Federal Housing Administration (FHA) insured loans require a small down payment and offer flexible credit requirements, making homeownership more accessible for first-time buyers and those with various credit situations. With the ability to finance up to 96.5% of your home's value and competitive interest rates, FHA loans are an excellent option for many homebuyers in Colorado Springs.
FHA Loan Benefits
- ✓Low down payment requirement of 3.5%
- ✓Flexible credit score requirements
- ✓Competitive interest rates
- ✓Perfect for first-time homebuyers
- ✓Down payment assistance available
- ✓Gift funds allowed for down payment
Requirements
- •Minimum credit score of 580 for 3.5% down
- •Steady employment history
- •Property must meet FHA standards
- •Property must be primary residence
- •Mortgage insurance required
- •Debt-to-income ratio guidelines
Why Choose an FHA Loan?
FHA loans are an attractive option for homebuyers, especially first-time buyers. With lower down payment requirements and more flexible credit guidelines, these loans make homeownership achievable for many who might not qualify for conventional financing. David Jeffrey understands the FHA loan process and can help you navigate it smoothly.
Down Payment Assistance Programs
We understand that saving for a down payment can be challenging. That's why we work with various down payment assistance programs to help make homeownership more accessible. These programs can be combined with FHA loans to reduce your upfront costs even further.
Learn About Down Payment AssistanceReady to Get Started?
Contact us today to learn more about FHA loans and start your application process. David Jeffrey will guide you through every step with personalized service.