FHA Loans

FHA Loan: Designed to Get you into a Home.

FHA loans are insured by the Federal Housing Administration, and with the government guarantee, lenders are more willing to lend with more lenient qualifying guidelines. FHA loans have been specifically designed to help borrowers get into homes.

First Time Buyers can often benefit from the more flexible guidelines of a FHA loan, including a lower down payment. Buyers can put as little as 3.5%* of the sales price as a down payment on a home. This lower down payment can even be provided to you from a family member as a gift fund.

With more lenient qualifying guidelines, FHA loans make home ownership more accessible to more people. Credit scores to 600, lower debt ratios, and seller contributions are all allowed with a FHA loan. A few ups and downs in your credit history may be ok with FHA guidelines.

FHA Benefits

• Ideal for First Time Buyers

• Lower down payments and gift funds allowed

• More flexible qualifying guidelines

• Available for purchase or refinance, fixed or adjustable rate

First Time Buyers are not the only ones who can benefit from a government guaranteed loan. You can refinance with an FHA loan, even if you don’t currently have an FHA loan. FHA loans come with a few requirements. Because the program intends to help buyers get into a home, you must live in it as your primary residence.

Some FHA programs will require you to have the home appraised by an FHA- approved appraiser, and for you to pay mortgage insurance premiums. Plan on paying an Up Front Mortgage Insurance Premium (UFMIP) and a Monthly Mortgage Insurance (MMI).  Our American Pacific Mortgage loan advisers can tell you what you qualify for and what to expect for your total payments, including mortgage insurance.

Need to know more?

Call us at (626) 653-1800 or click below to send us an email!