Why Denver FHA Loans For Colorado Residential Real Estate Home Buyers Are Fantastic Loans

Your FHA Home Loan & Mortgage Guide

by Kevin Guttman
Sr Mortgage Banker
Top Denver &Colorado FHA Home Loan Originator
Colorado Springs
877-251-9709
www.ColoradHomeLoanTeam.com

FHA insured loans...are a type of Federal Assistance and have historically allowed lower to middle income Americans to borrow money for the purchase of a new home, or for the refinance of an existing mortgage loan, that they would not otherwise be able to afford. The Federal Housing Administration (FHA) was originally established in an effort to provide much needed support, and resources to a crippled and struggling housing market devastated by the Great Depression. In 1934, in a response to the ongoing economic calamity of depressed economy, Congress passed The National Housing Act, which amongst other things, created the FHA, to primarily increase home construction, reduce unemployment, and operated various loan insurance programs. In the eighty (80) years since, the FHA has been a popular choice for home-buyers and home-owners, especially during times of economic recession, and weak housing markets. 
Get The Insider Secrets To Saving Thousands On Your New Denver Colorado Home FHA Mortgage

The FHA has continued to serve its primary purpose of supporting homeownership in the United States, by being the most popular choice for potential home-buyers and home-owners during the first few years of the Great Recession of 2008 – 2009, and peaking in 2010, during a time when most other options to finance a home, either went away completely, or constricted to a point, that only a small percentage of borrowers would be eligible. One point of common confusion is that many believe that FHA is a mortgage lender, but in actuality, FHA only provides mortgage insurance on loans made by FHA-approved mortgage lenders throughout the United States and its territories. 


Therefore, Colorado Homes & Denver FHA does not make loans directly – it only insures loans made by private Colorado mortgage lenders to Denver homebuyers and guarantees those loans in case of default. Therefore, any losses are at the expense of the American Taxpayer, and according to the Government Accountability Office, U.S. Taxpayers (through FHA) guaranteed nearly $350 Billion in mortgage insurance from 2008 through 2012 alone. The most common reason potential home-buyers end up using an FHA insured loan when purchasing a new home, or current home-owners end up using an FHA insured loan when refinancing their home, is because there’s simply no other choice usually because of the following examples: 
Get Pre-Approved For Your FHA Denver Colorado Home Loan Here

Denver Colorado Home Borrower FHA Requirements

• Owner Occupied only – borrower must live in the home as a primary residence
• Minimum 580 Credit Score
• Full income / asset documentation only – W-2 and/or tax returns
• 3.5% minimum down-payment
• No minimum borrower contribution required – 100% down payment can be gift
• Approved down-payment buyer assistance can be used up to 100% combined loan to value
• Maximum 46.99% front end, 56.99 back end debt to income ratio with automated underwriting approval

Down-Payment Assistance: 
In most cases, Colorado Real Estate home FHA insured loans are the only loans that allow for a prospective home-buyer to utilize an approved Non-Profit or Government Down-Payment Assistance Homeownership Program. While there are a handful of Conventional Mortgage Loans that will allow for DPA’s, since FHA’s down-payment requirements are less than their Conventional counterparts, it’s simply not as easy to obtain the assistance needed when using a Conventional Mortgage Loan. 

Call Kevin Guttman at 877-251-9709 for your free FHA home loan consultation
or go to www.FHAHomeLoansApproved.com

Colorado Home Loan Team
Colorado Springs, CO 80920
877-251-9709
www.ColoradoHomeLoanTeam.com

Crucial Facts About Thornton Colorado FHA Home Loans

In the wake of the housing bubble's collapse, FHA loans have taken on renewed importance for today's mortgage borrowers.

Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

Because of that insurance, lenders can -- and do -- offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements.

Following are facts all buyers should know about FHA loans.

Less Than Perfect Credit Is Ok

In Thornton Colorado, the minimum credit scores for FHA loans depend on the type of loan the borrower needs, according to the FHA, but scores should be 580 or better.

Those with credit scores between 500 and 579 are limited to borrowing 90 percent loan-to-value.

A credit score of 500 or less generally means you won't be eligible.

The FHA will make allowances under certain circumstances for applicants who have what it calls "nontraditional credit history or insufficient credit" if they meet requirements. Ask your FHA lender or an FHA loan specialist if you qualify.

www.FHAHomeLoansApproved.com

Closing Costs May Be Covered

The FHA allows home sellers, builders and lenders to pay some of the borrower's closing costs, such as an appraisal, credit report or title expenses.

For example, a builder might offer to pay closing costs as an inducement for the borrower to buy a new home.

Lenders typically charge a higher interest rate on the loan if they agree to pay closing costs. Borrowers can use the good faith estimate of closing costs -- commonly known as the GFE -- to compare interest rates and closing costs on different loans and figure out which option makes the most sense.

To learn more about FHA-backed loans and other mortgages, 
go to www.coloradoHomeLoanTeam.com

Apply on line here

Brought to you by

Kevin Guttman, Sr. Mortgage banker

Top Colorado home Loan Originator

Financing Your Dream

877-251-9709

www.ColoradoHomeLoanTeam.com

Fort Collins Colorado FHA Home Loans For Buying a Home or Refinancing a Mortgage Made Easy

The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home in Fort Collins, Colorado, easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

• Minimal Down Payment and Closing Costs For Fort Collins Home Buyers:

• Downpayment less than 3.5% of Sales Price
• 100% Financing options available*
• Gift for downpayment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Get The FHA Home Buyers Guide and Get Pre-Approved

• Easier Credit Qualifying Guidelines For Fort Collins Home Buyers such as:

• Minimum FICO credit score of 620.
• FHA will allow a home purchase two years after a Bankruptcy.
• FHA will allow a home purchase  three years after a Foreclosure. 

• FHA Home Loans Are Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time



Kevin Guttman, Sr. Mortgage Banker
Top Colorado Home Loan Originator
www.ColoradoHomeloanTeam.com
877-251-9709
help@coloradohomeloanteam.com
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Complete Aurora Colorado FHA Loan And Mortgage Guide

Complete Guide to FHA Loans and Mortgages For Aurora Colorado Home Buyers

What is an FHA Loan?

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.

What Are the Advantages of FHA Loans?

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario. Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

FHA Loan Requirements for Aurora Colorado Home Buyers

• Must have a steady employment history or worked for the same employer for the past two years
• Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state
• Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.
• New FHA loans are only available for primary residence occupancy
• Must have a property appraisal from a FHA-approved appraiser
• Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, home insurance) needs to be less than 31 percent of your gross income, typically. You may be able to get approved with as high a percentage as 46.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
• Your back-end ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of your gross income, typically. You may be able to get approved with as high a percentage as 56.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
• Minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
• Minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants' credit worthiness.
• Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you've managed your money in a responsible manner. See this page for more details.
• Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you've improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.

Property needs to meet certain standards: Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

Keep current on the premium costs for FHA loans by watching here 

http://youtu.be/0ECXuofdi1c?list=UUI7L4MVFJSDqkzip2_KIo8Q 

Aurora FHA Loan Limits

There are maximum mortgage limits for FHA loans that vary by state and county. In certain counties, you may be able to get financing for a loan size up to $729,750 with a 3.5 percent down payment. Conventional financing for loans that can be bought by Fannie Mae or Freddie Mac are currently at $625,000.

To find out how to apply for your FHA mortgage limits in your area click here

How Do I Get an FHA Loan?

You can get pre-approved for a FHA loan  by clicking here. Just submit a loan request and you will receive custom quotes instantly from our team. The process is free and easy.