- Lost Equity In Your Home? HARP 2.0 May Be The Answer
- Veteran Loan Information Center
- 7 Things You Should NOT Do When Applying For A Home Loan
- Special Report Exposes All Of The Terms And Fees That Are Charged To Buyers At Settlement
- The Top Mortgage Questions You Must Ask Before Applying For A Mortgage
- How To Finally Stop Renting And Own A Home Of Your Own
- Important Terms You Must Know BEFORE Obtaining A Mortgage
- Checklist Of Items Lenders Need To Approve Your Loan Application
- 12 Secrets To Lowering Your Homeowners Insurance Cost Your Agent Doesn’t Want You To Know
- Money & Time Saving Tips For A Successful Move
- The Dangers of Identity Theft and How to Protect Yourself!
- Fannie Mae Lookup
- Fannie Mae Homes
- Freddie Mac Lookup
- HUD Approved Condo Projects
- Huntington Beach Market Update – November 2016
- 3 Reasons To Use A Huntington Beach Mortgage Lender
- Summit Lending Mortgage Refinance - When Is The Right Time?
- Top 5 Tips For Getting VA Loans
- 4 Ways to Buy a Home With Minimal Down Payment
- 3 Helpful Tips for a First-Time Home Buyer
- FHA Loans California
- Jumbo loans California
- Refinance mortgage California
- VA Loans California
- Home Loans Southern California
- Mortgage Lending
- Mortgage Lender Temecula
FHA Loans Southern CaliforniaAn FHA loan California insured by the Federal Housing Administration (FHA) is a type of a mortgage loan. In the 1930s, FHA program in California was created as a result to all the foreclosures that happened at that time. FHA loans in California are devised for borrowers who are unable to make vast payments at one go. Compared to other emblematic loan plans first time home buyers are readily qualified for a FHA loan in California.
FHA loan in California is one of the easiest to qualify among all the other loan schemes, even if you have less stellar credit you can easily qualify for the FHA loans. Upon that FHA loans also requires a low down payment .For FHA loans in California, 3.5 % of down payment is required for maximal financing.
People with stellar credit as below as 400 or have borne a bankruptcy may still be apt to qualify for an FHA loan in California. FHA loans in California is the best option for people who doesn’t get approved for private mortgage loans or for those who cannot afford even a 15 % of down payment.
To get an FHA loan in California a lender must be approved by the federal housing authority to support any borrower. Apart from that, FHA loans in California require that the house meet certain conditions and must be appraised by a Federal Housing Administration approved appraiser.
Your Debt to Income ratio is also plays an important role in getting FHA loan qualified. The lenders basically look at your DTI ratio before lending you any money. Lenders need to know that you can meet all monthly obligations.
Apart from the stellar credit scores and adequate down payment funds, there are other criteria for a person to qualify for the FHA loan in Southern California. US Department of Housing and Urban Development has set certain rules and regulations that need to be pursued in order to get a FHA loan in Southern California. A minimum of 500 stellar credit score is required for a person to get an FHA loan, although even if you have less credit score than that does not necessarily mean that you are not qualified for an FHA loan.
Does Mortgage insurance required for FHA loan?The answer to that query is, yes. An FHA loan in California primarily requires two set of mortgage insurance premiums:
One is UFMIP that is upfront mortgage insurance premium: UFMIP is a onetime upfront monthly premium payment. For UFMIP, the borrower will have to pay a premium of 1.75 percent of the loan.
Other is MIP : MIP is charged monthly that will be figured into your mortgage payment .Based on the Loan to Value ratio the borrower have to pay the mortgage insurance premium . It is a peculiar part of the loan amount.
The extent of the annual Mortgage insurance premium depends on the Loan to Value ratio and also on the restitution term.
FHA loans in California grow into a more attractive choice among the lenders and borrowers because of its favorable loan terms, greater loan limits and adjustable down payment options. So, whenever you are considering for a loan plan just take a closer look at the FHA loans.