What is FHA?

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Opening the Doors to Homeownership

Home loans insured by the Federal Housing Administration (FHA) can make it easier to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA Loan Highlights

FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:

  • Low down payments
  • Flexible income and credit requirements
  • Fixed- and adjustable-rate mortgages
  • Loans for 1-4 unit properties and condos may be available
  • Down payment funds can be a gift from a relative or employer*
  • Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval.

FHA Loan Programs

Adjustable-Rate Mortgage

FHA’s adjustable-rate mortgage (ARM) insures home purchases or refinances with rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. With FHA loans, you can select a 30-, 20- or 15-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Streamlined Refinance

If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.

If you are interested in an adjustable-rate mortgage, please contact an Elite Group Mortgage Professional.

Other Loan Options

VA LOAN

Best if you are active-duty military, a veteran or military spouse.

VA
Conventional

Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.

Jumbo

Best if you are wanting to purchase a property above the conforming loan limits ($453,100 in most areas).

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Carson Paiz

Elite Group Mortgage Expert

Kim Deaner
Kim Deaner
2022-07-18
Ashley and Heston were so helpful! And got me into my own home fast!
Russell Waganer
Russell Waganer
2022-06-16
Jennie answer all my questions. There was a lot I didn't know but jennie helped out 100% I was very lucky to have her as my loan officer. I an very satisfied and would recommend her to everyone that needs a home loan.
Teri Heffner
Teri Heffner
2021-12-02
Ashley is amazing and will go above and beyond to help people out. She is always willing to work with you, stays flexible, and is kind and respectful to any situation. I will keep going back to her over and over.
Sharla Carpenter
Sharla Carpenter
2021-11-30
The process for refinance was very efficient and did not take long to complete. Loved working with Jennie through this process. She was very professional, informative, kind and caring.
Rommel McClaney
Rommel McClaney
2021-11-24
Very knowledgeable and very responsive! 6 months later and I'm still pleased with how Fairway worked with me!
Ashley Moon
Ashley Moon
2021-11-22
Working with Alfredo at Fairway was very smooth from start to finish. He was always available to answer questions and keeps you informed during the entire mortgage process. Extremely casual and not intimidating. Very pleased!
Nick Swofford
Nick Swofford
2021-11-22
I worked with rylie and he exceeded my expectations! Always there when I had a question! Reliable, honest and trustworthy! You won't be disappointed.

Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.

Phone

(970) 818-2432

Fax

(970) 549-2597