California FHA Loans | FHA Loans California
California FHA Loans
California FHA Loans / FHA Loans for California
California FHA loans make it easier for homebuyers with little to no money down or those with less than perfect credit to purchase a new home. Typical California FHA loans require a minimal down payment of 3.5% but when combined with various other home buyer programs, it is possible to purchase with only 1% down or even less.
California FHA loans feature lower down payment requirements, lower credit score requirements, and no prepayment penalties. Since home buyers are required to come up with less money to close their transaction, more people are now in the market to buy a home. To make things even easier, FHA allows gift money to reduce the buyers out of pocket expenses even more. Since credit requirements are less strict, buyers with little established credit (students, new to workforce, etc.) or with previous credit issues may be able to qualify.
Finally, since all California FHA loans have no prepayment penalty, borrowers can refinance or even payoff the loan without any negative repercussions.
FHA Loans Make Financing Easier
California home buyers and well as home sellers may look to FHA loans for easier financing and programs designed to assist with a variety of financing options. With and FHA home purchase loan, California home buyers may now purchase a home with less money down even if they have had previous credit issues. Current homeowners may take advantage of the flexible FHA Streamline Refinance program, and seniors 62 years of age or older wanting to tap into the equity in their home may opt for the FHA reverse mortgage- Home Equity Conversion Mortgage (HECM). Homeowners that currently have an FHA loan and who are struggling with mortgage payments may also take advantage of the FHA Pre-foreclosure Sale Program (PFS).
Through HUD, the FHA has created a variety of guaranteed loan programs to assist homebuyers and home sellers achieve their homeownership and financing objectives.
Please complete the information on the form on this page, and without cost or obligation an FHA loan specialist will contact you to discuss your options.