FHA Loans in Texas and Colorado
FHA loans are government-backed mortgages designed for buyers who need flexible credit requirements and lower down payment options.
Who FHA Loans Are For
- First-time buyers
- Buyers with limited down payment funds
- Buyers rebuilding credit
This option is commonly used by LGBTQ+ buyers and non-traditional households when structured correctly. Learn more about LGBTQ+ homebuyer guidance →
How FHA Loans Work
- 1.Lower minimum down payment than conventional loans
- 2.Flexible credit guidelines
- 3.Mortgage insurance required
Basic Requirements
- Minimum credit score varies
- Owner-occupied primary residence
- Stable income and employment
FHA Loans vs Conventional Loans
FHA loans offer more flexible qualification standards than conventional loans, making them a strong option for buyers who may not meet the stricter credit and down payment requirements of conventional financing. However, FHA loans require mortgage insurance for the life of the loan in most cases, while conventional private mortgage insurance can be removed once you reach enough equity (you can request removal at 80% of the original value, and it ends automatically at 78% under the scheduled payments).