So I am thinking about looking into an FHA loan or finding a mortgage broker who can help me pre-qualify for a home loan for a single mother. Does anyone have any suggestions for how I would go about this?
Catherine E. replied:
Couple of things from this conversation, FHA is a great resource but it's not just for first time homebuyers, anyone is eligible to get this loan. The minimum credit score is 560 with FHA. There are 100% financing in rural areas, there is down payment assistance programs throughout the state...some you have to be a first time homebuyer and others you do not. (Remember a first time homebuyers is someone who hasn't owned in 3 years) There is a great tax credit that is offered for all first time homebuyers and in some areas like Weld county it's available for repeat homebuyers. The credit averages to about $2000 a year for the life of the loan. Lots of options and Colorado is one of the best state law to buy a home. If you have had a bankruptcy or foreclosure you can purchase 2-3 years afterwards and sometimes sooner. I'm here to help with anything or answer any questions, I have been in the business for 13 years and still first time home buyers are my favorite! 970-372-6839 x105 or 720-300-6777.