FHA Mortgage Loans
Superior Lending is committed to providing the opportunity of home ownership to everyone by providing afforable financing solutions. We've proven this is by offering FHA mortgage loans to those we work with.
Using an FHA loan to purchase or refinance is a great and less expensive way than many other conventional loan methods. An FHA loan does require mortgage insurance, but allows you to put down or have less equity in your property than other loan programs.
Several advantages exist in using an FHA mortgage to purchase your property.
- Downpayment is as little as 3% - can be a "gift"
- Receive up to 6% seller concessions - can be used towards downpayment or closing costs
- Credit scores must be 580 FICO or better
- No tradeline requirements - accepts non-traditional (utilities, cell phone, etc.)
- Reduced monthly mortgage insurance - UFMIP also required
- Assumable
FHA Loan Amount Limits
FHA loan amounts are limited by county. Use the link below to find loan amount limits by county for Utah, Colorado & Washington below:
The Federal Housing Administration (FHA) is overseen by the U.S. Department of Housing and Urban Development or HUD and is the largest provider of mortgage insurance in the world.
Equal Housing Lender