FHA Loan Colorado: Ways To Benefit From An FHA Loan
FHA Loan Colorado: Dating way back to 1934, the FHA loan Denver has a history of helping people buy their homes faster and easier. Also known as the Federal Housing Administration, it focuses its entire attention on three main aspects of the home buying process:
– Low down payments
– Low closing costs
– Easy credit qualifying
However, the FHA is not all about costs and credits. It is also focusing on helping people buy their first home, helping seniors financially, and offering financing for mobile homes and manufactured houses. Let’s see what some of the other aspects of the home buying process the FHA looks upon:
1. The FHA helps you renovate your house
If you have just bought a house and are thinking about giving it a fresh look (or if you want to personalize it to fit your personality) then the FHA might be what you need. Did you know you can include the costs of renovation in the overall loan cost?
2. An FHA loan encourages people to make their homes more energy efficient
Just as with the above-mentioned service, the FHA also allows you to make your home more energy efficient. You can include the costs of such a procedure in what is known as an FHA Energy-Efficient Mortgage.
3. The FHA encourages young families to buy their own homes
If you live in either of these areas, then your down payment can be as low as 3.5%of the purchase price: Colorado, Denver, Iowa, Omaha, Nebraska. The offer is available for 1-4 unit properties and most of the closing fees can be included in the loan.
All in all, don’t forget that the FHA only insures the loan, so the lender can offer you a better deal…