FHA for First-Time Home Buyers: FHA, FHA home loans, FHA mortgage loans, FHA streamline refinances, 97% LTV,

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FHA LOANS

FHA loans are an excellent option if you do not have a big down payment. The Federal Housing Administration (FHA) helps borrowers that would otherwise be excluded from the housing market by allowing lower down payments and more liberal underwriting guidelines. Please see below for the benefits of an FHA loan. Please feel free to contact us at 818-920-1600 if you have any questions or click here to apply for an FHA loan.. We handle FHA loans in California and Arizona.

BENEFITS

Low down payment (2.85% - 3%)

Seller can pay all recurring costs up to 6% of the purchase price

No cash reserves required

100% Gift is OK. Gifts from family members for the down payment, closing costs or both okay.

Liberal debt to income ratios 35/45

Credit doesn't have to be perfect

Buyers don't have to be first time homebuyers

Non-occupant co-signers are okay. Qualify with all incomes put together.

Loans now go up to $729,750.00 in many areas

New programs to help people who are stuck in negative amortized or sub-prime loans.

Streamline refinances allow borrowers with current FHA loans to refinance without an appraisal and limited income documentation on no cash out loans.

Cash out refinances up to 95% in certain areas. Full documentation loans only.

Mortgage insurance is usually less expensive than on a conventional loan.

NEGATIVES

Condo & PUD's must be approved by FHA. If the complex is not approved, a spot approval can be done. To see if a Condo complex is approved by FHA, click here.

Borrower can only have one FHA loan at a time.

FHA LOAN FACTS

GOALS:

FHA provides affordable home loans for purchase or refinance

OCCUPANCY:

Owner-occupied properties only - NO INVESTOR LOANS (except streamline rate reduction refinancing of an existing FHA loan, HUD Repo's, or 203K).

PROPERTY TYPES:

Single family, FHA approved Condo and PUD's, 2-4 units

TERM:

30 year fixed rate, 15 year fixed rate, adjustable and buydown programs available.

BUYER QUALIFICATIONS:

No limit on age of buyer or property

No income or sales price limits

Borrowers must have a valid Social Security Number and picture I.D.

Borrowers can have only one maximum ratio FHA loan at a time

Co-borrowers on loans are permissible

Quick Rate Quote

To be pre-qualified for an FHA loan, please complete the following form. If you have a more detailed loan scenario, please click here and complete the form for a free pre-approval. We will contact you within 24 hours.

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Loan Amount

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FHA mortgage loans, first time home buyers, FHA home loans, FHA refinancing, FHA streamline refinance, purchase loans, low fico, 3% down payment

FHA LOANS

BENEFITS

NEGATIVES

FHA LOAN FACTS

Quick Rate Quote

FHA Refinancing FHA Streamline Refinance First Time Home Buyer Credit Problem Interest Only Loans VA Loans