3.5% Down Payment Credit Score as Low as 550. Ask About Down Payment Assistance
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California FHA Loans For All Buyers
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Call us at (916) 672-6130
- Credit Scores as low as 550
- Only 3.5% Downpayment and can be a gift
- 100% Gift for Down Payment from Relative, Employer, Government
- Have Parents or Significant other Co-sign for owner-occupied loans
- Have multiple jobs over the last years? OK
- Flexible Underwriting Easier Approvals
- FREE Pre-Qualification over the phone
- Loans up to $679,650 (varies by county) for a single family home
- 62 or older try a Reverse Mortgage
FHA stands for Federal Housing Administration and the loans are insured by the Federal Government. FHA loans only require that you put down 3.5% of the sales price of a home as a down payment. You can get a gift for the entire down payment from a family member, an employer, a Government assistance program, or a non-profit agency.
FHA Mortgage Insurance Premiums or (MIP):
An FHA loan will contain mortgage insurance no matter how much money the buyer puts in as a down payment as this program is designed to help all people equally. However, FHA interest rates are lower than Conventional Loans so the payments will. most of the time be lower than a Conventional Loan. The insurance is both financed and included in your monthly payment. Click here to see the new FHA Mortgage insurance rates.
To qualify for an FHA loan, you will need to provide proof that you can make the payment in the form of tax returns and pay statements. You will also have to provide proof that you have a minimum of 3.5% to put as a down payment on a house. Providing bank statements, or investment statements, or a gift letter will accomplish this. We will check your credit, and with an FHA loan and you can have credit scores that go as low as the mid 500's, whereas most other loans will require at least a 640 credit score.
Our Pre-Approval process will walk you through the steps and make sure you can get a loan before you go looking for homes. We will be there for you the whole way and even after the loan closes to answer your questions.
If you have an existing FHA loan and wish to refinance click here and see the requirements for an FHA refinance. With the new guidelines, you can save hundreds a month on your payment.
FHA Loans will make sure a property meets minimum health and safety requirements and that the house is structurally sound before the loan close. FHA maximum loan amounts vary per county across the US. Click here to see the loan limits for your county. For more detailed information on the loan limits for your country please call one of our qualified Loan Officers at 916-672-6130.
Why FHA loans are Good:
- 3.5% down payment.
- All money needed to close can come from a gift, employer, or government program.
- Qualify with a total debt-to-income ratio as high as 55%
- A Seller can pay up to 6% of buyers closing costs.
- FHA Allows non-occupying Co-Borrowers.
- Can use a streamline refinance with no appraisal and income verification to refinance an existing FHA loan.
- Relaxed underwriting standards.
- Insures buyers when purchasing a house, that the house meets minimum health and safety standards.
- FHA loans can be combined with Government down payment assistance programs to lower cash required to close.
- Credit Scores as low as 550
- Can be used to purchase manufactured homes built after 1978 on a permanent foundation (with Engineers Report).
Simple Items you will need at the time of applying for a FHA loan are:
- Current Pay-Statements for the last 30 days
- Your Last 2 months of bank statements, and retirement account statements, and any investment statements you might have.
- W2's for the last 2 years
- Federal Tax Returns for the last 2 years
- For a more detailed list click here
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