Buying a home from a relative or inheriting a property can be a complex process, but working with a local mortgage lender like Indigo Mortgage can make all the difference. Unlike national or out-of-state lenders, a local lender understands the unique challenges that come with these transactions and will take the necessary time to guide
In today’s mortgage market, there are several options for down payments on a home purchase. A local lender like New Mexico’s Indigo Mortgage can find the right type of loan and almost always, can be the terms and closing costs of other lenders. At Indigo Mortgage, we have our 100% financing option called Indigo Bright
At Indigo Mortgage, we understand how challenging it can be for self-employed borrowers to qualify for a traditional mortgage. Standard loans often require tax returns to verify income, but for many business owners, freelancers, and contractors, those documents may not reflect their true earning potential due to business expenses and tax deductions. That’s why we
Many prospective home buyers or people wanting to refinance may have never done a mortgage application before or it’s been some time since they did an application. And because of today’s higher mortgage interest rates and uncertainty, borrowers can be uneasy about applying for a mortgage. In an age of electronics and computers, it’s becoming
When preparing to buy a home that will have a mortgage, borrowers are required to come up with a down payment and closing costs. That money can come from different sources. The first is the borrowers have saved the money and have it already in a checking or savings account. The next way is that
In New Mexico, it’s a common practice among family members to sell their homes to their loved ones instead of on the open market. This type of sale helps to maintain ownership of the family’s property and ensure that the home is passed down to future generations. This presents an excellent opportunity for both family
A reverse mortgage is a loan that’s usually secured by a residential property that enables the borrower to access the unencumbered value of the property. If you’re in the right situation, it’s an opportunity that can allow you to purchase a home without ever having to make a mortgage payment. To qualify, buyers must be
A jumbo loan refers to a loan that exceeds the amount of $726,000, which is the limit guaranteed by Fannie Mae and Freddie Mac, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FMCC), respectively. Due to this, New Mexico borrowers seeking jumbo loans have limited options when it comes to
In its latest requirement update for 2023, the VA has made significant changes regarding jumbo loans for eligible veterans. One notable change is the elimination of the need for down payments. Now, regardless of price, veterans can purchase a home without any down payment. This rule only applies if no other VA loans are active
The construction division at Indigo Mortgage has grown over the last few years and we are able to offer a wide range of excellent loan programs. We have the one time close conventional loan with 5% down and the VA one time close loan with zero down. Both of these programs will include paying for