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What You Need To Know About FHA Loans

Single Family Homes can be obtained with FHA Loans

The Federal Housing Administration, or FHA, was created in 1934 as part of the National Housing Act. This government agency has made sure that loans made by banks and other private lenders for home building and home buying are insured. The objective of this organization is to improve housing conditions and standards, provide a functioning home financing system, and stabilize the mortgage market. FHA loans are a result of this effort.

The FHA does not set a required minimum credit score in order to be applicable for an FHA loan but instead, each borrower’s credit in considered together. These loans have some leeway, even if you have filed for bankruptcy before, but lenders can implement their own requirements on top of those already in place. For example, some may require a minimum credit score.

Since 2005, the FHA loan Program has seen a 900% growth. Some key changes have been made, making it more popular than it has ever been. FHA maximum loan limits have been raised across the board and housing prices are in a slump. This means that a higher percentage of homes qualify for FHA financing than ever before!

These FHA Loan requirement changes mean millions more can now qualify for an FHA Loan, one of the best choices for prospective home buyers in today’s mark

Important Information about FHA Loans:

  • 3.5 percent down payment of the purchase price
  • Low monthly mortgage insurance
  • Low, government-capped closing costs
  • Relaxed credit score requirements
  • Quicker qualify post-bankruptcy

FHA Loans Allow For Blemished Credit History:

In today’s tight lending environment, an FHA is often the best choice for borrowers with past credit issues. Most borrowers find it is a lot easier to apply for an FHA loan. Borrowers can have lower FICO scores, some blemishes on credit and don’t need to put as much money down.

  • Lower FICO scores are accepted
  • FHA loans require 2 years waiting period between bankruptcy, 1/2 the time as a regular loan
  • FHA loans require 3 year wait period after foreclosure, as opposed to the 4 for a regular loan
Brian Quigley Denver Mortgage Broker Profile Photo

Hello, my name is Brian Quigley and I have been in the Denver mortgage industry since 2003. I have been fortunate enough to choose this very rewarding mortgage broker career and help thousands of borrowers over the years. Customer satisfaction is important to me most, and getting my clients to the closing table smoothly. Read More…

★★★★★
5 5 1
Brian was absolutely great to work with. He was great to get back to us with anything or questions. Brian had the options to solve our refinancing issues. We highly recommend Brian and his team. Brian will be our first contact person for our real estate financing options.

★★★★★
5 5 1
I worked with Brian on some real estate transactions to help my buyers/ clients. Brian is very professional and helpful. Brian can solve problems and get thru difficult situations. Brian can guide you thru the process. I highly recommend Brian to provide mortgage services.

★★★★★
5 5 1
I am an attorney. I got caught in a problem with a Chapter 13 that only a professional, experienced mortgage broker could figure out. The man is just smart. (Not the"salesman" type I normally see with brokers). I watched, in solemn amazement, how Brian and his team got a loan for my clients, by figuring out a vary complex problem. Brian made it happen. He is my "go to" mortgage broker.
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