California FHA Loans
Issued by lenders that are qualified federally, FHA mortgage loans are insured by the United States FHA, which is a division of the United States Department of Housing and Urban Development.
FHA loans are a nice choice, specifically for people who are buying a home for the first time: the FHA standards are not completely credit controlled. They will want to ensure that you have a clean credit history for the past year. You will have to explain credit problems from 12-24 months out, although they will not keep you from getting a loan. Issues related to a bankruptcy, foreclosure, and short sales, as well as the need for consumer credit counseling, will be judged individually. This is the reason that having a very good mortgage planner, someone who is aware of the way various lenders handle each credit problem, is very important for FHA loans.
Some general features of FHA Loans include:
Ø It is easier to qualify for, in general, than conventional loans.
Ø Down payment requirements are lower.
Ø Can't be more than statutory loan caps
Ø Rates differ due to credit standing
Ø Lower monthly mortgage insurance due to straight up premium
Ø Sometimes higher closing costs because of upfront mortgage insurance rates.
Ø Use non traditional when no credit scores exists.
Get in touch with me right away to discover if you can qualify for an FHA Loan or find out how you can be qualified for one later.
The best time is now to get into the California Real Estate market for First Time Home Buyers. Mortgage rates in California are at record lows, and buying a home is very affordable right now.
To get started, click on the Free Purchase Assistant analysis tool below:
You can discover what Mortgage Rate you qualify for using our free Interest Rate Tracker, and then use our Mortgage Calculator to work out your payments.
If you have a First Time Homebuyer purchase question that you cannot find an answer for on our website, don’t hesitate to use our FREE Ask an Expert feature.
Call First Priority Financial today at 510-614-2433 to discuss your California Loan options.
