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.

Annual Mortgage Insurance Chart

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