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:
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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We have helped more than 20,000 El Paso families realize their dream of HOMEOWNERSHIP.
We have helped more than 20,000 El Paso families realize their dream of HOME OWNERSHIP.