FHA loans in Denver available on HUD homes for only $100 down!
So, what's a HUD home, you ask?
A HUD home is a one to four unit property that has gone into foreclosure whereby the original loan was insured by a division of HUD called the Federal Housing Administration (FHA). FHA loans insure lenders for a portion of the loss should the homes go into foreclosure. Once foreclosure proceedings have been completed, HUD takes title of the homes and resales them in hopes of recouping a part of the FHA loan insurance expense.
So the benefit to a Denver HUD home buyer is the ability to get an FHA loan for only $100 down!!
Who can buy a Denver HUD home?
- Must be the buyer's primary home residence
- Minimum FICO score of 620 (required by lenders of FHA loans)
- Two year work history which may include education
- Limited or no asset requirements for reserves
For a complete ITEMS NEEDED checklist that you may be asked to provide, please click www.LifetimeLender.com.
What are advantages of using FHA loans for the purchase of a HUD home?
- FHA regulates lender and title company closing costs
- Up to $5,000 repair escrow (if contract submitted properly) for those properties that have minor repair needs!
Click to get an idea of available Denver HUD homes.
(Offers can only be made by approved HUD agents. Contact us for the list of approved Realtors.)
FHA loans are also available to purchase homes NOT owned by HUD, but have a few different qualifying requirements. For instance, there is not a standard escrow of $5,000 allowed, and the down payment requirement is 3.5%. However it is possible to combine FHA loans with a Colorado Housing and Finance Authority loan thereby financing most of your down payment as well! For more information click CHFA/FHA loans in Denver.
NOT ALL LENDERS ARE APPROVED TO OFFER FHA LOANS IN DENVER.
Click to submit an online application to be preapproved for your FHA LOAN
REALTORS: click for more information on how to be sign up as a Denver HUD approved agent.
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.