Home financing in Bent County.

Home financing is simply a loan — usually called a mortgage — that lets you buy a house without paying the full price upfront.

You borrow money from a lender, purchase the home, and then repay the lender over time, typically 15 to 30 years, with interest.

The home itself serves as collateral, meaning if payments stop, the lender can eventually take the property back through a legal process called foreclosure.

There are several types of home loans available to buyers in Bent County:

• **Conventional loans** — Offered by banks and credit unions. Generally require a credit score of 620 or higher and a down payment of 3%–20%.

• **FHA loans** — Backed by the Federal Housing Administration. Allow lower credit scores (as low as 580) and down payments as low as 3.5%. A popular choice for first-time buyers.

• **USDA Rural Development loans** — Because most of Bent County is classified as rural, many properties here qualify for USDA loans, which can offer zero down payment for eligible buyers.

• **VA loans** — For military veterans and active-duty service members. No down payment required.

• **ITIN loans** — Offered by select lenders for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). More on these below.

Remember: a mortgage is a serious long-term commitment. You do not need to rush. Take your time comparing options.

Bent County is a small, rural community in southeastern Colorado. The local economy centers on agriculture, ranching, small retail, and some light industry. Many residents work as independent contractors, seasonal farm workers, or small-business owners — and many are Spanish-speaking families who have built lives and businesses here over generations.

Lenders typically look at these factors:

• **Income** — Steady income matters more than where it comes from. Contractors and self-employed borrowers can qualify using bank statements or profit-and-loss statements instead of W-2 forms.

• **Credit history** — A credit score of 580–620+ is often the minimum, but ITIN lenders and CDFIs sometimes work with borrowers who have thin or non-traditional credit (utility bills, rent payment history, remittance records).

• **Debt-to-income ratio (DTI)** — Lenders want your total monthly debt payments to stay below roughly 43% of your gross monthly income.

• **Down payment** — Programs exist for as little as 0%–3.5% down. Local assistance programs (see Section 4) can help cover this.

• **Immigration status** — U.S. citizenship is NOT required by all lenders. ITIN borrowers can access real mortgage products through community lenders and credit unions.

Bent County's rural designation is actually an advantage: it opens the door to USDA Rural Development loans, which are among the most affordable products available and are specifically designed for communities like Las Animas and surrounding areas.

Gathering your paperwork before you meet with a lender saves time and reduces stress. The exact list varies by loan type, but here is what most lenders in Bent County will ask for:

**Identity & Status**

• Government-issued photo ID (driver's license, passport, or consular ID/matrícula consular)

• Social Security Number OR ITIN letter from the IRS

**Income Verification**

• Last 2 years of federal tax returns (Form 1040, all schedules)

• Last 2–3 months of pay stubs (if employed by someone else)

• If self-employed or a contractor: 12–24 months of business or personal bank statements, plus a profit-and-loss statement

• If you receive rental income: lease agreements and Schedule E from your tax return

**Assets**

• Last 2–3 months of bank statements (all accounts)

• Documentation of any gift funds used for a down payment (a gift letter from the donor)

**Property**

• Purchase agreement or contract (once you have found a home)

• Address of the property

**Credit**

• Lenders will pull your credit report directly — you typically do not need to bring this

• If you have no traditional credit score, bring 12 months of on-time payment records for rent, utilities, or phone bills

Tip: Make copies of everything. Keep originals in a safe place. Never hand originals to anyone you have not verified.