Can You Get an FHA Loan for Your First Mortgage?

Frank Duran Homes For Sale Boulders Community

FHA loans are often a popular choice for first-time homebuyers who are looking for homes for sale in the Boulders and other communities in Colorado. As the name would suggest, an FHA loan is essentially a type of government-backed mortgage that is insured by the Federal Housing Administration (FHA). This means that, if the borrower defaults on the loan, the FHA will pay the lender a portion of the remaining balance.

One of the main benefits of an FHA loan is that it allows borrowers to put down a lower down payment compared to other types of mortgages. The minimum down payment requirement for an FHA loan is 3.5% of the purchase price of the home – which, as most real estate agents will agree, is an extremely advantageous figure for the Colorado house market. This option can make things easier for first-time homebuyers who may not have a large amount of savings.

In addition, FHA loans typically have lower credit score requirements compared to conventional mortgages. As a result, borrowers with lower credit scores may still be able to qualify for an FHA loan.

It is important to note that FHA loans do have certain requirements and limitations, such as limits on the loan amount and restrictions on the types of properties that can be purchased with an FHA loan. It is recommended to speak with a qualified professional to determine whether an FHA loan is the right option for your specific financial situation and homebuying goals.



source https://blog.frankduranhomes.com/can-you-get-an-fha-loan-for-your-first-mortgage/

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