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 the state of California.
BENEFITS
 Low down payment (3.5%)
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 85% 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.
| 
