FHA Loans Make Financing Easier!

California FHA loans make it easier for homebuyers with little to no money down or those with less than perfect credit to purchase a new home. Typical FHA loans require a minimal down payment of 3.5% but when combined with various other home buyer programs it is possible to purchase with a Zero Down Loan.

THE Federal Hosing Authority (FHA) has been insuring loans since 1934.  By backing or insuring the loans, the FHA program allows lenders to provide mortgages with lower down payments, lower closing costs, and easier credit requirements.

There are California FHA loans available for borrowers that fall within a wide range of credit criteria including scores as low as 580 and home buyers who have experienced previous bankruptcies, foreclosures, or even short sales.  Alternative credit may be used for applicants that do not have established traditional credit.  Alternative credit may be in the form of utility bill history, proof of rental income, and private loan ledgers.  FHA loans are available for single family residences as well as condos, townhomes, and there are programs for mobile homes and manufactured homes.  There is an FHA loan program for home buyers purchasing a manufactured or mobile home on land and another for homebuyers purchasing a mobile or manufactured home in a park.

FHA Energy Efficient Mortgage Program allows California home buyers to finance the costs of making their new home more energy efficient.

Borrowers 62 years and above may take advantage of the reverse mortgage program for either tapping into their current home equity or purchasing a homes with a substantial down payment and no additional payments for as long as they live in the dwelling.   For additional information on California FHA loans, complete the short information form and a loan counselor will contact you to answer all of your questions.