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Key facts about getting an FHA Mortgage in Denver Anyone looking to apply for an FHA mortgage needs to know a few things While certainly not the only way to go when seeking a mortgage, an FHA loan will provide those who qualify with some great benefits all while making homeownership easier The Basics Of FHA, Denver FHA is the abbreviation of the Federal Housing Adminstration whose main task is to create programs which encourage home ownership The FHA allows participants to get loans for homes while providing less of a down payment when compared to a conventional mortgage This is permitted by banks because each FHA loan is backed by the FHA itself So, if the borrower ends up not paying back the loan, the FHA guarantees they will pay the loan off so banks never have to worry about writing off a defaulted loan Who Can Get a Denver FHA Mortgage? The purpose of the FHA is to qualify to highest percentage of people possible While most mortgages have income requirements, FHA simply requires that you have a decent credit score (640 or higher) FHA loans require only a 35% downpayment as compared to downpayment requirements of up to 20% for conventional mortgages FHA does require that applicants have an acceptable debt to income ration to prevent overbudoning them If you cannot qualify for an FHA mortgage, there may not be a program out there for you That doesn't mean you should give up though If you work with your loan officer and correct your shortcomings, you will be in your new house before you know it More FHA Benefits As well as a lower down payment and lower required credit score, there are other advantages that come with having a Denver FHA mortgage such as: � No prepayment penalty, which can be great for subprime borrowers � FHA 203k funding programs available for certain types of home improvements FHA is much more willing to accept money you get as a gift to make your downpayment or cover closing costs � �Assumable� in certain circumstances, which means it can be taken over by someone else [http://thestatedtruth.com/?p=21866