FHA Home Loans for Colorado Buyers
Low down payment options and flexible credit requirements make FHA loans a great choice for borrowers facing common barriers to home ownership.
What is an FHA Loan?
FHA loans are insured by the Federal Housing Administration, which provides protection for the lender in case the borrower defaults on the loan. Because of this, borrowers can qualify for a loan with as low as 3.5% down and with lower minimum credit score requirements than other loan programs. One important thing to keep in mind is that if you finance your home using an FHA loan, you’ll have to pay mortgage insurance.
Who Qualifies for an FHA Loan?
To qualify for an FHA loan, borrowers must meet the minimum credit score requirements and have a down payment of at least 3.5% of the home’s purchase price. The property must be used as a primary residence, meaning that an FHA loan isn’t the best loan option for borrowers looking to purchase a second home or investment property. Additionally, properties financed with FHA loans must meet minimum property standards.
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