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What is a FHA Home Loan?
FHA home loans are government-assisted alternatives to conventional home loans, that are insured by the Federal Housing Administration. Originally, FHA home loans were offered to first-time home buyers with less than perfect credit history. But FHA loans have been made available to more borrowers. Making them popular options for homeowners looking to refinance.
FHA home loans give some flexibility in requirements like credit, income, equity/down payment, and rates for private lenders. Though, they do require Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, FHA home loans empower many borrowers who wouldn’t qualify for conventional financing to purchase or refinance a home. For example, down payments are made easy. Borrowers are allowed to use their own savings, apply for grants, or even accept gifted money that can be up to 100% of the down payment!
If you would like to learn more about FHA Loans and their requirements you can call one of our FHA Loan Experts at (303) 947-5147.
3.5 % down payment. Ability to use 100% gifted money for downpayment, or apply for grants and government assistance.
Monthly mortgage and insurance payments are kept to a minimum.
Two years of steady employment history.
A minimum credit score requirement of 600 or higher.