FHA Loans for Loveland and Northern Colorado
The requirements for an FHA loan are a little different, but we are happy to walk you through the guidelines. Before you start the FHA loan process, be prepared to provide some information. Have it ready now to save time later.
Here is a checklist of what we recommend.
• Personal information including Social Security numbers and your personal address(es) (past two years)
• Names and location of your employers (past two years)
• Gross monthly salary at your job(s) and current check stubs and W-2 (past 2 years)
• Personal tax returns (past two years)
• Balances of all checking and savings, and investment accounts
• Balances for all open loans, including credit cards and other debt
• Complete information for other real estate you own
• Approximate value of all personal property ( e.g. jewelry, art, and other valuable assets)
• Certificate of Eligibility and DD-214 (for veterans only)
A few of the benefits of a FHA loan
• Low down payment and easy terms
• As little as 3.5% down
• Lower mortgage insurance. Usually, the monthly mortgage insurance on an FHA loan is less than what you might pay on a conventional loan.
• Better rates. There is no interest rate penalty for lower credit scores, as long as you qualify for the loan.
• The FHA loan may allow you to qualify with higher debt ratios, and little or no credit history (as long as there is no negative credit history on your report),
• Often times the seller will contribute more towards closing costs (6% vs 3% with a conventional loan).