There Are Many Benefits To FHA Loans In Colorado Springs, CO
A Federal Housing Administration (FHA) loan comes with many benefits. Here are a few of those benefits. If you need an FHA home loan in Colorado Springs, call Front Range Mortgage. This helpful mortgage broker company in Colorado Springs has been helping Colorado Springs residents get FHA loans for years. Learn information about Colorado Springs, CO.
Lower Down Payment
As any mortgage broker company in Colorado Springs will tell you, an FHA loan is insured by the FHA itself. This means that the required down payment is typically lower than with a conventional home loan. To put a figure on it, with a credit score of 580 and above, you would only have to put 3.5% down. With a credit score of 500 to 589, the down payment would only be 10%. There are also lower debt-to-income (DTI) ratio requirements for the FHA loan. Discover facts about Are You Ready To Talk To A Mortgage Broker.
Lower Interest Rates
One of the biggest advantages of an FHA loan is the lower interest rates. If you go to a mortgage broker company in Colorado Springs for an FHA loan, as opposed to a conventional loan, your payments will likely end up being much lower.
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