deposits instead of tax returns to determine qualifying income — a strong option when write-offs reduce taxable income on paper.
What is the Mortgage Accelerator program?
The Mortgage Accelerator is a proprietary program designed to dramatically reduce the time it takes to pay off your mortgage — cutting years off the loan and saving significant interest — without increasing your monthly payment.
Rates & Costs
How are mortgage rates determined?
Rates are influenced by the broader bond market, the Federal Reserve's policy decisions, the loan program, your credit score, down payment, loan term, and property type. Rates change daily.
Should I lock my rate?
Rate locks protect you from rate increases during processing. We advise on timing based on current market conditions and your closing timeline. Lock periods typically range from 30-60 days.
What are closing costs?
Closing costs typically run 2-5% of the loan amount and include lender fees, title insurance, appraisal, prepaid property taxes and insurance, and more. We provide a detailed Loan Estimate early in the process so there are no surprises.
Can closing costs be rolled into the loan?
In some cases yes — seller concessions, lender credits, or certain loan structures allow closing costs to be covered without cash at closing. This trades a slightly higher rate for reduced upfront costs.
Still Have Questions?
Every mortgage situation is unique. Let's talk through yours directly.
Talk to Jamie