Home financing in Grand County.

Home financing means borrowing money to purchase a place to live, using the home itself as collateral for the loan.

The lender holds a lien on the property until you pay off the mortgage.

Every month you make a payment that covers both the principal (the amount you borrowed) and interest (the lender's fee for lending it). Most home loans in Grand County run 15 or 30 years.

There are several common loan types:

• **Conventional loans** — standard mortgages not backed by the government. They usually require a credit score of 620 or higher and a down payment of at least 3–5%.

• **FHA loans** — backed by the Federal Housing Administration. They allow down payments as low as 3.5% and are more forgiving of lower credit scores. This is context, not the headline — what matters most is finding a local lender approved to originate FHA loans in Grand County.

• **USDA Rural Development loans** — much of Grand County qualifies as rural, meaning eligible buyers may access zero-down-payment loans through the USDA Rural Development program. Ask local lenders whether the specific property address qualifies.

• **ITIN loans** — for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). These are real mortgages offered by select lenders and CDFIs. They are not predatory products — they are a legitimate path to homeownership.

• **Jumbo loans** — Grand County's mountain real estate market has many properties priced above conventional loan limits ($766,550 for 2024 in most Colorado counties). Loans above this threshold are called jumbo loans and carry stricter qualification standards.

Understanding which loan type fits your situation is step one. The local intermediaries listed in Section 4 can help you figure that out — often at no cost.

Grand County's economy runs on outdoor tourism, hospitality, construction, and a growing remote-worker population. That creates a wide range of buyer profiles — seasonal workers, self-employed contractors, resort employees, ranchers, and long-distance commuters from the Front Range. Lenders here are generally familiar with non-traditional income situations.

**Income types that lenders in this area commonly work with:**

• W-2 wages from a single employer

• Self-employment or 1099 income (contractors, guides, Airbnb operators)

• Seasonal income, as long as it is documented consistently across two or more years

• Rental income from existing properties

• Retirement or Social Security income

**Credit and identity:**

• Most conventional lenders want a credit score of 620+. FHA lenders may go lower.

• Buyers without a Social Security Number can use an ITIN. Several lenders in Colorado serve ITIN borrowers directly — see Section 4.

• No credit history? Some CDFIs and credit unions will build an alternative credit profile using rent, utility, and phone payment records.

**Down payment:**

• Conventional: typically 3–20%

• FHA: 3.5% minimum

• USDA Rural: 0% if the address qualifies

• Down payment assistance is available through Colorado state programs — see Section 5.

**Residency status:**

• U.S. citizens, lawful permanent residents, and certain visa holders are eligible for most loan programs.

• ITIN borrowers are not required to have legal residency to obtain a mortgage through ITIN-lending programs. Talk to an ITIN-friendly lender directly.

Grand County's median home price has exceeded $600,000 in recent years, driven by second-home demand in Winter Park, Granby, and Fraser. For local workers buying a primary residence, this makes down payment assistance and CHFA programs (see Section 5) especially important.

Every lender will have a slightly different checklist, but here is what you should start gathering early. Having these ready speeds up your application and avoids delays.

**Identity:**

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

• Social Security card — OR — your ITIN letter issued by the IRS

**Income:**

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

• Last 2 years of W-2s or 1099s

• Last 2–3 months of pay stubs (if you receive them)

• If self-employed: a year-to-date profit and loss statement

• If you receive rental income: lease agreements and 2 years of Schedule E

**Assets:**

• Last 2–3 months of bank statements (all pages, even blank ones)

• Retirement or investment account statements

• Any gift letters if a family member is contributing to your down payment

**Property:**

• Purchase agreement (once you have one)

• Homeowner's insurance quote

• HOA documents if the property is in a homeowners association (many Grand County properties are)

**Credit:**

• The lender pulls your credit report — you do not need to bring it. But you should review your own credit for free at AnnualCreditReport.com before applying.

**For ITIN borrowers, additional items often requested:**

• 2 years of ITIN-filed tax returns

• 12–24 months of bank statements

• Proof of rental history or alternative credit references

Organize these in a folder — physical or digital — before your first lender conversation. It signals preparation and often results in faster responses.