An FHA loan is a mortgage issued by FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, which require a lower minimum down payments and credit scores.

Get FHA Interest Rates

Card image

Applying for an FHA Loan in Colorado

Many people think the FHA loan program is hard to get through or that it takes a long time. In all my years of working with the FHA loan program, I’ve always had an easy time getting my borrower’s loans through the system. It’s a flexible loan program that’s great for borrowers that don’t qualify for conventional financing but want competitive rates.

Here’s how to apply for an FHA loan in Colorado.

Complete a Loan Application and Get Pre-Approved

FHA borrowers must prove they have the income and creFirst, we’ll get you pre-approved for an FHA loan. Getting pre-approved lets you know how much home you can afford. With a pre-approval letter in hand, you can shop for the home within your budget. Sellers and realtors will also take you more seriously because you have proof of your pre-approval.

After you complete your loan application, you’ll provide the lender with your proof of income and assets including:

  • Paystubs for the last 30 days
  • W-2s for the last 2 years
  • Tax returns for the last 2 years (if you’re self-employed or work on commission)
  • Bank statements for the last 2 months

Lenders will also pull your credit, as that is a major component of your approval. They’ll look at your credit score and your credit history. They want to see that you pay your bills on time and can comfortably afford another loan.

Find a Home and Execute a Sales Contract

Once you find a home, your real estate agent will help you finalize the sale. Work out the details of the pricing and conditions and complete a sales contract. Once both the buyer and seller sign the contract, we’ll give the contract to the lender along with any other outstanding documents.

The lender will order an appraisal and complete the underwriting of your loan. We’ll work together to satisfy the conditions and wait for the appraisal to come back. If the home appraises for at least as much as the sales price and it passes the FHA’s Minimum Property Requirements, the underwriter will clear your loan to close after you clear your personal conditions.

Close on your FHA Loan in Colorado

Once you get the ‘clear to close,’ you’ll attend the closing. At the closing, you’ll bring your down payment and any money needed for closing costs. The lender will perform one last verification of your employment and pull your credit to make sure nothing changed during the application process.

If all goes well, you’ll be the proud owner of a new home with FHA financing.

I know that applying for an FHA loan in Colorado can be overwhelming. I’m here to help you every step of the way. Whether you just want an idea of how much you can afford or you need an official pre-approval to start looking at homes, I’m here to help.

Purchase Qualifier Refinance Rate Checker

Ready to get started ?

Call me toll free at (833-426-8256)