{"id":788,"date":"2012-04-08T17:25:31","date_gmt":"2012-04-08T17:25:31","guid":{"rendered":"http:\/\/governmentloanpros.com\/california\/?page_id=788"},"modified":"2012-04-08T17:25:31","modified_gmt":"2012-04-08T17:25:31","slug":"fha-loans","status":"publish","type":"page","link":"https:\/\/governmentloanpros.com\/california\/fha-loans\/","title":{"rendered":"FHA Loans"},"content":{"rendered":"

California FHA Loans<\/strong><\/p>\n

One of the most common Home Loans used in California to purchase a Single Family Home or Condo is the FHA Loan.\u00a0\u00a0 FHA Loans require a minimal 3.5% down payment, and allow more flexible Underwriting for Debt Ratios, Minimum Fico Scores, and Gift Funds when compared to conventional loans.<\/p>\n

California FHA Loans<\/strong> are made by Private Mortgage Lenders. \u00a0 FHA Loans are then insured by the Federal Housing Administration,\u00a0 a Federal Agency that is a department within HUD, the U.S. Department of Housing and Urban Development. \u00a0 The FHA does not loan money direct to California Home Buyers. \u00a0 It provides lenders with default protection through mortgage insurance (MIP) in the event the borrower defaults on his or her loan obligation.<\/p>\n

FHA Loans are available to nearly all buyers in California<\/strong>. \u00a0FHA Loans do not have a maximum income limit, and are available to First Time Home Buyers as well as Second Time Home Purchasers. \u00a0 FHA loan guidelines allow many creditworthy families to purchase homes or refinance home who otherwise do not meet requirements for conventional loans.\u00a0 Conventional loans typically require higher fico scores, lower debt ratios, and a longer waiting period after Bankruptcy, Foreclosure, or Short Sale.\u00a0\u00a0 In most cases,\u00a0 FHA Loans require as little as 3 yrs waiting after a foreclosure, and just 24 months for Bankruptcy 7 or 11 discharge, and can even be closed while in a Chapter 13 Bankruptcy after 12 payments on the BK schedule.\u00a0\u00a0 Call to see how soon you can become a homeowner again.<\/p>\n

California FHA loans require just 3.5% down payment on a home purchase, which can be from the borrowers own funds or a gift from qualified sources.<\/p>\n

California FHA Refinances require just 2.25% equity in your home, and can consolidate a first and second mortgage into one low 30 yr fixed rate.<\/p>\n

FHA Loan rates on competitive vs conventional loan rates, even with lower down payment requirements than conventional loans.<\/p>\n

Some other benefits of FHA financing:<\/p>\n