FHA LoansThe main goal of the Federal Housing Administration (FHA), is to improve the housing market and protect lenders if a borrower was to default on their mortgage. The FHA was created as a part of the National Housing Act and later became a part of the Department of Housing and Urban Development. The FHA has grown to become the largest insurer of mortgages in the world, and Ryan M Nash Home Loans is proud to offer you great rates and flexible options in Colorado Springs and Denver as well as the entire state of Colorado.
FHA loans can be used for a number of different purposes including: purchasing a new home, refinancing an existing mortgage and special renovation projects. The cash out refinance options are available for those that need cash or capital for home repairs or debt consolidation. Stream line loans are also available to reduce interest on current loans. FHA loans in Colorado Springs and Denver offer relaxed credit requirements and lower down payment options that make them easier to qualify for. Buyers can qualify for an FHA loan with a down payment of only 3.5% of purchase price and a credit score of 580. If a buyer does not have savings to cover the down-payment, family members can get the money. Since FHA loans are easier to qualify for, they are very popular for new home buyers in Colorado Springs, Denver and throughout Colorado. |
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COLORADO FHA LOAN REQUIREMENTS:
-Down-payment: A down payment of 3.5% is the minimum allowed.
-Property Requirements: All properties purchased through the FHA loan program must meet certain safety and security requirements, set forth by the FHA.
-Income Requirements: A debt to income ratio 50% is generally required, with compensating factors we could go as high as 55%.
-Credit Score: The minimum credit score is 580, however, you will qualify for a better rate and potentially down payment assistance if you can boost your score to 620.
There are two different mortgage insurance premiums that are required with all FHA loans in Colorado Springs and Denver. The first is an upfront premium of 1.75% of purchase price, buyers have the option to pay this at closing or roll the premium into the mortgage. The second, is a monthly insurance premium, this is calculated at 0.85% of the loan amount over a 12 month period.
The great part about an FHA loan is that it makes it much easier to get into a home and even after you close we will work with you to boost your credit. By doing this you make it possible to refinance into a conventional loan, eliminating your mortgage insurance and in turn making more of the money you send to your lender every month, work for you!
Ryan M Nash Home Loans is committed to helping his clients with all of their Colorado Springs and Denver FHA loan needs.
Whether you are purchasing your first home or looking to refinance your current FHA loan to a lower rate, I can help.
Contact me today at (719) 629-7401 or click here for any questions you may have on Colorado Springs, Denver, and Colorado FHA loans or to get pre-qualified.
-Property Requirements: All properties purchased through the FHA loan program must meet certain safety and security requirements, set forth by the FHA.
-Income Requirements: A debt to income ratio 50% is generally required, with compensating factors we could go as high as 55%.
-Credit Score: The minimum credit score is 580, however, you will qualify for a better rate and potentially down payment assistance if you can boost your score to 620.
There are two different mortgage insurance premiums that are required with all FHA loans in Colorado Springs and Denver. The first is an upfront premium of 1.75% of purchase price, buyers have the option to pay this at closing or roll the premium into the mortgage. The second, is a monthly insurance premium, this is calculated at 0.85% of the loan amount over a 12 month period.
The great part about an FHA loan is that it makes it much easier to get into a home and even after you close we will work with you to boost your credit. By doing this you make it possible to refinance into a conventional loan, eliminating your mortgage insurance and in turn making more of the money you send to your lender every month, work for you!
Ryan M Nash Home Loans is committed to helping his clients with all of their Colorado Springs and Denver FHA loan needs.
Whether you are purchasing your first home or looking to refinance your current FHA loan to a lower rate, I can help.
Contact me today at (719) 629-7401 or click here for any questions you may have on Colorado Springs, Denver, and Colorado FHA loans or to get pre-qualified.
