Cherry Creek Mortgage Company

FHA Mortgage Loan:

FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA mortgage loans are an attractive option, especially for first-time homeowners as they only require 3.5% down payment for purchase loans ($3,500 down payment for $100,000 home) and can be used with down payment assistance loans and grants.  FHA also has a $100 down program when purchasing an eligilble HUD home.  FHA mortgages will allow the home buyer to receive the down payment as a gift from a family member.

FHA mortgage guidelines typically are more lenient and flexible than conventional guidelines.  FHA loans require 620 FICO score and your debt to income should be below  50%.  FHA does not require the home buyer to have certain amount of liquid assets.

FHA mortgages require the borrower to pay 1.0% upfront mortgage insurance, which can be financed in to the loan and 1.10%-1.15% monthly mortgage insurance for 30 year mortgage. 

Tha maximum FHA mortgage in most counties in Colorado is around $400,000.

Cherry Creek Mortgage Company also offers the FHA 203(k) streamline mortgage.  The 203(k) streamline loan allows a Colorado home buyer to obtain up to $35,000 when purchasing a home for updates and repairs.  For more information on the FHA 203(k) streamline mortgage program please call Cherry Creek Mortgage Company at 303.666.6550.

Colorado Mortgage Programs

Learn more about FHA loans. (Department of Housing and Urban Development)