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FHA California Home Loans

The Federal Housing Administration was established to encourage home ownership throughout the country with the belief that home ownership increases the stability of a community. Prior to the creation of the FHA, large down payments were required to secure a mortgage loan. At present, a minimum of 3% investment is required by the borrower for the purchase of a home. As an incentive to investors who purchase loans, FHA insures the loan against default, should the borrower fail to repay. FHA guidelines also allow for greater flexibility with regards to credit history and qualifying ratios.

FHA California Home Loans program opens up opportunities that conventional mortgages do not offer:

  • Minimal Down Payment and Closing Costs

    • Down payment less than 3% of Sales Price
    • 100% Financing options available*
    • Gift for down payment and closing costs allowed.
    • No reserves or required.
    • FHA regulated closing costs.
    • Seller can credit up to 6% of sales price towards buyers costs.


    Easier Credit Qualifying Guidelines such as:

    • No minimum FACE score or credit score requirement.
    • FHA will allow a home purchase two years after a Bankruptcy.
    • FHA will allow a home purchase three years after a Foreclosure.


    Easier Debt Ratio & Job Requirement Guidelines such as:

    • Higher Debt Ratio's than other home loan programs.
    • Less than two years on the job is allowed.
    • Self-employed individuals O.K.

 

These advantages of the FHA California Home Loans has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

Thank you, for your interest in California FHA Home Loans.

 

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