Cherry Creek Mortgage is a leading mortgage lender in the United States. In operation for over 30 years, Cherry Creek Mortgage has funded over $3 billion in mortgage loans throughout its history. The company currently has branch locations in 14 states, operates in a total of 27 states across the US, and offers a wide range of mortgage loan options as highlighted below.
Cherry Creek Mortgage Types
Conventional Mortgage: Cherry Creek Mortgage offers a conventional mortgage program for its customers at very competitive interest rates. Mortgages under the conventional mortgage program typically carry a term of 10 to 30 years providing great flexibility to meet its customer’s needs. Depending on the down payment size, mortgage insurance may or may not be required under the conventional program.
Jumbo Mortgage: Cherry Creek offers financing for larger loan amounts under its Jumbo Mortgage program. The Jumbo Mortgage program can accommodate mortgage loan amounts up to $2 million with low down payment options for mortgage loan amounts up to $650,000.
New Build Financing: For customers looking to finance new home construction, Cherry Creek Mortgage offers a New Build Financing program. Under this program customers can lock in a competitive construction interest rate up to 345 days with an upfront fee. In some instances a float down option may be available.
Reverse Mortgage: Cherry Creek Mortgage offers one of its more popular mortgage programs, Reverse Mortgages, under the 1st Reverse Mortgage USA banner, offering homeowners age 62 and up an opportunity to convert a portion of the equity in their homes into tax-free cash without having to sell their home or make monthly mortgage payments. We discuss exactly how a reverse mortgage works in this article.
FHA Mortgage: Cherry Creek Mortgage offers a low down payment option under its FHA mortgage program. This program allows first time home buyers (and move-up buyers) with acceptable credit the opportunity to purchase a home with a significantly lower down payment. The FHA mortgage is currently available for 1-4 units with the owner required to occupy one unit.
Veteran Affairs (VA) Mortgage Program: Cherry Creek Mortgage offers VA mortgage loans for active military, honorably discharged veterans and certain reservist members. Mortgage loans under Cherry Creek’s VA program require zero down payment with full entitlement, no monthly mortgage insurance, and potentially much lower interest rates for refinancing through the Interest Rate Reduction Refinance Loans program.
USDA Rural Housing: Customers looking to purchase a home in a designated rural area can take advantage of attractive loan terms and requirements through Cherry Creek Mortgage USDA loan program. The USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
HUD Section 184 Loan Program: Cherry Creek Mortgage offers financing specifically designed for Native Americans through its HUD Section 184 Loan Program. Under this program Native American borrowers can take advantage of attractive terms including, low down payment requirements, monthly mortgage insurance rates that automatically cancel when the loan to value ratio falls below 78%, and minimal income level requirements.
Cherry Creek Mortgage Reviews & Complaints
As of 2017, Cherry Creek Mortgage maintained an A+ rating according to the Better Business Bureau. Cherry Creek Mortgage reviews and complaints are few and far between online but from what we can see most of the complaints revolve around poor customer service. As we’ve mentioned in previous articles, popular online review sites like ConsumerAffairs are typically negatively skewed, as consumers who have bad experiences are much more likely to sit and write a negative review vs. someone who has a positive review. As such, the number of negative complaints falls within the normal range of complaints for US mortgage lenders.
Cherry Creek Mortgage Rates
Cherry Creek Mortgage appears to offer competitive rates across the board but as a common practice we suggest homeowners and potential homeowners shop around for the best rates and as such recommend checking out our 60-second rate wizard to find the best mortgage rates available for you today.