What Is An FHA Loan?
FHA loans are offered by Denver area lenders. The FHA does not make loans. It insures, in the event of a default, mortgage loans made by approved lending institutions, such as credit unions, mortgage companies or banks.
Advantages of FHA Loans
- Low down payment - 3.5%
- Less stringent loan underwriting guidelines - higher debt-to-income ratios allowed.
- Fully assumable (With qualifying - this will be HUGE in the near future!)
- 30 yr, 20 yr, 15 yr and ARM programs available
FHA financing may be by any qualified person, whether a U.S. citizen or not. However, the property must be the occupying borrowers' principal residence. The borrower must also have a social security number.