FHA Loan Programs in Colorado

FHA Loans in Colorado

Those who typically benefit most 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. These home loans are designed for the first-time home buyer, and they are among the first-time home buyer programs in Colorado.

FHA loans are a type of first-time home buyer assistance that can help a first-time home buyer access home loans that make sense for their situation. Our team 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 home buyer assistance that is tailored to your unique needs and situation.

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

Which of these FHA loans is best for you? Get in touch with us for assistance with home mortgages and home loans in Colorado. We can help you make an informed decision when selecting FHA loans.

FHA Loans

These loans 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 (add link for calculator). So, what do you need to know about the FHA loan? 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