FHA Loans (Federal Housing Administration Loans)
FHA loans are mortgages issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive, maximum financing option, especially for first-time homeowners.
Age In Place Mortgage Company works with a number of FHA lenders. Some of the advantages of an FHA loan are:
- Generally easier to qualify for than Conventional loans
- Only 3.5% down payment (The 3.5% can be gifted from a family member)
- Allows for higher debt ratios in most cases
- Typically a 580 credit score is needed for the this program
- Maximum loan size varies by county (call for details)
- No income limits
- Co-Signers are acceptable to help with credit, debt ratio and down payment
- Co-signers do not have to occupy the property
- Available on all property types (Condos need FHA approval)
- Can be used to purchase duplex, triplex and quad properties where you can rent the other units (only 3.5% down)
- The loan is assumable when it comes time to sell
- If the home doesn’t appraise then you are able to receive your earnest money back
- Interest rates are typically lower than a conventional loan
- Shortest waiting period after having a prior Bankruptcy, Foreclosure or Short Sale
- If purchasing an FHA Foreclosed home, you can get by with only $100 down
- Loan offers a low documentation streamline refinance option if rates improve
For more information, please call Age In Place’s Local Loan Professional at 719-360-6015 to answer any questions you may have!
Lynn Chase is a licensed Colorado Mortgage Loan Originator (number 100014632) and Nationwide Mortgage Licensing System number 1651156.
Lynn is the founder and broker-owner of The Commercial Loan Arranger, LLC, licensed by the State of Colorado, and is doing business under the registered trade name of the Age In Place Mortgage Company. The company Nationwide Mortgage Licensing System number NMLS #1790945
The company headquarters is located at 913 Dancing Horse Drive, Colorado Springs, Colorado 80919, and Lynn can be reached at (719) 302-5508 or Lynn@AgeInPlaceMortgage.com
© Copywrite by Professor Lynn Chase