Mortgage Loan Programs in Arizona and Colorado

When it comes to mortgages, Castle Rock Mortgage specializes in presenting a customized solution to homeowners and buyers alike to best serve your mortgage and financial goals.  Our flexibile and diverse arsenal of mortgage loan programs here in Arizona and Colorado go well beyond the scope of what traditional national big Banks choose to provide, hands down. 

Castle Rock Mortgage is here to help you. We are a Mortgage Brokers serving residential mortgage clients for properties across the states of Arizona and Colorado.

Let’s learn more about the types of loan programs we can secure for you here. Don’t hesitate to contact us if you have questions or want to know more about your options.

Fixed-Rate Mortgages (FRM)

A fixed-rate mortgage is the most common type of loan option. This option includes monthly principal and interest payments that never change during the loan’s lifetime.

Borrowers can usually choose terms lasting 15, 20, or 30 years. However we can also customize your term down to 8yr loans as well.  The length of the term determines the monthly amount you will pay, but once you’re locked in, you can safely budget for your mortgage every month. That’s why borrowers like fixed-rate mortgages: never a surprise along the way.

Jumbo Loans

Our jumbo mortgage loan program is starting its minimum loan amounts at $647,201.  Jumbo mortgage loans are meant for buying or refinancing properties in high-cost or competitive real estate areas, which are beyond the conforming loan limits.

We accept full or alternative documents.

Bank Statement Loans

Bank statement mortgage loans are meant to make it easier for self-employed business owners to apply for mortgages. These types of loans allow applicants to use bank statements as proof of income rather than tax forms.   No Tax Returns needed in this program.

Castle Rock Mortgage offers 12-month, or 24-month bank statement programs. We can do profit & loss only, as well. You must be self-employed for at least 24 months to qualify.

Investor Cash Flow Loans

No Income or Employment verified.  Our Investor Loans program is designed for investment, non-owner-occupied loans that are designated for business purposes only. This program does not require disclosure of employment or income.  Realtors and Professional Investors love our investor cash flow loan product.  They often use it for Fix & Flips, Fix & Hold strategies as well as getting out of those hard money or construction loans. 

Asset-Based Loans

Asset Based loans are mortgages meant for individuals with non-traditional income, typically people with substantial assets but no real income. Think of a high-net-worth individual who wants a mortgage but doesn’t actually work.

Asset Based loans can be used to supplement other income to help lower the debt-to-income ratio and meet ability-to-repay requirements, subject to certain limitations.

Loans After Bankruptcy

Having filed for bankruptcy does not necessarily disqualify you from getting a mortgage. We have options for you as long as the bankruptcy has been dismissed or discharged.

Usually, getting approved after bankruptcy requires a waiting period first. How long you will have to wait before applying depends on your bankruptcy type. Our waiting period is lower than the seasoning requirements in the market.  Reach out to us to learn more.

FHA Loans

FHA home loans are mortgages insured by the U.S. Federal Housing Administration. They allow borrowers to get low mortgage rates with a minimal down payment and with less-than-robust credit scores. FHA loans don’t require borrowers to put as much money down on the cost of a house, and all of this together makes FHA loans go-to options for many first-time home buyers.

VA Loans

VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

Interest-Only Mortgages

Interest-only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than toward the principle, for a specified period of time.

These are a form of adjustable-rate mortgage. Payments will be lower during the interest-only period. After that, however, borrowers must pay back the principal all at once or in regular installments.

Hybrid ARMs (5/1 ARM, 7/1 ARM, 10/1 ARM)

Next up, we have hybrid ARMs, or adjustable-rate mortgages. Hybrid ARMs combine features of both fixed-rate and adjustable-rate mortgages and are also known as fixed-period ARMs.

Hybrid ARMs work by first requiring a period during which the mortgage carries a fixed interest rate. After that period runs out at what is called the reset date, the interest rate becomes adjustable based on market indices at the time.

We offer hybrid ARMs with multiple options for fixed-rate periods, so you can choose one based on however long you plan to stay in your home.

Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages so you can make informed, prudent decisions.

Reverse Mortgage

A reverse mortgage is a particular type of home loan for homeowners aged 55 and older. Like a traditional mortgage, it allows homeowners to borrow money using their home as collateral for the loan. With a reverse mortgage loan, the title remains in your name. However, borrowers don’t make monthly mortgage payments. Instead, the loan is settled when the borrower no longer lives in the home. Note that interest is added to the loan balance each month. Homeowners must pay property taxes and insurance, use the property as their principal residence, and keep their house in good condition.

ITIN Loans

ITIN mortgages, standing for “individual tax identification number mortgages,” are designed to help prospective borrowers that live and work in the US with an individual tax ID number but no social security number.

These ID numbers are issued to resident and non-resident aliens. That means these groups can use their numbers to apply for ITIN mortgage loans with us.

Foreclosure, Deed-in-Lieu, Short Sale, 120 Days Past Due, or Modifications

Castle Rock Mortgage has new mortgage loan options for people who have experienced the unfortunate events of foreclosure, deed-in-lieu, short sale, being 120 days past due with payments, or making mortgage modifications.

Contact us for more details.

Choose a Home Loan Program in Arizona and Colorado with Castle Rock Mortgage LLC

So, when it comes down to it: should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan?

Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer. However, we can help you make those decisions at Castle Rock Mortgage LLC. We are mortgage brokers serving everyone across the state of Arizona.

If you want us to help you decide which loan program in Arizona and Colorado is right for you, we want to hear from you.

Fill out a form, or give us a call today!