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525 Randall Ave. Cheyenne, WY  82009 307-632-0001

FHA loans were designed to accommodate borrowers who are pushing all the guidelines a little further than a conventional borrower - ie: a lower down payment (2.35%), a higher debt ratio (41%), and a little less stellar credit history. This is an excellent financing program, but with conventional guidelines improving we are finding fewer and fewer borrowers going this route. FHA loans require a 2.25% up-front mortgage insurance premium and a 1/2% annual mortgage insurance premium. Both of these can be financed into the loan, however it makes the monthly payment higher than similar conventional loan. Additionally, FHA requires very specific guidelines for the financed property which can increase the over all expense.