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Products
One Point Funding offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide you as a Borrower the absolute best terms for your mortgage.
 
Conventional
Down Payment Assistance
FHA
USDA
VA

Conventional
A conventional mortgage is a loan offered that is not insured by the federal government. This makes it a slightly higher risk, so the qualifications are more strict. New lending guidelines offer 1% and 3% down payment options, keeping in mind that the interest rate offered will a higher than if a borrower has a 5% down payment. Best rates are offered for higher down payment percentages, with better pricing at 20% down and more. Mortgage insurance will be required as part of the monthly payment if the borrower puts less than 20% down. However the mortgage insurance payment can be removed when the loan is paid down to about 80%, or if the value of the property increases such that the outstanding balance on the loan is 80% or less. With some exceptions, our minimum FICO score for a conventional loan is 620. A new conventional loan product called HomeReady includes new income qualifications, including the ability to include rental income of current renters and non-borrower household income. These features can be very powerful in qualifying borrowers. Talk to us about how to use and qualify these types of income.

Down Payment Assistance
We have two options in offering down payment and closing costs assistance to our clients. There are income limits, minimum FICO requirements, and a minimum of $1000 borrower contribution. We have down payment loan and down payment grant options available. Talk to us about the details of these programs that open up home ownership to many Coloradans.

FHA
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for borrowers with lower FICO and down payments. The minimum down payment of 3.5% can include gift funds or down payment assistance from CHAC or CHFA. With government insured loans we have Upfront Mortgage Insurance Premiums (UMIP) of 1.75% of the loan amount, and monthly MI that is usually an annualized rate of .85% (if less than 10% down payment). Government insured loans offer the lowest rates, but borrowers must also consider the cost of the mortgage insurance as essentially adding to the interest rate. Our loan officers will compare and present loan options and present them for clients to chose the best loan option for their situation.

USDA
USDA is rarely used in Colorado Springs, but borrowers should be aware of these loan products because there are significant benefits to these loan programs: 100% financing Low upfront mortgage insurance premium of 1% Annual mortgage insurance of .35% paid monthly Income limits apply, and must include household income 41% Debt to Income ratio limit and min 640 FICO Property must qualify (currently Cascade, CO and west, and most of Falcon, CO and east) Talk to us about this if you are wanting to purchase a home in those geographic areas.

VA
A VA (Veteran's Administration) mortgage loan is made available to active duty and veterans of the United States Armed Forces to facilitate the purchase of a home. A VA loan is issued by a traditional lender and backed, in part, by the US Department of Veterans Affairs. A "Certificate of Eligibility" must be available for the borrower to qualify. As a government backed mortgage loan, these loan products offer the best rates. Upfront Funding fees range from 0% (if 10% or higher disability is awarded to the veteran) to 3.3%. There is no monthly mortgage insurance with these loan products. The best feature: 100% financing is available to these borrowers.


We offer Conventional, FHA, VA & Jumbo loan products with extremely competitive rates and quick closings.

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.