FHA Loan

Financing Solutions for Your Colorado Home

5280Lend.com works with clients on FHA loans. Our expert team understands the process and requirements for mortgage loans.

As Colorado mortgage loan experts, we’ll thoroughly analyze your situation to determine if an FHA loan is the best fit for you. We offer personalized service for homebuyers in the Denver Metro area.

Contact us today to schedule a FREE mortgage assessment.

What Is an FHA Loan?

An FHA loan gives homebuyers an alternative to a conventional home loan. The Federal Housing Administration (FHA) insures FHA loans to support borrowers who do not qualify for a traditional mortgage.

FHA loans are a good option for many first-time homebuyers. The government-backed mortgage program requires a smaller down payment and a lower credit score than many other loan programs.

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How FHA Mortgages Work

FHA mortgages work similarly to conventional mortgages, where the borrower commits to pay monthly payments for the life of the loan. While the criteria to qualify for the loan is lower, the borrower must pay a mortgage insurance premium when the borrower has a down payment of less than 20%.

FHA loans come in 15-year or 30-year terms and have fixed interest rates. Unlike many conventional loans, there is no prepayment penalty.

The advantage of FHA loans is that they allow more people to purchase homes because obtaining approval for these loans is more flexible.

5280Lend.com has an in-depth understanding of the FHA loan process. We work with you each step of the way to ensure you understand the loan requirements and commitment.

An FHA loan gives homebuyers an alternative to a conventional home loan. The Federal Housing Administration (FHA) insures FHA loans to support borrowers who do not qualify for a traditional mortgage.

FHA loans are a good option for many first-time homebuyers. The government-backed mortgage program requires a smaller down payment and a lower credit score than many other loan programs.

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Advantages of FHA Loans

Lower Down Payment

You can pay as little as 3.5% down on an FHA loan. With reduced requirements, buying a house is much easier for homebuyers with low incomes or little savings.

No Prepay Penalty

There is no prepayment fee associated with FHA loans. If you decide to pay the loan in full before the end of the contract term, the lender will not penalize you by charging a prepayment fee.

Easier Approval

FHA loan approval requirements are less stringent than with conventional loans. Borrowers with lower incomes or credit scores may still gain approval.

Down Payment Assistance

Options include family gifts and state and county DPA (Down Payment Assistance) programs.

FHA loans open the door for many people who otherwise might not qualify for a mortgage to become homeowners.

What Are the Requirements for An FHA Loan?

  • A FICO score of 580 to 620 with 10 percent down, or a FICO score of 620 or higher with 3.5 percent down.
  • Must be able to verify employment for the last two years.
  • Must verify income with pay stubs, federal tax returns, and other related documents.
  • The loan can only finance a primary residence.
  • Must have the property appraised by an FHA-approved appraiser, and the property must meet HUD guidelines.
  • The monthly mortgage payment cannot exceed 31% of gross monthly income.
  • The monthly mortgage payment plus all monthly debt payments cannot exceed more than 43% of gross monthly income.

We will work with you to evaluate your eligibility requirements.

Contact 5280Lend.com to schedule a loan consultation.

Why Work with a Mortgage Bank for An FHA Loan?

Working with a mortgage banker gives you peace of mind. At 5280Lend.com, we are experts in FHA loans and other mortgage options. We will help you compare alternatives to determine the best lending solution to meet your needs.

We only work with a limited number of clients each month to ensure you receive personalized service. Also, we are a local Colorado lender, meaning we understand Colorado loan requirements.

Start today with a FREE mortgage assessment.

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