FHA Loans
An FHA loan is generally the easiest type of Colorado Springs real estate mortgage loan to qualify for. Federal Housing Administration (FHA) insures loans for Colorado Springs FHA approved lenders so that lenders can reduce their loss if they lend to borrowers who could default on their mortgage payments.
Colorado Springs FHA loans are perfect for individuals who might have difficulty obtaining a mortgage. If you are a Colorado Springs first-time home buyer or have purchased a home before with less than perfect credit an FHA loan may be just the thing for you. FHA loans provide an opportunity for Colorado Springs home buyers to purchase a home without having to pay higher interest rates or save money for a large down payment.
With a Colorado Springs FHA loan you can:
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Purchase a home - Remodel your home
- Make home repairs
- Make Energy-Efficient Improvements
- Refinance
FHA First Time Home Buyer – FHA 203(b)
The FHA 203(b) program is perfect for Colorado Springs first time home buyers looking to purchase a home with very little money down, lower monthly insurance premiums, and lower closing costs.
FHA Fixed Rate Mortgages
The interest rate does not change with a Fixed Rate FHA mortgage. This type of loan requires very little down payment with a lower interest payment if the loan is taken out in a low interest time period. A Fixed Rate FHA loan can provide you the stability of knowing exactly how much your monthly payment will be for the life of the loan.
FHA Adjustable Rate Mortgages
FHA Adjustable Rate Mortgages have adjustable interest rates that increase or decrease depending on what the federal index is set at for the time period. There are several factors that can affect the interest rate you are charged with an ARM. An FHA ARM is typically more appealing to Colorado Springs homebuyers who do not intent to stay in the purchased home for more than a few years since the interest rates tend to increase over that amount of time.
FHA Streamline
FHA Streamline home loans allow borrows currently utilizing an FHA loan program to take advantage of Colorado Springs low rates with limited costs and paperwork and no new appraisals. In order to qualify for an FHA streamline payments have to have been made on an existing FHA loan on time for the previous 12 months. An FHA streamlined refinance allows you to lower your monthly payment if interest rates have gone down with little out of pocket expense.
FHA 203(k) Loans or FHA Renovation Loans
FHA 203(k) loans are perfect for borrowers looking to take on a home renovation by purchasing a Colorado Springs home that is in need of repair. FHA 203(k) loans roll the costs of home repairs and improvements into the FHA mortgage, enabling you to borrow more that the home is worth to allow for renovation or repairs. The FHA 203(k) loan is usually based on the “as completed” value instead of the “as is” value of the home. To see if you qualify for a FHA 203K home loan contact one of our TriStar Funding mortgage specialists today.
Use our FREE online Purchase Assistant to find out if an FHA loan is right for you. One of our Colorado Springs FHA loan specialists at TriStar Funding will assist you in determining if you are eligible for a FHA loan and help you to get the lowest Colorado Springs rate possible.
Give Tri Star Funding a call today for a free, no hassle, consultation. 877-489-8249
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