FHA Loan Programs Available at Rocky Mountain Mortgage Company
Rocky Mountain Mortgage Company is certified to help borrowers and homebuyers sign loans that would best suit them. We are proud to offer our availability in FHA home loans in El Paso. This specialized loan is a mortgage 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 home loans. The premiums that accompany an FHA home loan includes the Upfront Mortgage Insurance Premium (UFMIP) and an Annual MP (monthly charge). These premiums are set at low rates, making loan programs especially affordable and attainable for all homebuyers.
The Necessary Qualifications for an FHA Loan
Programs for FHA loans are not limited to first-time homebuyers nor low-income applicants. The first requirement a borrow would need to qualify for an FHA home loan is to have 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 a minimum required down payment of 3.5%. Another important qualification is being able to minimum credit score of 580. The lender is who sets their minimum credit requirements, so it’s important to have your credit score fall within a good range.
There are several types of El Paso home loans that the Rocky Mountain Mortgage Company can provide through an FHA home loan program. Some of the main types include:
The interest rate will not change over the life of the loan. This can be helpful for borrowers as they can always expect how much their mortgage payment will be.
Benefit From an FHA Home Loan By Choosing 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 interested in learning more about El Paso home loans. FHA loans are desirable for requiring low rates, low closing costs, low fees, and reasonable credit scores. The FHA home loan is of reach for anyone who is seeking to initiate the home buying process. Contact our team today to learn more about how we can help you sign up for FHA loans in El Paso.
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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.