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FHA Loan Programs Available at Rocky Mountain Mortgage Company

Rocky Mountain Mortgage Company aims to help borrowers and homebuyers get the loan that best suits them. We are proud to offer FHA loans, which is a specialized loan issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income home buyers and borrowers, an FHA home loan calls for low minimum down payments and lower credit scores, which is not offered through conventional loans. The premiums that accompany an FHA home loan includes the Upfront Mortgage Insurance Premium (UFMIP) and an Annual MIP (charged monthly). These premiums are set at low rates, making loan programs especially affordable and attainable for all homebuyers. 

The Necessary Qualifications for an FHA Loan

FHA home loan programs are not limited to first-time homebuyers nor low-income applicants. The first requirement a borrower would need to qualify for an FHA home loan is to have a verifiable source income. It is important that you can verify your income with pay-stubs or tax returns, you cannot move on without this information. In addition to verifying your income, you must be able to meet a minimum required down payment of 3.5% and have a minimum credit score of 580. The lender is responsible for setting these minimum credit requirements, so it’s important to have your credit score fall within a good range.

Rocky Mountain Mortgage Company offers one main type of FHA home loan program:

Fixed-rate mortgage

The interest rate will not change over the life of the loan, which can be helpful for borrowers as they can always anticipate how much their mortgage payment will be.

Benefit of a FHA Home Loan Through Rocky Mountain Mortgage Company

If you’re between an FHA home loan and an opposing loan program, then we can help. Rocky Mountain Mortgage Company is here to show that this program is optimal for all. FHA loans are desirable for the low interest rates, low closing costs, low fees, and reasonable credit score requirements. The FHA home loan is within reach for those who are seeking to start the home buying process. Contact our team today to learn more about how we can help you sign up for the FHA loan program.

 

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Texas Mortgage Banker Consumer Disclosure: PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN 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 DOWNLOADED AND PRINTED 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 MORTGAGE BANKER 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 WEB SITE AT WWW.SML.TEXAS.GOV.

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