FHA Loan California Highlights is a post from: FHA,VA and Conventional Home Loans in all 50 States
Here are some highlights to FHA loan guidelines in California:
- Only 3.5% FHA loan down payment required
- FHA loan limits go all the way to $729,750 in many areas of the California coast such as San Jose, San Francisco, Alameda County, Los Angeles, Orange County and close to this in San Diego.
- FHA loan credit scores do not need to be perfect, a 620 score can get you a 3.5% down FHA loan with excellent FHA loan rates
- Gift funds from relatives are allowed for the 3.5% FHA loan down payment required
- FHA loan mortgage insurance is 1% up front and .9% monthly and can be removed in five years
- FHA loans are only for your primary residence (you cannot use them for investment property) and you can only have one FHA loan at a time (unless you are a non-occupant co-borrower)
- FHA loan guidelines allow 3.5% down on 2-4 units properties if owner occupied and FHA loan limits go much higher for 2-4 units (into the millions)
- FHA loan cash out refinances allowed to 85% loan-to-value
- FHA loan guidelines allow the more generous debt-to-income ratios all the way up to 56.9% (conventional is only 45%-50% with 20% down payment)
- Non-occupant co-borrowers are allowed with FHA loans
Those are just a few of the highlights of FHA loans in California. Send us an email (homeloan8@gmail.com) or call 858-922-7899 if you have any questions about getting approved for a FHA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899
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