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You are here: Home / What Are the Benefits of Using FHA Loan to Purchase A Home in Colorado Springs, CO?

What Are the Benefits of Using FHA Loan to Purchase A Home in Colorado Springs, CO?

Advantages That FHA Loan Program Offers

FHA loans offer several benefits, unlike the regular mortgage loan. It’s the best option to help you buy your dream home. The benefits include: More can be found here.

Smaller Down Payments

Smaller down payments are one of the most significant things about the FHA loan Colorado Springs. You can make a down payment of as low as 3.5% of the appraised value or the buying price. It’ll, therefore, accommodate your needs even when you don’t have sufficient funds saved up for down payments. See also about How Can I Use a Colorado Springs, CO VA Loan.

FHA Loans Have Flexible Qualification Guidelines

The qualification standards for FHA loans are less stringent, unlike in the regular mortgage loans. This is because of the insurance that the FHA loan lenders receive from the government. The insurance covers protect the lenders from losses that result from borrower default. Even when you fail to qualify for the conventional financing, you’ll most definitely qualify for the FHA home loan program. 

The FHA Home Loan Is Assumable

The home buyer can assume the loans. This means that if you’re selling your house, your FHA loan Colorado Springs can be transferred to the person buying the house. 

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Colorado Mortgage Broker, Brian Murphy, Front Range Mortgage, LLC DBA United Mortgage Funding, LLC – Colorado Mortgage License #MB100020928 / NMLS #378844. Colorado Springs Office: 102 S. Tejon Street, # 1100, Colorado Springs, CO 80903. Denver Office: 12191 W. 64th Avenue, # 205, Arvada, CO 80004. Regulated by the Division of Real Estate http://www.dora.state.co.us/real-estate/index.htm(DORA)

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