Special circumstances, specialty loans
At Westerra, we know Colorado dreams are as big as our mountains. Whether you're a doctor, dentist, or maybe needing a bridge leading to your next home, we've got the flexible financing to fit your lifestyle.
Doctor and dentist loans
Our doctors and dentists are the reason why we can live happy, healthy, cavity-free lives here in this great state. We’re indebted to your dedication and commitment to your education! Our physician mortgage loans and dentist mortgage loans offer zero down payment for loans up to $1 million, with larger loans typically requiring 5-10% down. Unlike other loans, we won’t charge Private Mortgage Insurance (PMI), saving you money every month. And more than anything, we’ve built these loans to ensure flexibility for your unique situation – we can be forgiving of deferred student loan payments, or for those with signed future employment contracts.
Condo loans? Cond-oh yeah.
Our great state is growing, and condos are a hot commodity. That’s why we’re making it easier for developers and real estate agents to sell new condominium units through our Non-Warrantable Condo Loans. With competitive rates, no origination fee and full credit approval on loans up to $650,000, you can sell more units and get to secondary market financing eligibility faster.
Put your resources to work with an asset utilization home loan
Want to qualify for a loan based on your savings, stocks, bonds, retirement accounts, or even 401(k) funds? Consider an asset utilization home loan. With loan amounts up to $2 million, you may be able to qualify for a home purchase, refinance, or cash-out refinance based on those hard-earned assets. This is an ideal option for those who may not have enough traditional income to qualify but can rely on their assets instead. With full credit approval, competitive rates, no origination fee, and an easy payment system to Westerra, we’ll make the application process easy and keep your resources right where they are, all without needing proof of liquidation history.
Unlock your home's potential with Westerra's bridge loan
Transition seamlessly into your new home with a bridge loan. Tap into the equity of your current home to secure a down payment for your next one. This short-term, interest-only loan is designed to make your move smooth and stress-free, ensuring you can focus on the excitement of your new beginning. Partner with us for both your bridge and first mortgage needs, and experience the Westerra difference.
Looking for a loan that doesn’t exactly fit in a box? Let’s talk.
Our flexibility, resources, know-how, and passion for helping Coloradans meet their financial goals mean that we can make some pretty great loans happen. Ready to get started?
Frequently Asked Specialty Mortgage Questions
The Doctor/Dentist Specialty Mortgage Loan Program is designed to help medical professionals, including MDs, DOs, DDSs, and DPMs, purchase a home with up to 100% Loan-to-Value (LTV) financing — meaning no down payment required! Plus, this program eliminates the need for mortgage insurance and allows deferred student loans to be excluded from qualifying ratios. Whether you’re just starting your career or are well-established, this special program provides competitive financing options, so you can focus on your practice while building long-term wealth in your new home.
To qualify for the Doctor/Dentist Specialty Mortgage Loan Program, you must be a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Science (DDS), or Doctor of Podiatric Medicine (DPM). This exclusive program offers several key benefits, including up to 100% financing (no down payment), no mortgage insurance, and the ability to exclude deferred student loans from your qualifying ratios — making it easier to get approved. If you’re a doctor or dentist looking to secure a home loan with flexible terms, Westerra Credit Union is here to help you navigate the process smoothly!
The asset-utilization mortgage is a specialized mortgage solution designed for members who may not qualify for conventional loan products based on traditional income sources alone but have strong personal assets and excellent credit. If you’ve got substantial savings or investments but not enough traditional income, this program can help you secure financing. It’s a great way to get the financing you need while maintaining integrity and flexibility in your financial journey.
To qualify for the asset-utilization mortgage, you need to have a strong credit profile and sufficient personal assets that can be used to demonstrate your ability to repay the loan, even if your income doesn’t meet conventional loan guidelines. This program is designed for those with strong financial investments who may not qualify under normal income-based requirements. The key benefits offer flexibility and a smooth path to homeownership. We will take a look at your assets, such as retirement, stocks, bonds, mutual funds, and savings accounts, and apply a factor in order to consider those assets as monthly income. If you have strong assets but non-traditional income streams, this could be the right fit for you! The best way to know if you qualify is to contact a Westerra Loan Officer.
Yes, you can absolutely get financing for a condo in the ski resort areas! These types of properties are often treated as second homes, but with a unique twist — you can rent them out when you’re not using them. This is a great option for those looking to cover some of the costs of ownership, as you can rent out your condo like a hotel room.
At Westerra, we understand that owning a condo in a ski resort isn’t just about having a vacation getaway; it’s about maximizing the benefits of your investment. You can enjoy your condo whenever you want and also earn rental income to help cover mortgage payments. It’s the best of both worlds—a home away from home with the opportunity to generate income while you're not there.
Our team can help you navigate the specific financing options available for these types of properties, ensuring you get the best loan to suit your needs. It's a win-win!
A non-warrantable condo loan is designed for condos that don't meet traditional lending criteria. At Westerra Credit Union, we offer competitive rates, no origination fees, and full credit approval on loans up to $650,000. This makes it easier for developers and real estate agents to sell new condominium units and achieve secondary market financing eligibility faster. With our non-warrantable condo loans, you can confidently navigate the growing condo market in our great state!
Non-warrantable condo loans come with great perks, especially in our booming market. You'll get attractive interest rates that make financing more affordable and save on upfront costs with no origination fees. With full credit approval on loans up to $650,000, you can secure financing quickly and speed up the sale of new condo units, reaching secondary market financing eligibility faster. Our loans are designed to help developers and real estate agents sell more units efficiently. Plus, our friendly and knowledgeable team is here to guide you every step of the way. With these benefits, Westerra Credit Union makes it easier for you to navigate the condo market and achieve your real estate goals!
Loan approval is subject to credit approval and program guidelines. Credit Union membership required. Interest rate and program terms are subject to change without notice.
*Annual Percentage Rate (APR) is the cost of the loan in percentage terms, taking into account various loan charges such as Prepaid Finance Charges (discount points, processing and underwriting fees, flood certificate, tax service, closing and wire fees, prepaid interest) and Private Mortgage Insurance (if applicable). Refi scenarios based on rate and term transaction, 760+ FICO, $400K or $900K (Jumbo) loan amounts at 60% LTV. Purchase scenarios based on 760+ FICO, $500K or $900K (Jumbo) loan amounts at 60% LTV. Variables such as LTV, CLTV, credit score, cash out, occupancy and property type, etc., could affect rate and APR. Rates are based on individual credit history and are subject to change without notice. Rates are for conventional-conforming loans only. Other rates and terms may apply for Jumbo and nonconforming/specialty portfolio programs. Please contact a Westerra Credit Union Mortgage Loan Officer at 303-321-4209 for more details. Westerra Credit Union NMLS 421606.
