FHA Mortgage Loans
While the federal government may not do everything perfectly, it has always been unwavering in trying to make sure that every American has the best opportunity to own a home. As a result. The Federal Housing Administration (FHA) may be the answer if you are a first time buyer, or just simply looking to refinance to a better repayment schedule.
In the Colorado Springs area, there are numerous opportunities to find your dream home. By using an FHA loan from Fidelity Mortgage Solutions, you can not only benefit from less stringent qualification requirements, but you also have a variety of options which can include fixed and floating interest rate options. Not only that, but this all comes with the security of a government issued loan.
The Federal Housing Administration was created in order to give the average American the chance of owning their own home. It was created within the U.S. Department of Housing and Urban Development. Popular with first time home buyers, the down payment for a home through FHA is only 3.5%, providing the person’s credit score is 580 or higher.
This type of loan was created in response to the hasty decision homeowners made to foreclose their homes during the recession in the 1930s. Mortgage lenders provide adequate insurance. This stimulated the availability of the housing market to those with sub-par credit or ability to offer a low down payment.