No Payments for Life Mortgage
Home Equity Conversion Mortgage for Purchase (HECM) is now available at Toroweap At Entrada.
What is the HECM for Purchase FHA backed loan?
In 2008, the HECM for Purchase program was designed to allow seniors (62 and better) to purchase a new construction principal residence.
One highlight of this loan is that a maximum of 42% of the value of the home is required to fund the new home purchase. For example, a $400,000 home would require a qualified buyer to utilize no more than $168,000 -leaving the rest of the homeowner’s capital available for other needs. There are many other features and requirements of the HUD-backed HECM for Purchase Loan. Find more details about this attractive loan program for seniors at the HUD website by clicking this link.
High Net Worth Low Documentation
Cherry Creek Mortgage writes and portfolios its own mortgage paper. Many hard working individuals who retire or become semi-retired find out too late that their part time status may make mortgage underwriting challenging for many banks, regardless of net worth. As an underwriter, Cherry Creek can take into account an individual’s assets and not just income to approve a mortgage for certain high net worth individuals. We recommend that you meet with Brandon Hansen to see if your situation might warrant this type of consideration.
Senior Mortgage Banker
Phone: (435) 773-4164
Mobile: (435) 668-2840
Fax: (435) 688-1001