California FHA Mortgages & Loans
Below you will find some of the most common questions regarding FHA loans and programs. If you have any other questions that are not covered below please give us a call at (877) 349-3330 or (877) FIXED-30 and one of our FHA specialists will answer all of your questions.
What is the Federal Housing Administration?
The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures mortgages on single family, multifamily and manufactured homes
Is an FHA loan only for First Time Buyers?
NO. The program is open to any Home Buyer or homeowner who qualifies under the guidelines.
Must I live in the home I purchase?
Yes, According to FHA guidelines you must occupy the property
How can I qualify for a FHA home loan?
The FHA program is open to practically everyone. There are some restrictions regarding credit and Income ratios that may prevent some from obtaining a FHA home loan. Simply click here and one of our FHA specialists will contact you.
Will a bankruptcy prevent me from getting a FHA loan?
The short answer is NO; however, FHA does have some guidelines, if in fact you have had a bankruptcy. For consideration they would like to see that you have re-established a minimum of two credit accounts (i.e. credit cards, installment loans, etc) and wait 2 years since the discharge of a Chapter 7 or a minimum of 1 year of repayment with a Chapter 13. You also should not have any late payments, collections, or credit charge-offs since the discharge of the bankruptcy.
Which types of properties qualify for FHA?
Single family houses, duplexes, triplexes, 1-4 unit primary residences, Planned Urban Developments (PUDs), approved condominiums, double-wide manufactured homes, and modular or pre-cut housing are all eligible. To see if a condo or PUD is approved you can visit: https://entp.hud.gov/idapp/html/condlook.cfm for condos and https://entp.hud.gov/idapp/html/subdivlook for PUD’s
What is the minimum I can put as a down payment?
3.5%
What if I have a foreclosure on my record?
FHA guidelines stipulate that home buyers who have experienced a past foreclosure must wait at least three years from the date of foreclosure before becoming eligible for an FHA loan.
Where do I go to get pre-approved?
You can Click Here and fill out the short form and one of our FHA experts will contact you or simply call us Toll-Free at 877-349-3330 or 877-FIXED-30.
