FHA loans are some of the most flexible and easiest guidelines to qualify for. So it's without surprise we recommend these loans for many of our clients.
Minimum Down Payment: 3.50% which can come as a “gift” from approved sources
Up Front MI of: 1.75%, can be added to Loan
Monthly MI of: .85%
Maximum Loan Amount SFR: Loan amounts are set by counties. In many northern California counties, the limit is $474,950. Loan amounts above $417,000 have additional costs and or rate increases. In the San Francisco Bay Area, FHA loan limits are as high as $625,500.
Maximum Seller Concession: 6%
Minimum FHA FICO requirement without additional down payment requirements is 600…but most companies require at least 620.
Refinancing is allowed, at high loan to value ratios
Both Fixed-Rate and Adjustable-Rate loans permitted
Roof & Pest inspections not mandatory unless noted by appraiser or called for in contract
No Income Limits
Do not have to be a first-time buyer
Must be owner occupied
No requirement for reserves when purchasing a single family dwelling.
Non-Occupying co-borrowers allowed
Can utilize other state, county and city programs, and Energy Efficient Mortgage options
FHA requires 90 days from date of trustee sale before purchase contract can be written unless REO is a federally chartered bank
FHA Loans are Assumable
Greg Sandler - The Mortgage Banker With The Experience You Can Depend On
2060 Peabody Rd, Vacaville, CA 95687