Colorado Mortgage Broker

FHA Loans Denver Colorado

First time home buyer?  Low down payment?  Credit problems in the past? 

Then you may be able to buy a home with FHA financing.  FHA Loans offer more flexible underwriting standards than conventional mortgages and a lower down payment.  The program has traditionally been used by many first timers to help them finance their first home.  FHA Loans even allow for a co-signer to help you if you need it.

Here are the highlights of FHA Loans:

Maximum Loan Amount:  FHA county loan limits in the majority of counties nationwide is $271,050.  However, many counties have higher limits in higher-cost areas, which include the Denver front range area.  Most of Denver is above $400,000 on FHA Loans limits.  Check your county limits here

Down Payment:  The FHA down payment requirement currently sits at 3.5% of the sales price.  There were rumors that FHA Loans would go to a 5% down payment requirement, but that plan seems to be dead at the moment.

Credit:  A 620 minimum credit score is required by most lenders for FHA Loans.  Some lenders have higher requirements, and only a few allow lower scores.  In addition, you must be 2 years out of a bankruptcy and 3 years out of a foreclosure in order to qualify.

Job History:  FHA Loans require 2 years in the same line of work.  Any gaps in employment more than one month must be explained.  An employment history of less than 2 years may be acceptable for someone who is re-entering the work force or a college student entering the workforce after graduating.

Property Types:  You must plan to live in the property you are purchasing, but within that limitation, FHA Loans can finance many types of properties.  Single-family detached homes, condos, townhomes, and multi-unit properties (up to 4 units) are eligible and several lenders will even finance manufactured homes

Mortgage Rates:  Interest rates on FHA Loans are currently low, and terms of 10-30 years are available.  Adjustable rate mortgages are also available and carry lower rates than a fixed mortgage, and feature an initial fixed rate period of 3 or 5 years.

FHA Loans are a great way to help you finance your home with competitive interest rates.  We will provide a no obligation consultation for your situation and can help you determine if you qualify and if you don't, we will help you take the necessary steps so you can qualify.

FHA Kiddie Condo Home Loans in Denver Colorado

Help your kids buy a home with the FHA Kiddie Condo Home Loans!

If you are a parent who would like to help your kids get a great jump-start in life, FHA Kiddie Condo Home Loans can help. 

Highlights of FHA Kiddie Condo Home Loans:

• Non-occupying co-signer (blood relative) allowed.
• Co-signer's income and assets used in qualification.
• Same low rates as any other FHA Home Loan program

This type of financing allows a parent or other blood-relative to co-sign for their children to help them purchase a home. The nice thing is that the co-signer doesn't have to be a parent and the buyer doesn't have to be their child.  As long as it's a blood relative co-signing for the other blood relative, the FHA Kiddie Condo Home Loan can help.

The co-signers full income and assets as well as credit will be used to help the primary buyer qualify.  With conventional financing, non-occupying co-signers cannot be used, so FHA Kiddie Condo Homes Loans are one of the last remaining programs that allow a co-signer.  However, it is important to know that the co-signer's credit cannot overcome credit problems with the primary buyer- the lower of the all of the borrower's credit scores will be used for qualifying.

The nice thing too is that the type of home purchased doesn't have to be a condo.  You can utilize FHA Kiddie Condo Home Loansfor the purchase of a detached single-family home, a townhouse, or even a four-plex!

Interest rates are low on FHA Kiddie Condo Home Loans right now, and a variety of loan terms are available.

We strive to provide the best service in the industry and honest, professional financing advice for your FHA Kiddie Condo Home Loan program.

Read our client testimonials!