FHA Home Loans
FHA Home Loans offer a low down payment requirement, competitive interest rates, and flexible underwriting standards.
Traditionally, FHA Home Loans have been a perfect choice for first time home buyers, and remain a strong program for helping families buy their first home. The FHA Kiddie Condo Home Loan program even allows for a non-occupying co-signer to help you with your home purchase, if needed.
Here is a summary of some of the highlights of FHA Home Loans:
Down Payment: A 3.5% down payment is required for FHA Home Loans. The down payment can come from your own funds or can be given to you as a gift from a blood relative. A refinance requires only 2.25% equity in most areas.
Maximum Loan Amount: Maximum loan limits for FHA Home Loans are set at $271,050 in most counties across the country, but are higher in many high cost areas. Most areas in the Colorado front range region are above the $271,050 limit, with the Denver area sitting at mostly $400,000 and above. Ask one of our FHA Experts to check your county limit.
Closing Costs: Closing costs for FHA Home Loans can vary greatly from state to state. In Colorado, closing costs average $3000-$3500 and can be structured with less closing costs. You are allowed to negotiate with the seller to pay your closing costs up to 3% of the sales price of your home.
Interest Rates and Loan Programs: Interest rates are currently low on FHA Home Loans. Loan terms of 10-30 years are available on fixed rate mortgages, and adjustable rate mortgages are also available.
Types of Properties: You may finance a simgle-family detatched home, townhome, or condo with FHA Home Loans. 2-4 unit properties and manufuactured homes can also be financed by some lenders.
You can depend on First Mortgage Corp to provide an honest, no obligation consultation for your situation and can help you determine if FHA Home Loans make sense for you.