About FHA Home Loans
FHA Home Loans are a mortgage insured by FHA within the Department of Housing and Urban Development. Since 1934, FHA home loans have been available, in fact, FHA began during the depression era. FHA has always been a very popular home loan for first-time buyers. It has also been very popular for people who have suffered bankruptcy or foreclosure, due to shorter waiting periods than conventional loans after these types of events. FHA won’t lend you the money, but an FHA approved lender will. FHA loan limits have been increased over the years to assist as housing has become more expensive. Given the down payment, requirements are currently 3.5%, it opens the door to homeownership for many who thought it would not be possible.
Co-signors are allowed for FHA home loans. A family member to co-sign for the borrower in the event that their debt ratios would be too high to qualify. The family member does not have to live in the house, but they are obligated to the debt as a co-signor on an FHA loan. With FHA home loans, the borrower can also receive gifted down payment from acceptable sources in the event they are having trouble making the down payment.
There are no income limits, and you don’t have to be a first-time buyer to use an FHA mortgage loan for financing. FHA also has a renovation loan called an FHA 203K, which will allow you to finance improvements to your home at closing! Interest rates are typically below market rate since the loan is insured by HUD and you carry mortgage insurance.
FHA Home Loans- Do you qualify?
A few other options with FHA home loans
*In many cases closing costs can be included in new loan. Though this can increase the lifetime cost of financing on your mortgage (ask questions)
FHA Cash-Out RefinancesCan be used to make improvements to your home, also look to an FHA 203K mortgage as wellFor those with equity looking to pay off higher interest rate credit, such as student loans, credit cards, and other debtsYou can borrow up to 85% of the value of your home
Why choose Mortgage Maestro Group for your FHA home loan?
Mortgage Maestro Group is a locally operated FHA approved lender. We have helped homeowners with FHA loans in Denver for decades. In fact, the first loan Ray Williams did was an FHA loan when he got in the business. Our team is founded on one simple principle. We work with honesty and integrity every step of the way. You can also see what people say about working with us here. We will not only guide you through the home buying or refinancing process, but we will educate you, and be available to answer your questions so you feel you had an advocate working with you
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
387 N Corona St #646, Denver, CO 80218.
NMLS Unique Identifier #1838215
Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
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