An FHA loan gives you a government-insured loan with flexible choices. You may opt for the security of a fixed rate (30, 25, 20- and 15-year terms) or the versatility of an FHA 5-year Adjustable Mortgage Program. Buy your primary residence with as little as 3.5% down or put more money down to get a slightly lower monthly mortgage insurance premium payment. Pay off your FHA mortgage (or refinance away from an FHA loan) at any time without pre-payment penalties to cancel the mortgage insurance.
FHA Basic Loan Information
- Credit (Minimum FICO 580, Most lenders require 640 FICO or greater score, the better the FICO, the better the rate)
- Loans up to the Colorado FHA county loan limits
- 2 Types of Mortgage Insurance are Upfront MIP and Monthly MIP
- Upfront MIP is 1.75% of the Loan Amount
(Example: $600,000 FHA Loan in Summit County = $10,500 Upfront MIP which can be rolled into the loan amount - no cash needed at closing) - Monthly MIP is .85% of the Loan Balance per year paid in 12 equal monthly installments with the mortgage payment
(Example: $600,000 Loan Balance for FHA Loan in Summit County = $5,100, divided by 12 months = $425 per month) - FHA Mortgage Insurance Premium (MIP) is non-cancelable on all loans made after June 2, 2013
(Compared to "conventional" loans offered by Fannie Mae and Freddie Mac which remove the MI at 20% Equity) - FHA Mortgage Insurance can only be removed when refinancing away from an FHA Loan on all loans made on or after June 3, 2013
(Note: For loans prior to June 3, 2013 MIP can be removed if the loan is in good standing, your loan balance is 78% or less of the last FHA appraised value, and you paid 5 years of a 30 year mortgage, there is no minimum number of years of payment on a 15 year mortgage) - 3.5% Minimum Down Payment
(100% of Down Payment can be a gift from a relative or approved non-profit organization) - US citizens and permanent residents ("Green Card" and "Work Visa" with a SSN Card) are eligible
- Not required to be a fist-time home buyer to qualify
- Single family primary residences (Homes, Townhomes, Warrantable Condos)
- Debt ratios accepted up to 55% (Example: $4,000 per month income allows for up to $2,200 monthly debt)
FHA Elite
Looking for an FHA loan? Get industry-leading government rates and pricing lower than the big banks.
- Good Credit (680 or Greater FICO Score)
- Loans over $175,000 and up to the Colorado FHA county loan limits
- All fixed term mortgages
- Single family primary residences (Homes, Townhomes, Warrantable Condos)
- Debt ratios accepted up to 55% (Example: $4,000 per month income allows for up to $2,200 monthly debt)
FHA Streamline "Rate & Term" Refinance
This FHA Streamline program allows you to refinance your current FHA loan with no appraisal or "AVM" (An Automated Valuation Model is a computer generated estimate of a home worth). Time is of the essence—stop shopping and use our quick closing process to lower your existing interest rate.
- Credit (640 of Greater FICO Score)
- Rate and term refinance up to 97.75% LTV (Loan to Value) and 105% CLTC (Combined Loan to Value) of your primary residence’s value
- Debt ratios accepted up to 55% (Example: $3,000 per month income allows for up to $1,650 monthly debt)
- Up to 60 days interest allowed
FHA (Adjustable Rate Mortgages) ARMs
Aggressive ARM pricing can provide a lower monthly mortgage payment.
- 3/1 and 5/1 Treasury ARM's are available
- Let us quickly and easily price out your loan with our Easy Qualifier (EQ) to determine your best scenario.
- We can qualify you at the note rate
- Jumbo loans eligible for the FHA ARM up to the Colorado FHA county loan limits.
