FHA home loans from The Mortgage Doctor can help you purchase or refinance a home in Colorado. Flexible guidelines will help you qualify. Whether you’ve had credit issues in the past or want to limit your down payment to 3.5%, an FHA loan can be a great home financing solution in Colorado. The Mortgage Doctor of Provident Lending is one of the top FHA lenders in Colorado – call him today at 877-299-5500 or use our Quick Quote form on the right to learn more.
What is an FHA Mortgage loan?
FHA stands for Federal Housing Administration (FHA) which is a governmental agency created in 1934 to improve housing standards and promote homeownership. The FHA insures your loan, making the loan less risky for your lender, allowing them to offer better terms. The Mortgage Doctor is a true FHA expert, so you can have confidence putting your home loan in his hands.
FHA Loan Options from The Mortgage Doctor
There are several FHA mortgage loan options, including:
- Purchase Loans – If you are buying a home, your down payment can be as low as 3.5% of the price of the home. The FHA also allows seller concessions up to 6% of your home purchase price.
- Refinancing – Refinance up to 97.75% of your home value. The FHA even offers up to 85% cash-out of the appraised value of your home.
- Debt Consolidation – If you are swamped with too many monthly payments – credit cards, personal loans, car payments, 2nd liens, and other debt – now may be the best time to consolidate that debt into a single mortgage payment using a FHA loan. Your single, consolidated payment may be much lower than the total amount of individual payments you are making now. Plus, the interest may be tax deductible (consult your tax advisor).
- FHA Streamline Refinance – Do you already have an FHA loan? If so, you may qualify for FHA refinancing with a lower rate and lower monthly payment. Best of all, there is very little paperwork involved and no new home appraisal is required.
- Manufactured and Mobile home loans – There are FHA loans available for mobile homes and manufactured homes.
FHA Closing Costs
Allowable Charges that Borrowers Need to Understand (from FHA.com) To see a complete list of FHA Requirements, go to: http://www.fha.com/fha_loan_requirements
While FHA requirements define which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office. All other costs are generally not allowed and are usually paid by the seller when buying a new home, or paid by the lender when refinancing your exising FHA loan.
- Lender’s origination fee
- Deposit verification fees
- Attorney’s fees
- The appraisal fee and any inspection fees
- Lender’s origination fee
- Cost of title insurance and title examination
- Document preparation (by a third party)
- Property survey
- Credit reports (actual costs)
- Transfer stamps, recording fees, and taxes
- Test and certification fees
- Home inspection fees up to $200
Allowed in an FHA refinance loan are wire transfer fees, courier fees, reconveyance fees, and fees to payoff bills.