Using Loan Against Retirement For FHA Loan Down Payment In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
To qualify FHA loan it is required that you have a minimum of a 3.5% FHA loan down payment. This 3.5% can also come as a gift from a relative. Another way to come up with the FHA loan down payment is the get a temporary loan from borrowing from your IRA or 401k. There are some excellent benefits to using this method to get the down payment to qualify FHA loan:
- When you borrower from your 401k or IRA, the underwriter will not count the monthly payment you make to pay back this loan for FHA loan approval
- Many times when to take out a loan against your 401k or IRA there is no interest and you only pay yourself back
- When you take a loan out against your 401k or IRA vs. cashing it out, there is no penalty and you keep your money invested gaining interest
So if you are struggling for a way to come up with the required 3.5% FHA loan down payment, consider taking a temporary loan out against your IRA or 401k to raise the down payment.
And here are some very up-to-date latest benefits of both FHA loans in California and conventional loans in California:
FHA
- FHA loan interest rates are REDICULOUSLY low right now! The lowest I have EVER seen in the business! Ask me about a refinance!
- FHA loan down payment is only 3.5% and that can be a gift from a relative, this is lowest down payment available of any loan today (outside of specialized loans such as VA loans for military and USDA loans for rural properties)
- Qualify FHA loan with very lenient guidelines…only 620 FHA loan credit needed and 56.9% debt-to-income ratio (conventional needs a 680 credit score and 45% debt ratio)
- Maximum FHA loan up to $729,750 in many California areas such as Los Angeles, San Diego, San Jose, San Francisco, Santa Barbara and other areas. This would allow you to buy a house with FHA loan California up to $756,217 with only 3.5% down
Conventional
- 5% down available if you have a 720 credit score with 41% debt-to-income ratio
- Conventional loan limits in California up to $729,750
- Homepath mortgage available on Homepath properties with 3% down and 10% down for 2nd home buyers and investors
- Homepath financing available on Fannie Mae owner condos without any condo checks
For more FHA, conventional or Homepath loan information in California feel free to send me an email at homeloan8@gmail.com or call at 858-922-7899.
Warmly,
Rob Chomentowski
Sr. Loan Officer (FHA, VA and conventional loan specialist)
858-922-7899
No Comments
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.