FHA Loans Wheat Ridge CO
If you are searching for your first home, one of the most accessible programs for first time home buyers is
the FHA home loan. This program is designed to help first time home buyers with a smaller down payment, low rates, and flexible underwriting guidelines.
First Cal Mortgage specializes in helping first time home buyers in Wheat Ridge and the rest of the Denver area. Here are a few of the highlights of this incredible program:
Low Down Payment: The minimum down payment with FHA is only 3.5% of the sales price of the home. This can come from your own funds, from a gift from a family member, or from a community assistance program such as CHFA (Colorado Housing Finance Authority).
Low Rates: FHA Loans Wheat Ridge CO have very low rates compared to conventional loans, even if your credit score isn't the best.
Flexible underwriting: You can qualify even if you have had recent credit problems. Bankruptcies only have to be 2 years discharged, and you can qualify 3 years after a foreclosure. With a minimum credit score of 580, FHA Loan give home buyers the ability to get back on their feet with home ownership.
FHA Loan Limits: One thing that can sometimes be a hinderance with FHA Loans is the FHA Loan Limits. In Wheat Ridge CO this is usually not a problem, however, because the limit is 406,250 in Jefferson County in 2013, and is also at that level in the rest of the Denver Metro area. However, if you are moving to another part of the state, be aware that some counties have a limit as low as $271,050. Lookup FHA Loan Limits in Colorado here.
FHA Condos: FHA condo financing can also be tricky. You must make sure the complex is approved for FHA financing. Just go to the FHA Condo Lookup Tool and search by zip code for your complex.
FHA Loans Wheat Ridge CO are a great program if you are considering buying your first home. Please consider us a resource, we will answer any home buying questions that you have, no obligation, and no pressure.
Just hit the chat button on the right, give us a call, or email, we would be happy to help you!
FHA Loans Wheat Ridge CO
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