What separates an FHA loan from a conventional loan? The biggest difference between these two loan types that US Mortgages offers, is that FHA loans are backed by the US Federal Government, specifically the Federal Housing Administration.
The FHA program was developed to make loans accessible to people who could only afford a low down payment or who had less than perfect credit in the 1930's. Since then, the program has helped countless Americans pursue their dream of home ownership. FHA requirements include a credit score of 560+ and a down payment of 3.5% to qualify borrowers for an FHA loan, though there are other factors including steady employment, LTV and DTI ratios that can impact eligibility.
A less-than-perfect credit score doesn't have to mean the end of the line when searching for a home. At US Mortgages, we believe that everyone should have the opportunity to purchase their own home at affordable rates. That's why we pledge to work with you to create a loan specific to your financial situation, ensuring your success while keeping you on budget.
The Colorado FHA Loans rate requires that borrowers purchase personal mortgage insurance (PMI). When speaking with an expert from our office, we will be sure to go over these items with you if you are not familiar with PMI. Because of the safety net that mortgage insurance provides to the lender, we are able to offer loans at traditionally lower interest rates. While FHA loans do require a down payment, mortgage insurance lowers the total amount. Those with quality credit scores can purchase a home with down payments as low as 3.5%, however less desirable credit scores can require a minimum down payment of a least 10%.
If you're wanting to know if what FHA home loan rates are available for you and will help you and your family reach their financial goals, contact US Mortgages! Feel free to provide us your contact information as well as any initial questions you may possess about an FHA Mortgage. You can also give us a call and get the ball rolling on your FHA Loan and future of home ownership today!
If you're looking to accelerate the repayment of your mortgage and potentially save thousands of dollars in interest, here are four simple tips to help you can pay your mortgage off faster:
Paying off your mortgage earlier is a personal decision based on your financial goals. The good news is, most lenders will let you pay off your loan faster without pre-payment penalties. here are just a few reasons you might consider accelerating your repayment: