The capital of this state, Denver, often pops up among the cities of the globe well-suited for describing time zones because of its central location in the United States’ map. If you find this alluring enough, then you need to apply for FHA mortgage Colorado, a program that has government backing and requires as little as 3.5% worth of deposit. This means that you no longer have to settle for the 20% that traditional loan programs demand.
More so, besides the direct home purchase program, we also offer other sub-programs within FHA mortgage CO. The difference between these offers is that they are either fixed or variable interest-rate schemes. Our offers include:
The Fixed Home Purchase Scheme
This program comes with a dual maturity period of the borrower’s choice, as follows:
- The 30-year scheme at a fixed interest rate.
- The permanent-rate 15-year scheme.
You can decide on either depending on how long you would like to fully own the residence, or the amount you are paying for it. Generally, expensive homes need long-term amortization and vice versa.
Adjustable Rate Financing
Alternatively, you can go for FHA mortgage CO that has a variable rate. This is applicable in these situations:
- For applicants seeking starter residences, meaning homes that they can live in the shortest period possible.
- For applicants who want to live and then sell the property afterwards.
This adjustable scheme usually comes for 15 years in the state.
ARM Streamline Refinance
If you are keen to change your interest rate to the prevailing market rates, the Adjustable Rate Mortgage (ARM) under the Streamline Refinance program of FHA mortgage Colorado is your best choice. Here are the main preferences under this scheme:
- It is best for those who need a home shortly and then sell it.
- It’s also perfect for those who want to bring down high interest for the time being before the rate changes (Sentence not so clear, clarify).
The Permanent-Rate Streamline Refinance
We recommend this offer for applicants who want to maintain a low rate on their FHA mortgage CO plans for a lengthy period. You can apply for this offer under these particular situations:
- When you want to switch an Adjustable Rate Mortgage (ARM) plan into a thirty-year scheme.
Indeed depending on the current length of your plan, you can go for the above two refinance schemes.
203(K) at Permanent Rate
If your purpose is to make do with your current home’s value to undertake repairs, then you can go for the 203(K) program under FHA mortgage Colorado. It helps you to use a part of your equity to revamp the residence. It lasts for thirty years.
Have your found a plan from the above that suits your homeownership commitment? Whether you are a first-time or second-time homebuyer, you can rest assured that we are always ready to listen to your needs concerning which particular plan suits you for FHA mortgage Colorado.
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