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FHA Loans In Colorado

FHA Loans in Colorado

“Get Approved For FHA Loans In Colorado And Colorado Springs?”

 

If You’re A First-Time Homebuyer, Veteran Or You’ve Been Through A Bad Experience With A Mortgage Lender, You Can Count On The Team at Elevation Mortgage! With Us, You Overcome Hurdles Fast. Call: (719) 247-6622

 

Apply For The FHA Loan In Colorado SpringsThose who typically benefit most from the FHA loan in Colorado Springs, are first-time home buyers and those who have less than perfect credit.

Buying a home for the first time comes with many challenges, including securing the funding for it.

The good news is that you may qualify for FHA loans in Colorado Springs.

These home loans are designed for first-time homebuyers usually and they are among the first-time home buyer programs in Colorado.

FHA loans are a type of first-time homebuyer assistance that can help a homebuyer access home loans that make sense for their situation.

Our team of Colorado Springs Mortgage Lenders has extensive experience in helping clients qualify for the right home mortgages, including FHA loans.

If you need help with your first-time home buyer loan in Colorado, contact us and we will work closely with you to deliver first-time homebuyer assistance that is tailored to your unique needs and situation.

There are different first-time homebuyer programs available to you, and knowing them is critical to your informed decision-making. FHA loans in Colorado Springs may be combined with conventional loans, USDA, and VA through the first-time home buyer loan.

The loan amount is a percentage of the purchase price or a fixed amount, whichever is lesser.

Payments for home loans and home mortgages are subject to change.

For buyers in Colorado, the FHA loan in Colorado Springs may come with a better interest rate.

Moreover, you also need to pass an in-depth evaluation by phone to qualify for the home loans.

Keep in mind that income limits apply with some Colorado Springs FHA loans, home mortgages, and first-time home buyer loans. Which of these FHA loans is best for you?

Get in touch with us for assistance with home mortgages and help with applying for and being approved for the FHA loan in Colorado Springs, with Elevation Mortgage who will help you make an informed decision when selecting the right program. 

If You’re A First-Time Homebuyer, Veteran Or You’ve Been Through A Bad Experience With A Mortgage Lender, You Can Count On The Team at Elevation Mortgage! With Us, You Overcome Hurdles Fast. Call: (719) 247-6622

 

FHA Loans In Colorado

FHA loans in Colorado are insured by the Federal Housing Administration and are designed for low-to-moderate income borrowers who are unable (or unwilling) to make a large down payment. The down payment requirement is as low as 3.5% and these funds can come from a gift or a grant, which makes these loans very popular amongst first-time homebuyers. What also makes these loans attractive is the lower FICO score required. With the FHA loan, there is a requirement to pay Mortgage Insurance (MI) for the life of the loan, however, this is greatly reduced premium versus the Conventional loans. To calculate your MI for an FHA loan, click here 

 

So, what do you need to know about FHA loans in Colorado Springs? Here is a quick run-down of all the ins and outs.

 

  • Low down payment requirement- 3.5% with credit scores above 580
  • Mortgage Insurance (MI) required for the life of the loan
  • Upfront Mortgage Insurance Premium (UPMIP) is 1.75% and can be rolled into the loan.
  • Loan terms are 15 to 30 years
  • Financial hardship relief may be available.
  • Closing costs can be paid by the seller, up to 6%
  • No prepayment penalty
  • They are assumable loans
  • FHA 203K loan (rehab loan)- up to $35,000 in funds towards repairs
  • One-Time-Close (OTC) Construction Loans available

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