California FHA Loans Available
Looking for 100% purchase financing on a California home? We're able to offer FHA loans to qualified home buyers and refinancing with FHA loans!
What can a FHA loan do for you?
* FHA provides Low Down and even NO Down Payment loans!
* FHA provides low interest rates for affordable monthly payments.
* FHA loans offer low loan closing costs.
* A FHA loan can finance 2 - 4 unit properties and manufactured homes on permanent foundations.
* FHA allows for less-than-perfect credit in some cases.
* First-Time home buyers can qualify for a FHA loan.
* FHA loans can be used to refinance property you own, including cash-out.
* Low Down / No Down Payment Required. 0% (with down payment assistance program) to 3% down available for FHA loans. FHA refinances require only 3% to 8% remaining equity in your property to qualify.
* Low Interest Rate Financing. FHA-insured loans carry rates on par with non-FHA loans. Low interest rates mean you qualify for more home!
* Low Closing Costs. The seller of a property can pay up to 6.00% of your loan's closing costs, based on the loan amount. And, unlike standard non-insured loans, closing costs for FHA loans are regulated.
* Different property types qualify for FHA-insured loans. You can purchase a single family home, condo, townhouse, or manufactured home (on land you own, permanently attached) with a FHA-insured loan. You can also buy or refinance a duplex, triplex, or 4-unit property as long as you owner-occupy one of the units and the loan is within standard FHA loan limits.
* Flexible credit underwriting. You don't have to have "perfect" credit to qualify for a FHA loan. While your credit scores are an important part of qualifying for a FHA loan, those with reasonable explanations for any derogatory credit can often be approved for a loan. These explanations include verifiable occurrences such as a job loss or medical issues.
* First Time Home Buyers Qualify For FHA. You don't have to own a home previously to purchase a home with a FHA-insured loan.
* You can refinance your home loan with a FHA loan, including cash-out. You can refinance your home with a FHA loan and lower your payment, fix an adjustable loan you may have, or take cash-out. Loan-to-value restrictions apply to loans refinanced with FHA, so call for a consultation.
* FHA loan limits are higher than normal in 2008. For a limited time, FHA allows for higher loan limits in CA, as determined by the county the property is located in. This means you can obtain a Jumbo FHA home loan with less down payment and the security of a fixed rate loan. The increased loan limits are for a limited time, so if you are considering a FHA jumbo loan, the time to act is before Dec. 31st, 2008.
* "FHA Secure" Loan Program can help you if you've fallen behind on your adjustable loan payments. There are very specific guidelines and qualifications for eligibility, but FHA can help you if you're in an adjustable loan with a "reset" feature from June of 2005 through December of 2009. Call for a consultation.
* FHA 203k Loan Program For Rehab Purchase Transaction. A FHA 203k loan is a specialized loan program which can be used to purchase a fixer-upper home for owner-occupants (no investors). The program provides for up to 110% of the after-repaired value of the property. This is a unique program with many restrictions, so call us for a consultation. We offer other rehab loans for California properties in addition to FHA 203k, including rehab loans from banking sources and hard money lenders. Call.
OTHER IMPORTANT FHA LOAN INFORMATION
* FHA loans require documented income. There are no "stated income", "bank statement", or "no doc" FHA loans.
* FHA loans require a 2-year verifiable employment history. Self-employed borrowers may qualify for FHA loans, but must prove self-employment for 2 consecutive years or more and document income.
* Not all applicants / property qualify for FHA loans. FHA has very established underwriting criteria and is not intended as a subprime loan program for non-creditworthy applicants. In some cases, those who do not qualify for FHA may qualify for another loan program, including programs from Fannie Mae and Freddie Mac.
* FHA loans require mortgage insurance, both a prepaid premium (known as "up front MIP") and a monthly payment based on the loan amount. This insurance is separate from your property taxes and hazard insurance and must be taken into account when considering the entire monthly credit obligation involved with a FHA loan.
* Many brokers claim to know FHA loans, but really don't, or act as middlemen-correspondents for other HUD-approved lending institutions. We are a HUD-approved FHA broker for FHA loans in CA, and have nearly 20 years experience in the California mortgage industry. Go with experience when it comes to FHA lending. Call us today or inquire online.
