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FHA Loan

FHA loan

FHA Loan -What is it?

An FHA loan is insured by the Federal Housing Administration to make it easier to qualify for a streamline refinance or first time buyer. The qualification guidelines to buy a house are flexible, assisting those not eligible for a conventional mortgage.  Check out our Blog here.

FHA loan. This is popular for first time home buying and borrowers with credit challenges. The Federal Housing Administration allows down payments as low as 3.5% for borrowers with credit scores of 580 and up. The FHA will insure loans for buyers with FICO scores down to 500 but needs a 10% down payment. Mortgage insurance is required for all FHA loans and can’t be canceled.

“Recently, we helped a young couple in rural Colorado who were first time home buying. Right away, they didn’t qualify so together we formed a plan to repair credit. The FHA loan was a perfect fit for their first home.” – Par 4 Mortgage

FHA serves as an umbrella under which lenders have confidence to write loans for borrowers who may not meet conventional loan requirements, FHA’s mortgage insurance assists individuals to qualify, even if they were previously denied for a conventional home loan.

The FHA loan helps those who would like to buy a house but don’t have money for the down payment or closing costs. It also helps those with credit issues, even bankruptcy or foreclosure.

The most popular FHA home loan is the 203(b). This home loan often works well for first time home buying as it allows borrowers to finance up to 96.5%of their home loan, keeping closing costs at a minimum.

The FHA 203(b) home loan is one of the only loans in which 100% of the closing costs can be a gift from a relative, non-profit, or government agency. FHA will collect annual MIP, Mortgage Insurance Premiums.

FHA loan Florida. FHA loan Colorado. What are today’s FHA mortgage rates?  FHA loan requirements.

An FHA loan will offer:

FHA Loan Programs

Adjustable-Rate Mortgage

An FHA ARM loan is a home loan backed by the Federal Housing Administration (FHA). Its interest rate may change over time, starting with a lower fixed rate and monthly payment, then adjusting up or down based on an index and a margin. This loan is designed for low and moderate-income families who want to purchase or refinance. It has limits to how much the rate can vary at each adjustment. It may savings on the front end, but also poses more risk than a 30 year fixed mortgage.

Fixed-Rate Mortgage

A fixed-rate mortgage has an interest rate that remains the same for the entire term of the loan. 

“I love 15 year fixed loans and want to show you how much interest you’ll save compared to that 30 yr fixed mortgage.” -Nate

What are 30 year mortgage rates? What are 15 year mortgage rates?  Call us at 720-397-0056.  Try our free homeloan mortgagecalculator now.

Streamlined Refinance

An FHA streamlined refinance is perfect for those who currently have an FHA mortgage. The interest rate can be reduced, making monthly mortgage payments lower. As a bonus, a streamlined refinance requires limited borrower credit documentation and underwriting. This provides for an easy and seamless process. If you are interested in converting your adjustable-rate mortgage to a fixed-rate mortgage loan, this can be the right solution.

FHA loan - Open Doors To Homeownership

Find out if an FHA, Federal Housing Administration mortgage loan is right for you.

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