West Adams, Colorado is a beautiful area of Colorado that possesses majestic mountain peaks, gorgeous weather, and numerous fun outdoor activities. While in the area, you can ski, visit museums, hike, or take a leisurely bike ride. The people in the area are friendly and welcoming. It is a wonderful place to have a home. If you are planning to purchase a home in West Adams, you have numerous options awaiting you. Make sure you are aware of the neighborhoods in the area and the types of mortgage loans available to you.
Demographics and Median Income of West Adams
West Adams has a population of 310,409. The median household income stands at $67,455, which is a little above the average for the state. 69.7% are white, 23.8% are Hispanic, and 1.2% are black. 3.8% are Asian. 12.5% live below the poverty level.
Median Home Prices of West Adams
The median home price stands at 329,986. You can find numerous homes to choose from in West Adams.
West Adams is considered a safe area in Colorado. There are about 12,000 crimes reported each year, and 1,600 of those are violent.
Schools in West Adams
83% of the people have completed high school, and 23% have a college degree. The test scores are at 50%, which is below the national average.
Mortgage loan options in West Adams Colorado
There are many lenders in West Adams who would love to help you with your mortgage needs. They will be asking you what you are looking for in a loan to see if you qualify. You will have the option of a fixed or an adjustable-rate mortgage. With a fixed-rate, you will pay the same over the life of the loan. Your principal monthly amount will not change while you are still paying on the mortgage. This makes it easier if you are a planner because you can budget each month. If you are planning to say in your home for a long period and you get a good interest rate, this is probably the best choice.
If you get a higher interest rate than you would like, or if you only plan on living in your home temporarily, you might choose an adjustable-rate mortgage. With this loan, your rate will start off low for a few years, then it could increase or decrease. Laws do prevent rates from going way high, but you still want to make sure if your rate increases, that you can make the payments.
There are several types of mortgages that you might consider. Check the requirements to see which ones you qualify for and offers the best rates. Some of these choices include:
- FHA loan: These mortgages are insured by the Federal Government and they offer more flexible credit requirements. You will only need to make a down payment of 3.5%. Because the government backs these loans, they are less risky for the lender.
- VA loan: The Veterans Affairs insures these loans that are for current or retired military personnel and their families. The government offers 100% of the financing for these loans, so you do not need a down payment, and you can obtain a loan with less than perfect credit.
- USDA loan: The US Department of Agriculture backs these loans that are for low income families who live in rural areas.
- Conventional loan: These are not insured by the Federal Government. You probably need to make a higher down payment and have a good credit score to qualify; however, they might be less expensive.
West Adams, Colorado offers stunning natural beauty, sacred nature experiences, and awesome beer. If you are moving to the region, research your options regarding mortgage loans. You can then enjoy finding the home of your dreams.