Get Your FHA Loan in El Paso, TX and New Mexico
Rocky Mountain Mortgage Company is certified to issue FHA loans in El Paso, TX and New Mexico, to help borrowers and homebuyers qualify for the lending they need to become homeowners. FHA home loans are mortgages insured by the Federal Housing Administration (FHA) and issued by an FHA-approved private lender like us.
FHA loans are designed to help low-to-moderate-income borrowers become home buyers. An FHA home loan requires low minimum down payments and lower credit scores, which is not possible with a conventional home loan. FHA loan premiums include the Upfront Mortgage Insurance Premium (UFMIP) and an Annual MIP (monthly charge). These premiums are set at low rates, making loan programs especially affordable and attainable for all homebuyers.
What Is an FHA Mortgage Loan?
A Federal Housing Administration loan is a specialized mortgage loan insured by the FHA, a government agency part of the United States Department of Housing and Urban Development (HUD). Lenders who issue FHA loans must undergo a rigorous approval process. The FHA’s mortgage insurance protects the lender from losses due to defaults.
Benefits of an FHA Home Loan
FHA loans are more flexible than conventional home loans. The benefits of applying for an FHA home loan are:
- Lower down payments
- Less rigorous qualification standards
- Acceptance of imperfect credit
- No income limits
- Higher loan limits
Understanding FHA Loan Requirements
Programs for FHA loans are not limited to first-time homebuyers and low-income applicants. The first FHA loan qualification a borrower would need to have for an FHA home loan is verifiable income. It is important that you can verify your income with pay stubs or tax returns. You cannot move on without this important information when applying for El Paso home loans and programs. In addition to verifying your income, one must be able to meet the minimum required down payment of 3.5%. Your lender may also require a certain credit score or credit score range. At Rocky Mountain Mortgage Company, we require a minimum credit score of 580.
Review Our Application Process
Get a free, no-obligation consultation to learn about our FHA home loan application process. We specialize in programs for first-time homebuyers and helping low-income applicants find a mortgage loan that is right for them. We have a team of expert loan officers ready to answer your questions and help you find the information you need to apply.
Why Choose Rocky Mountain Mortgage Company
Rocky Mountain Mortgage Company is a locally owned mortgage lender that has been in business for more than 38 years. We have a long history of helping members of our community secure the financing they need to buy a home or secure a mortgage refinance. If you’re between an FHA home loan and an opposing loan program, we can help you determine which is right for you. Our lending specialists are happy to explain why the FHA loan program is optimal for all interested in learning more about El Paso home loans. FHA loans are desirable because they require low rates, closing costs, fees, and reasonable credit scores. The FHA home loan is of reach for anyone seeking to initiate the home-buying process.
Schedule a Free Consultation for an FHA Loan
Call or contact us online to schedule a free consultation for an FHA loan in El Paso, TX and New Mexico. Our friendly, knowledgeable loan specialists are here, ready to answer questions, discuss your concerns, and help you find the right type of home financing or mortgage lending opportunities for you and your family. Our goal is to make the mortgage lending process as efficient, seamless, and stress-free as possible. Contact our team today to learn more about how we can help you sign up for FHA loans in El Paso.
Get a FREE, No Obligation Consultation
We have helped more than 26,000 El Paso families realize their dream of HOMEOWNERSHIP.
We have helped more than 26,000 El Paso families realize their dream of HOME OWNERSHIP.