The Federal Housing Administration (FHA) insures a number of loan programs to help you become a homeowner, and we can help you find the lender with the right FHA loan products to purchase a new home, or refinance your current home. You will want to be pre-approved and get a letter from us to present to the seller when you make an offer on your dream home.
An FHA loan is easier to qualify for than a conventional loan, and you don’t need to have perfect credit. A credit score of 580 is acceptable, and sometimes even a lower score can work, though in that case the down payment will be 10%. Even if you have had a foreclosure or bankruptcy in your past, you may still qualify for an FHA loan by re-establishing your credit. Call Silver Leaf Mortgage for more information. We will help you determine your eligibility.
With a credit score of 580 or higher, there is a low down payment of only 3.5%, though you may put more down if you like. Sellers may contribute up to 6% of closing costs. An FHA loan is an excellent choice for a resent college grad or newlyweds who have not saved a large down payment. Because the loan is insured by the Federal government, rates are lower and gift funds are acceptable for earnest money if the source of the money may be shown.
While an FHA loan is often used by first-time home buyers, anyone who qualifies may use one. There are fixed rate, adjustable rate and high balance loan options. The lending limit for an FHA loan is $726,525, which means that it can be used to purchase a high value property. Silver Leaf Mortgage offers fixed rate Jumbo FHA products with 15- and 30-year terms.
There are also adjustable rate FHA mortgages available through Silver Leaf Mortgage. There are 3/1 and 5/1 ARMs as well as 3/1 ad 5/1 Jumbo ARMs. This means that the loan rate remains fixed for three or five years and adjusts annually thereafter. If this seems right for you, contact us and we will give you all the details.
At Silver Leaf Mortgage, a Denver-based mortgage broker, we know FHA, and can find a lender with the right loan product for which you are qualified. We will make the process as smooth and efficient as possible, and answer all your questions. At Silver Leaf Mortgage we will help you close your loan in 30 days or less.
Because an FHA loan is government insured, the door is open to buyers who have 3 ½% down and a credit score of 580 or higher. You must have been working for the past two years, with your income holding steady or improving. If you have had a bankruptcy or foreclosure in the past, it must be three years since it occurred to qualify for an FHA loan. If your credit score is less than 580, a down payment of 10% will be required.
Refinancing an FHA loan has never been faster or easier than it is with an FHA Streamline. You can lower your monthly mortgage payments – in some instances, even if you owe more than your home is worth.
No appraisal is required, rates are low, and there is no income documentation required (W-2s and pay stubs). The benefit to you must be at least a 5% drop in your mortgage payment. There are 10- 15-, 20-, 25-, and 30-year terms available, with Primary Residence and Non-owner Occupied properties allowed.
An FHA Streamline can lower your monthly mortgage payment as well as your interest rate. If you have not refinanced since HUD lowered the MIP in 2015, now is the time! Interest rates are still at historic lows, but may be set to rise soon.
It is always a good idea to speak with a Senior Loan Officer at Silver Leaf Mortgage before you go house hunting with your Realtor so that we can provide you with a pre-approval letter. Sellers are far more likely to accept an offer that is backed up with a lender letter indicating that you will be able to get a loan to complete the purchase transaction.
Call Silver Leaf Mortgage today to find out how you can get a great rate, a fast closing with only 3 ½% down! At Silver Leaf Mortgage, we are a Denver-based mortgage company with over 98 years of combined experience in the mortgage industry. We have helped people all over Colorado, and know how exciting and overwhelming a new home purchase can be. We’re committed to guiding you every step of the way. Our motto is “to love and serve our clients well.”