FHA LOANS
NOT SO CONVENTIONAL
Have you put off buying a home because you don’t have 20% to put down for a traditional loan? Didn’t know that you could apply for an FHA loan with as little as 3.5% down? You can! And what’s even better is that 3.5% can come from practically anywhere — your savings, a gift, or even your employer. Give me a call today to learn more about how you can buy your own home.The “American Dream” is still alive!
FHA can help you purchase your own home. You can qualify for an FHA loan even with limited credit or a past bankruptcy. And it doesn’t require the 20% down payment of traditional loans. FHA mortgages don't require you to contribute any of your own money. Call me today to explore your options.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Some of the benefits of FHA financing:
- Only a 3.5 % down payment is required
- Closing costs can be financed.
- Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancelation of the premium.
- More flexible underwriting criteria than conventional loans
- Loans are assumable to qualified buyers.
Housing Finance Agencies for more information:
CALIFORNIA
California Housing Finance Agency
1121 L St., 7th Floor
Sacramento, CA 95814
Phone: (916) 322-3991
