FHA

• First-time buyers with a modest down payment saved
• Buyers whose credit is still being rebuilt
• Buyers with higher monthly debts, such as student loans or a car payment
• Buyers getting help from family, since gift funds can usually be used toward the down payment

With a credit score of 580 or higher, you can typically buy with as little as 3.5% down. Scores from 500 to 579 may still qualify with 10% down, though individual lenders often set higher minimums. Because we shop multiple lenders, we can look for one whose guidelines fit your situation.

FHA loans carry mortgage insurance: a one-time upfront premium, usually added to the loan, plus a monthly premium. With less than 10% down, the monthly premium generally stays for the life of the loan. Many homeowners refinance into a conventional loan later to remove it once they’ve built equity.

FHA loans are for homes you’ll live in as your primary residence, including one- to four-unit properties. The home must meet FHA’s appraisal standards for safety and condition.

FHA sets a maximum loan amount for each county, and the limits are updated every year. Limits in the Denver metro and Boulder County are higher than in many rural counties. We’ll confirm the current limit for the county you’re buying in.

If you already have an FHA loan, an FHA Streamline Refinance may let you move to a lower payment with less paperwork, and often without a new appraisal. A cash-out FHA refinance is also available if you’d like to use some of your equity.