The Best Mortgage Lenders in Rico, CO
Compare verified mortgage lenders serving Rico, Colorado. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rico
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service, competitive rates, and extensive loan options. With over 28 years in business, they have a strong regional presence in Southwest Colorado, including serving Rico, and are praised for their personalized, efficient processing and high customer satisfaction scores. Their commitment to community involvement and reliable lending practices makes them a trusted choice for homebuyers in rural areas.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its fast loan processing, innovative digital tools, and outstanding customer support. Founded in 2008, they have built a solid reputation in Colorado, with loan officers dedicated to serving rural communities like Rico. Their focus on transparency, competitive rates, and a wide range of loan products ensures a smooth mortgage experience, backed by numerous positive reviews for reliability and service.
Loan Types:
New American Funding
New American Funding
New American Funding offers a diverse array of loan options and is celebrated for its competitive rates, expert guidance, and strong customer satisfaction. With over 21 years in the industry, they have a significant presence in Colorado, including service to Rico, and are known for their flexibility in working with various borrower profiles. Their commitment to education and community support, combined with high ratings for reliability, makes them a top contender for mortgage needs in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Rico, CO
What are the current mortgage rates like in Rico, CO, and how do they compare to the state average?
Mortgage rates in Rico are typically very competitive and often slightly below the Colorado state average due to the town's rural designation and lower population density. However, rates can vary more between individual lenders because there are fewer local bank branches, so it's wise to shop around. Working with a lender experienced in rural Colorado properties can help you secure the best available rate.
Are there any special loan programs for buying a home in Rico's unique rural market?
Yes, the USDA Single-Family Housing Guaranteed Loan Program is a prominent option in Rico, as the entire area is eligible for this $0-down-payment loan aimed at low-to-moderate income borrowers in rural areas. Additionally, the Colorado Housing and Finance Authority (CHFA) offers down payment assistance and favorable loan terms that are accessible to buyers in Rico, which can be crucial in a market with limited housing inventory.
How does the appraisal process work for a unique or rustic property in Rico?
Appraising unique properties, such as log homes or homes on large parcels of land, requires an appraiser with specific experience in rural and mountain properties. In Rico, you'll want to ensure your lender uses a local or regional appraiser familiar with Dolores County, as they will better understand the value of features like water rights, land quality, and off-grid systems that are common in the area.
What should I know about property taxes and insurance when getting a mortgage in Rico?
Dolores County, where Rico is located, has relatively low property tax rates compared to more urban parts of Colorado. However, you should budget for higher-than-average homeowners insurance premiums due to the increased risk of wildfires and the potential need for additional coverage for features like wood stoves or properties located outside of a fire district. Your lender will help you factor these costs into your total monthly payment.
As a first-time homebuyer in Rico, what local resources or programs should I explore?
First-time homebuyers in Rico should strongly consider the CHFA's first-time homebuyer programs, which offer competitive interest rates and down payment assistance. It's also advisable to connect with a HUD-approved housing counselor in Colorado who can provide guidance specific to purchasing in a rural community. Given Rico's small and seasonal market, getting pre-approved is essential to act quickly when a property becomes available.
Why Choose a Mortgage Lender in Rico?
Local Market Knowledge
Lenders who understand Rico's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Colorado.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Rico and get competitive rates on your home loan.