8/27/2023 0 Comments American finance colorado![]() ![]() If you have limited income, they take part in the Colorado Housing and Finance Authority (CHFA) loan program, which offers attractive terms to first-time home buyers. ![]() But this program may be on hold at the moment due to COVID-19. They also offer bank statement loans that don’t require tax returns, and instead just 12 months of personal and 24 months of business bank statements. You can get a conventional loan backed by Fannie Mae or Freddie Mac, a jumbo home loan, or a government-backed loan such as a FHA loan, USDA loan, or VA loan. However, it’s unclear if they offer new construction or home renovation loans, but there’s a good chance they at least offer the latter. ![]() This includes home purchase loans and refinance loans (both rate and term and cash out). Fixed-rate and adjustable-rate mortgage options availableĪmerican Financing offers just about all the loan programs a new home buyer or existing homeowner would need.CHFA loans (for lower-income borrowers).Government-backed loans: FHA, USDA, and VA.Conventional conforming loans backed by Fannie Mae and Freddie Mac.Refinance loans (rate and term, cash out, and streamline).Loans Programs Offered by American Financing It would be nice to have more information on this front to assess how things work with them, but their customer reviews are very positive so that might give us a clue. This should make it easier and hopefully faster to close your home loan, with fewer hiccups and mistakes along the way. I do know that they “maintain the entire mortgage process under one roof,” with in-house underwriting, processing, and funding. It’s unclear what they use to power their loan process, but I assume they have a digital mortgage offering like most other companies these days. Once you do get in touch with someone, there is a place to sign in and work on your loan online. That will result in contact with a loan officer, who can go over loan rates, loan programs, and more. They basically want you to call them directly or fill out a short contact form on their website to get started. American Financing appears to require human contact before giving you the keys to the mortgage application. Some mortgage lenders allow you to simply hit apply and get going on your own. One slight negative to American Financing is the inability to apply for a home loan without first speaking to someone. But they say the entire loan process is completed in-house to promote accuracy and avoid delays.It’s unclear if they offer a digital mortgage process (and if so which company powers it).Or fill out a short form on their website and wait for a loan officer to contact you.You can call them up directly to get a quote and start your application.Applying for a Mortgage with American Financing The rest was split between rate and term refinances and home purchase loans. Their bread and butter product seems to be cash out refinancing, which accounted for more than half of overall loan volume. Last year, the mortgage banker funded a whopping $4 billion in home loans, with more than $3.2 billion of that coming from their home state of Colorado.Īside from offering home loans to new and existing homeowners, they also operate an affiliated real estate brokerage called American Home Agents. Today, they employ hundreds at their Aurora, Colorado headquarters and are licensed to do business in all 50 states and the District of Columbia. Also operate an affiliated real estate brokerage called American Home AgentsĪmerican Financing got their start at the turn of the century, originally operating out of the Maldonado household before getting incorporated in June of 2001 and growing rapidly thereafter.80% of total origination volume came from their home state of Colorado.Funded more than $4 billion in home loans last year.Licensed to do business in all 50 states and the District of Columbia.Offer home purchase financing and refinance loans.Founded in 1999 by Damian and Gabie Maldonado.Direct-to-consumer mortgage banker headquartered in Aurora, Colorado.Let’s dig into the details of American Financing. So it’s clear they’ve got a lot of prominent individuals pitching their brand, similar to Dave Ramsey’s endorsement of Churchill Mortgage. You may also know that ex-Denver Broncos quarterback Peyton Manning is a fan of the company, and serves as an endorser, along with dozens of other celebrities including Rush Limbaugh, Glenn Beck, Nephew Tommy, and Bobby Bones. If you live in Colorado, you may have heard a radio ad for “American Financing,” a direct-to-consumer mortgage lender based in Aurora. ![]()
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