Loan Programs

Whether your mortgage scenario is conventional and straightforward, or perhaps more unique and in need of a non-traditional approach, Planet Home Lending has both the flexibility and the wide variety of loan product offerings to best suit your needs.
Whether you’re buying your first home, a move-up home, a second home, or adding to an extensive real estate investment portfolio, at Planet Home Lending Boulder, we have the right loan for you.

More important, we have the experience — more than 70 years’ worth, collectively, between our Loan Consultant Team — to help you get the funds you need as quickly and effortlessly as possible.

Contact our Planet Home Lending Boulder Mortgage Team for a complimentary loan consultation and/or to help you apply.

We’re ready when you are. And we’re here to get you home.

Conforming Fixed Rate Mortgages

Planet offers fixed-rate mortgages with 10-, 15-, 20-, and 30-year terms, where the principal and interest will never change for the life of the loan.

Key Factors to Consider:

  • Loan amounts up to $484,350
  • Buy a house with as little as 3% down (primary residence only)
  • Rate/term refinance up to 97% of the value of your primary residence
  • Cash-out refinance up to 80% of the value of your primary residence

Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage, or ARM, is a home loan whose interest rate is subject to change over time. Whereas the interest rate on a fixed-rate mortgages is (as the name implies) fixed, the rate on an ARM can go up or down depending on market conditions.

Key Factors to Consider:

  • 3-, 5-, 7-, and 10-year ARMs
  • Interest rates are typically lower than fixed-rate loans
  • A good match for borrowers intending to hold property for a relatively short term or those willing to take on additional risk in exchange for immediate savings
  • Risk of increased payment after the fixed period.

USDA Loans

The United States Department of Agriculture (USDA) offers home loans for real estate purchases in small cities and rural areas in Colorado.

Key Factors to Consider:

  • Borrowers must purchase a home in a USDA-eligible area and meet certain income limits to qualify
  • Some USDA loans do not require a down payment for eligible borrowers with low incomes

FHA Loans

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration (FHA). In general, FHA-insured loans are easier to qualify for and have lower interest rates. FHA borrowers typically pay Private Mortgage Insurance (PMI), which helps protect the lender from any loss should a borrower default on the loan.

Key Factors to Consider:

  • Primary residences only
  • Borrowers with credit scores as low as 500 may qualify for an FHA loan
  • Minimum down payment of 3.5%
  • Rate/term refinance up to 96.5% of your primary home’s value
  • Cash-out refinance up to 85% of your primary home’s value
  • Fixed-rate and adjustable-rate mortgages available
  • High-balance loan amounts from $484,350 – $718,750 (CO limits)
  • Boulder County loan limit is $626,750
  • FHA StreamlineRefinance – Borrowers who already have an FHA loan can refinance with an FHA Streamline to lower their interest rate. In addition, no appraisal is required for most FHA Streamline loans.

Jumbo Mortgages

Generally, any mortgage exceeding the high-balance loan limit, which varies by county (for example, in Boulder County the limit is $626,750) is a Jumbo Loan. You can use a Jumbo mortgage to buy or refinance a principal residence, second home, vacation home, or investment property.

Key Factors to Consider:

  • Loan amounts up to $2.5 million
  • Fixed Rate or Adjustable Rate Mortgage (ARM) options
  • 15- or 30-year (Fixed Rate) and 5-, 7-, or 10-year (ARMs) terms
  • Low down payments starting at 10%
  • Perfect credit not required – we have programs for borrowers with credit challenges

VA Loans

If you’re a qualified veteran, member of the Armed Forces on active duty, or a military spouse, Planet Boulder’s Mortgage Lending Specialists truly understand your needs — and we’re here to ensure you understand and take advantage of the benefits you’ve earned.

Key Factors to Consider:

  • With a VA Loan you can often buy a home with no down payment
  • Possible to qualify with a lower credit score and more debt (vs. conventional loans)
  • Refinance up to 100% of your home’s value
  • 15-, 20-, and 30-year fixed-rate loans available
  • VA Loans have no monthly mortgage insurance
  • VA StreamlineRefinance – Available for qualified veterans, active-duty members of the Armed Forces, and military spouses who have an existing VA loan. These loans typically feature minimal paperwork, reduced fees, and the possibility of rolling your closing costs into your loan amount. Appraisals are never required with a VA Streamline Refinance loan.

High-Balance Conforming Mortgages

A High-Balance Conforming Mortgage Loan is a mortgage where the loan amount exceeds the conforming loan limits published annually by the Federal Housing Finance Agency (FHFA), but does not exceed the loan limit for the high-cost area in which the mortgaged property is located, as specified by the FHFA.

Key Factors to Consider:

  • Loan amounts from $484,350 – $718,750 (CO limits)
  • Boulder County loan limit is $626,750
  • Faster turn times and less restrictive guidelines than Jumbo
  • Can be used for primary residences, second homes, and non-owner-occupied residences

Non-QM Mortgages

Non-QM loans create opportunities for a group of borrowers who may otherwise be unable to qualify for conventional financing. These are “outside-the-box,” common sense solutions that meet a wide variety of client needs. At Planet Home Lending Boulder, we specialize in Non-QM loan programs and have numerous outlets, some of which we underwrite in house.

Key Factors to Consider:

  • Asset Depletion – For clients with significant assets who don’t have traditional income sources or write off the majority of their business income
  • Bank Statement Program – For clients who do not show significant income on their tax returns, but have actual consistent cash flow
  • LLCs – Close and take title in the name of an LLC — desired by many real estate investors
  • Non-warrantable condos – For investor clients who want to buy a non-warrantable, non-owner-occupied condo but desire financing options
  • Niche exceptions