FHA 203K Denver Home Loans

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Want a Fixer-Upper? The FHA 203k Can Help

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Want a Fixer-Upper? FHA 203k Denver Home Loans Can Help

When imaging their first, many Denver 1st time buyers imagine a setting that is all their own, not just another cookie-cutter home in the neighborhood. They want to be able to mold their home with their imagination while they ensure that all the standards are up to not only Denver building code, but to their own particular standards.

With the housing market being such a tough place to work these days, it can be difficult for homebuyers can have difficulty obtaining Denver home loans from a traditional lender. FHA 203k Denver Home Loans make it easier for Denver 1st time buyers to obtain the funding they need to turn the property that has caught their fancy into the home of their dreams. The FHA does not supply loans, but they do give lenders the backup they need to assure that they will be paid for their confidence.

There is no guarantee of a loan, even for FHA 203k Denver home loan applicants, but the process can be much easier for properties and applicants that meet the necessary criteria:

203k Denver Home Loan Criteria

• Eligible properties must be in need of rehab or repair.
• The current process is much easier than the older paperwork required for Denver homebuyers.
• The property must be an FHA approved condo development of 1-4 units.
• Down-payment equals 3.5% of the total amount borrowed.

Interesting Points

 Luxury items are not eligible for FHA 203k Denver Home Loans.

 Health and safety concerns must be addressed prior to any cosmetic work.

By allotting funds for property renovation, FHA 203k Denver Home Loans allow for improvements to existing neighborhoods, which helps to increase property values and improves a home’s ability to be sold. Especially in a stalled housing market, these improvements can help to propel an increase in sales.

Although they are not only for Denver 1st time buyers, the FHA 203k loan allows homebuyers to create the home of their dreams while they beautify their neighborhood. It’s a win-win for the housing market as a whole. Golden Lenders welcomes first time home buyers looking to get into an FHA 203k loan. Contact us today for a free consultation!

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FHA Denver Home Loans

By Angela Lanfranco

Look for 100% Financing on FHA Denver Home Loans

For first time Denver home buyers, finding a loan they can both qualify for and manage to pay is probably the most difficult aspect of buying their first home. In the current economy, lenders are significantly more cautious about lending their money to potential home buyers with little credit history, or a negative credit record. Even those with good credit looking to secure a Denver home loan can face difficulties based on the declined market or the current requirements for appraisals.

It Is Possible

The FHA has become the prevalent factor in securing loans for many Denver first time home buyers in the last year or two. For those buyers that are looking for no-money down options or 100% financing of their Denver home loan, the FHA offers several different possibilities.

How to Qualify for a 100% Financed FHA Denver Home Loan

 Any applicant looking to secure a 100% Financed FHA Denver home loan must be regularly and gainfully employed for two years. Layoffs or downsizing are taken into consideration if this criterion is not met.

 Credit history is researched for the last three years prior to the application. Denver FHA home loan applicants cannot have any more than 2 thirty days’ late payments during those two years.
Any bankruptcies on the credit history must have been discharged for at least two years.
 Foreclosures must be at least three years old.
 For those applicants with marred credit history, they must have been actively rebuilding it over time.
 There will be a debt to income ratio calculated including credit cards, student loans, auto loans, etc. When the outstanding credit balance monthly payments are compared to the total monthly income, the ratio cannot reflect payments higher than 30% of the total income.

100% financing on FHA Denver home loans can make it possible for a first time Denver home buyer to purchase their home with no money down and a federally secured loan. By backing the lending institutions in the United States, the FHA is using tools like these to begin the renovations on our housing market.

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