Home Loans
FHA Loans
Not everyone starts with a perfect credit score or a big down payment saved up. FHA loans exist for exactly that reason. Backed by the Federal Housing Administration, they open the door to homeownership for buyers who are ready to commit but need a little more flexibility to get there.
3.5%
Minimum Down Payment
580+
Min. Credit Score
Flexible
Credit Guidelines
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. Because the government backs a portion of the loan, lenders can offer more flexible qualifying terms than you would typically find with a conventional mortgage. That means lower down payment requirements, more lenient credit standards, and a real path to homeownership for buyers who might not qualify elsewhere.
FHA loans are one of the most widely used mortgage programs in the country for first-time buyers, and for good reason. They are straightforward, well-supported, and designed to get people into homes. Todd and Aaron have helped hundreds of buyers use FHA financing to make their first purchase, and they know exactly how to structure the loan to work in your favor.
The backing
FHA loans are insured by the federal government, which gives lenders the flexibility to approve buyers with lower down payments and credit profiles that would not qualify for a conventional loan.
The benefit
One of the most widely used mortgage programs in the country for good reason. A proven path to a first home for buyers who want to stop renting and start building equity.
Ready to Get Started?
Let's Talk About Your FHA Options
No pressure, no runaround. Just a straight conversation about what you qualify for and what your path to homeownership looks like.
Key Benefits
Low Down Payment
As little as 3.5% down with a 580 credit score. You do not need years of savings to get started.
Flexible Credit Standards
FHA is more forgiving of past credit challenges than conventional financing. A lower score does not automatically mean no.
Gift Funds Allowed
Your down payment can come from a family member. You do not have to come up with every dollar yourself.
Seller Concessions
FHA allows sellers to contribute up to 6% toward your closing costs, which can significantly reduce what you bring to the table.
Who Qualifies?
FHA loans are available to most US citizens and permanent residents who meet the basic income, credit, and property requirements. You do not have to be a first-time buyer, though many FHA borrowers are.
General requirements include:
- Credit score of 580 or higher for 3.5% down payment
- Credit score of 500 to 579 with 10% down payment
- Debt-to-income ratio generally at or below 43%, though exceptions exist
- The property must be your primary residence
- Steady employment history, typically two years with the same employer or in the same field
- The home must meet FHA minimum property standards
Not sure where you land? Todd and Aaron will look at your full picture and tell you straight up what you qualify for and what your options are.
Good to Know
FHA loans require mortgage insurance premiums -- both an upfront payment at closing and an annual premium built into your monthly payment. This is the tradeoff for the lower down payment and flexible credit requirements.
Todd and Aaron will make sure you understand exactly what MIP looks like for your specific loan so there are no surprises at closing.
First-Time Buyer?
Start Here.
We Will Help.
FHA is one of the most accessible paths into homeownership available. If this is your first time buying, Todd and Aaron will walk you through every step so you know exactly what to expect.
How the Process Works
Check Your Credit and Income
Todd and Aaron review your credit profile and income to confirm FHA eligibility and give you a clear picture of what you qualify for before you start shopping.
Get Pre-Approved
We issue a real pre-approval letter so you can shop with confidence. Sellers take pre-approved buyers seriously, and your letter shows you are ready to move.
Find Your Home
Shop within your approved range. Keep in mind that FHA has minimum property standards, so the home will need to pass an FHA appraisal. We will flag anything to watch for as you search.
FHA Appraisal and Underwriting
An FHA-approved appraiser evaluates the home for both value and condition. Underwriting then reviews your full file. We stay on top of both so nothing slows down your timeline.
Close and Get Your Keys
We keep the closing table simple. By the time you get there, everything has been reviewed and confirmed. You sign, you get your keys, and you go home.
Typical Timeline
30-45
Days to Close
FHA closings run on a similar timeline to conventional loans. The appraisal can add a few days if the property needs minor repairs, but we plan for that upfront so it does not catch anyone off guard.
Worth Knowing
MIP Is Part of the Deal.
FHA loans require mortgage insurance for the life of the loan in most cases. It is the cost of access. Todd and Aaron will show you exactly what that number looks like and when it might make sense to refinance into a conventional loan down the road.
Common Questions
Can I use an FHA loan if I have had a bankruptcy or foreclosure?
Yes, in most cases. FHA has waiting periods after major credit events — typically two years after a Chapter 7 bankruptcy discharge and three years after a foreclosure. If you are past those windows and have been rebuilding your credit, you may well qualify. Todd and Aaron will review your timeline and let you know exactly where you stand.
Do I have to be a first-time homebuyer to use FHA?
No. FHA loans are available to any eligible borrower, first-time or not. The only restriction is that the property must be your primary residence. If you have owned a home before and are buying again, FHA is still on the table.
How much does mortgage insurance cost on an FHA loan?
FHA mortgage insurance has two components. There is an upfront premium of 1.75% of the loan amount, which can be rolled into the loan. Then there is an annual premium that ranges from 0.45% to 1.05% depending on your loan term, amount, and down payment. Todd and Aaron will walk you through the exact numbers for your specific loan.
Can I remove mortgage insurance from an FHA loan?
For most FHA loans originated after June 2013, mortgage insurance stays for the life of the loan if you put less than 10% down. If you put 10% or more down, MIP drops off after 11 years. Many borrowers eventually refinance into a conventional loan once they have enough equity to eliminate MIP entirely. Todd and Aaron can help you plan for that transition.
Are there FHA loan limits in Colorado Springs?
Yes. FHA sets loan limits by county that are updated annually. In El Paso County, the current FHA loan limit for a single-family home is in line with the area’s median home prices. Todd and Aaron will confirm the current limit for your situation and let you know if the home you are considering falls within range.
Still Have Questions?
Just Ask. We Pick Up the Phone.
No automated phone trees, no waiting on hold. You get Todd or Aaron directly.
Call Todd: (719) 482-5359 Call Aaron: (404) 455-5710