FHA Loan Mortgage Highlights In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
There are many benefits of using FHA home loan financing to purchase a home in California at today’s rock bottom bargain prices. Below are some of the highlights of FHA loans in California:
- FHA loan limits go up to $729,750 in many areas of California including Los Angeles, San Jose, San Francisco, Santa Barbara, Orange County and close to this limit in San Diego. So FHA loans can also be used to buy upscale homes in Coastal locations.
- FHA loan requirements allow for a non-occupant co-borrower. This means if you cannot qualify for a FHA loan on your own, you can get a co-borrower to help and they don’t have to live in the house.
- FHA loan guidelines allow for the most generous debt-to-income ratios of 55.9%. Conventional loans with less than 20% down are 41-45%.
- FHA loan interest rates are still at 60 year lows and can be slightly better than conventional loan rates
- FHA loan requirements allow for a homebuyer to buy a 2-4 unit property they plan to live in with just 3.5% down payment
- FHA loan down payment is only 3.5% and all of that can be a gift from a relative
- FHA loan guidelines allow for the seller to credit 6% towards the FHA buyers closing costs
- Your FHA loan credit score does not have to be perfect. Give us a call and we can assist you in improving your score to qualify for a FHA loan in California. We are experts at analyzing credit and assisting borrowers improve it quickly
- FHA loan are NOT just for first time home buyers! Anyone can use them!
So think about getting FHA financing in California to take advantage of California’s current record home affordability and some of the lowest prices in a decade. In many cases homes can be purchased for a payment lower than rent. That hasn’t been the case in about a decade. And that doesn’t even take into account the tax advantages and loan principle pay down.
So don’t hesitate to email us at homeloan8@gmail.com or call at 858-922-7899 if you have questions about getting approved for a FHA loan in California.
Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)
858-922-7899
homeloan8@gmail.com
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