FHA Loans
FHA loans are fantastic! Why? Because they offer expanded criteria when it comes to down payment, credit score requirements, amount of down payment and debt to income ratio. An FHA purchase loan requires only 3.5% down and all of this may be a gift from a family member! If you need a cash out loan FHA allows a higher loan to value than conventional loans; up to 85% of appraised value where a conventional loan lends a maximum of 80% of home value.
Underwriting guidelines are more lenient and therefore an FHA loan may be a GREAT solution for someone who doesn’t quite qualify for a standard conventional loan. FHA loans often offer lower rates than a conventional loan.
Often times we can generate a lender credit to cover all closing costs and even for your property taxes and insurance as well – please ask!
You can also use an FHA loan for refinancing; a streamline process without an appraisal to just lower the rate and payment or a cash out loan if you need cash for any reason.
(949) 300-1382
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