What Are FHA Loans?
FHA loans are the mortgages insured by the Federal Housing Administration and backed by the government. The loans are popularly used by first-time homebuyers because they require lower credit scores as well as down payments. See more here.
FHA Loans Qualification Requirements
- A minimum of 3.5% down payment
- Sufficient funds to cover for the upfront mortgage insurance
- A debt-to-income ratio of above 50%.
- A FICO score of at least 580
- Adequate funds to cover for overall closing costs
What Are The Benefits Of FHA Loans
- The minimum credit score requirement is lower as compared to other conventional loans
- You can still be eligible for the FHA loan even when you had financial problems there before
- The loans are available with adjustable or fixed rates for 15-30yeras term
- The down payment requirements are low
Refinancing Your Colorado Springs FHA loan also has some significant benefits. You’ll need less documentation, and the closing costs are rolled into your loan. See here for information about What to Look for In an FHA Loan Lender in Colorado Springs, CO.
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Why Choose Front Range Mortgage?
Front Range Mortgage has been providing Colorado Springs residents with award-winning services for over 20 years. We service all our loans. This means you can get quicker approval on your FHA loan. You’ll also get the same attention and care throughout the life of your FHA loan.