The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Colorado and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Colorado FHA loan and ensure that you qualify for it.
Qualifying for a Colorado FHA loan is not hard. You only need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors, something that Moreira Team can gladly help you with.
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Other than a good credit score and down payment requirements, Colorado FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In Colorado, the base maximum limit for FHA loans is $356,362 but there are counties with higher limits. In Chaffee County the limit is a bit higher at $391,000. El Paso and Teller counties max out at $393,300 and Gunnison at $408,250. Several more counties have a max limit of $596,850. Boulder county comes in at $654,350 and Routt County has a maximum FHA loan limit of $678,500. The highest FHA loan limit in Colorado is in Boulder County is $822,250 for a single family home.
No matter what county you are in, if you need help applying for a Colorado FHA loan, Moreira Team can help. Give us a call or apply today.
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