Loans Programs & the Lending Process
Meet Our Lender
Seth Erickson has been in
the mortgage industry for over 20 years, and is a senior Mortgage Loan Officer at Planet Home Lending in Denver, Colorado, as well as a Navy veteran. Specializing in VA loans and first time home buyers, he will help make the mortgage process smooth and stress-free from start to finish. You’ll get much better service than what’s offered by the national big box call center lenders (which gives you more leverage on your pre-approval letter), while enjoying perks like super-fast closings, a single point of contact, and someone to help you even after your loan closes. To get all of your Front Range Heroes savings, you’ll want to get your mortgage financing through Seth. You’re in good hands!
VA – The VA loan program is for our country’s active duty military and veteran home buyers. There is usually $0 owed for a down payment. Veterans can use their benefits more than once and can even have two VA loans at the same time. This program is for primary residence homes only, and allows loan amounts up to $2,000,000!³
- $0 down payment (even for “jumbo” VA loans where the veteran has full entitlement)
- Credit scores as low as 600
- Flexibility on debt to income ratio
- Choose between 15 year Fixed Rate or 30 year Fixed Rate
- No Monthly PMI
- Streamline refinance available – no income/asset qualification, no appraisal (VA IRRRL)
The FHA loan program is a great option for first time home buyers who don’t have perfect credit scores or need flexibility with credit or debt to income ratio guidelines. It allows for greater flexibility when you have a bankruptcy or foreclosure on file.³
- 3.5% minimum down payment
- Credit scores as low as 620
- Flexibility on debt to income ratio
- Choose between 15 year Fixed Rate or 30 year Fixed Rate
- Upfront and monthly MIP
- Streamline refinance available
These loan programs are typically for home buyers who have above average to excellent credit scores, and low to moderate debt to income ratios. Special first time home buyer options exist, which carry reduced-cost Private Mortgage Insurance.³
- 3% minimum down payment
- Typically best option for 700+ credit scores
- Home Possible and Home Ready programs for first time buyers (reduced PMI)
- Multiple PMI options if your down payment is under 20% (We’ll go over these options with you)
- Properties in some Colorado counties are eligible for loan amounts as high as $856,750 (the standard limit is $766,500)
Jumbo loans are typically for home buyers who seek loan amounts higher than $766,500, the national loan limit for standard loan programs. Colorado does have some counties that permit higher standard loan amounts (up to $856,750, depending on the county), but anything above that falls into Jumbo territory. We have many Jumbo programs to choose from! We can help you determine whether a Jumbo loan program meets your needs.³
VA Home Buyer Resources
VA Home Buyer’s Guide – your comprehensive guide to VA mortgagesVA Minimum Property Requirements (health and safety items the VA appraiser looks for)
Temporary Interest Rate Buydown Calculator
The VA Lender’s Handbook – all the VA guidelines, directly from the source The VA Welcome KitDownload your Certificate of Eligibility (COE)VA loan limits
Youtube Content
Already own a home? Check it's value here.
Refinance Options
Refinance your VA loan without the need for income or asset qualification, and without an appraisal. The VA requires that your rate drop by at least 0.5%, your closing date must be at least 210 days from the first payment date of your current mortgage, and for non-exempt veterans, a VA Funding Fee of 0.5% applies.³
You can access equity in your home on VA, FHA, and conventional mortgages. Consolidate debt, buy out a co-owner (divorce, etc.), or access funds for investments.³
- Obtain a lower interest rate and/or monthly payment
- Access equity in your home for debt consolidation or investments
- Remove Private Mortgage Insurance (PMI)
- Buy out a co-borrower due to divorce or separation