Most first time home buyers in Denver use FHA loans to finance their properties, because they only require a 3.5% down payment.
FHA Loans Are Provided By Private Mortgage Companies And Lenders
Backed by the Federal Housing Administration, FHA loans are provided by local mortgage companies and lenders in Denver. You can use an FHA loan to borrow up to $458,850 for a home, and the 3.5% down payment is a huge advantage over conventional home loans, that typically require 5%-20% down.
First Time Home Buyers FHA Loans
Even better news is that some of the Denver-area first time home buyers programs will provide down payment grants and/or closing cost assistance for FHA loans, which may enable you to buy your first home for as little as $1,000 down.
Your Family Can Help You With The Down Payment On An FHA Loan
On FHA loans, you can use a gift from a family member to help cover the down payment and closing costs.
FICO Credit Score Requirements For FHA Loans
There are some FHA loans available for buyers with FICO credit scores as low as 580.
FHA Loans For Single-Family Houses And Duplexes
To be eligible for an FHA loan, single-family houses need to be in good shape, without any structural problems. These requirements also apply to duplexes, triplexes and four-plexes.
FHA Loans For Condos, Lofts, and Townhomes
To be eligible for an FHA loan, the condo, loft, or townhome complex must meet the following requirements and be on the FHA approved list:
The requirements list above are to protect you, the lender, and the FHA – from buying a unit in a complex that might not be as strong as other complexes in Denver.
However, just because a condo, loft, or townhome property isn’t on the FHA approved list doesn’t mean that it hasn’t met the standards listed above. To appear on the list, the complex needs to have submitted a request for inclusion, which requires extensive documentation and takes time.
We can show you properties in the Denver metro area that are on the FHA list. We can also put you in touch with mortgage companies and lenders in Denver that offer FHA loans for first time home buyers.
For additional information on FHA loans or to start the process of looking for your first home, please call (303) 222-0027, or e-mail firstname.lastname@example.org.
Please Note: We’re happy to offer free consultations (either by phone or in person)! We can discuss your loan options and set you up with free weekly e-mail alerts. As your buyers agents, you do not need to pay our commission – the seller does that part!