Why Colorado Home Buyers Love FHA Loans

By
Real Estate Services with Manager of Industry Engagement, Better Homes & Gardens RE

 

Colorado HomeBuyers Love FHA Loans

Colorado home buyers have many reasons to love FHA loans! An FHA home loan offers multiple benefits to Colorado Springs, Colorado home buyers including a low down payment, low interest rate and flexible lending guidelines. FHA loans are also a great alternative to Conventional loans for those that are tight on cash and find they need down payment assistance.

FHA loans are backed by the Federal Housing Administration which offers insurance to your lender in case of default. Due to this, many home buyers find that an FHA loan allows them to bypass the stricter credit and loan-to-value issues associated with conventional loans.

Why Colorado Home Buyers Love FHA Loans

  • There are no income or geographical limits for FHA financing (there may be for your local first time home buyer down payment assistance programs)
  • Sellers can offer concessions up to 6% of the sales price
  • Mortgage insurance is required up to 5 years
  • FHA home loans offer a low 3.5% down payment. If you are not able to provide your own funds, FHA does allow the down payment to be gifted to you by a family member, employer or charitable organization.
  • Bad Credit or No Credit is OK! FHA does not require perfect credit. In fact, if you have gone through a bankruptcy or foreclosure, the time before you are able to purchase again is much shorter with FHA than it is with a conventional loan. FHA also allows you to buidl a credit history through non-tradiitional tradelines such as your current rental payments, auto insurance, cable or satellite service, utilities and many other vendors that do not typically report to the major credit bureaus.

FHA Loan Limits

FHA does have maximum loan limits dependent on state and county. All Colorado Counties have their own FHA loan limit which determines the ceiling on the amount of money you are able to finance. The El Paso County Colorado loan limit is currently $325,000 however this will be declining on October 1st. If you have found a home and are interested in writing an offer, it's important that your FHA case number is assigned by your lender prior to October 1st. You will need an accepted contract prior to this happening so time is of the essence

Check additional Colorado County FHA Loan Limits from October 1 - December 31, 2011.

There are several things you are able to do to make sure your FHA loan approval moves as quickly and as smoothly as possible. Deliver your loan documents for preapproval as fast as you can to your lender, work with a knowledgeable FHA loan specialist, and try to be available as much as possible when your lender calls with a question or need.

Why Colorado Home Buyers Love FHA Loans was written by Rebekah Radice. To learn more: Check out our FREE Top 20 Homebuyer Secrets that can save you thousands of dollars! Plus browse our Home Buying Resources section and fill-out a free no-obligation secure online application or call us in Colorado Springs, Colorado at 719.387.1368 with any questions.



Why Colorado Home Buyers Love FHA Loans was written by Rebekah Radice.

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  1. Virginia Dean 09/24/2011 11:51 AM
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Topic:
Lending / Financial
Location:
Colorado El Paso County Colorado Springs
Groups:
1st Time Buyers
Colorado Real Estate
Mortgages
Posts to Localism
The Lounge at Active Rain
Tags:
why colorado home buyers love fha loans
fha loan benefits
colorado home buyers
fha loan limits
requirements for fha loan
fha loan guideline

Comments 4 New Comment

Ambassador
1,483,321
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

Rebekah, the relatively low 3.5% down payment has brought FHA loans back to a resurgence. All great points you made on this program.

September 23, 2011 05:00 PM
Ambassador
777,203
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Hi Rebekah -

I am seeing an increase in buyers with interest rates low and good homes priced to sell.  Things will turn around for us all.  We must hang in there and educate ourselves and our clients to all the opportunities and advantages there are in being a home owner.

Have a great weekend.

Best regards from The Q

September 23, 2011 05:44 PM
Rainer
18,801
Michelle Anderson
Monmouth County,Spring Lake,Sea Girt,Manasquan
RE/MAX Signature Properties

All great points Rebekah!  FHA loans are an excellent resource for homebuyers.

September 23, 2011 10:13 PM
Rainmaker
270,885
Rebekah Radice
Social Media Marketing, Coaching & Training
Manager of Industry Engagement, Better Homes & Gardens RE

FHA loans are a terrific opportunity for buyers no matter what state you are in.  And yes John...I agree that market conditions have made this a perfect time for buyers to take advantage of FHA loans!

September 23, 2011 10:16 PM
Rainmaker
270,885

Rebekah Radice

Social Media Marketing, Coaching & Training
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Author Bio: Rebekah Radice is a social media marketing, internet marketing and content marketing specialist. Rebekah Radice consults with business professionals to assist with their social media and blog marketing efforts.

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