Federally Insured Loans
FHA Home Loan Programs
Unlike a conventional home mortgage, FHA has programs that require little to nothing down. The most common is currently 3.5 %.
If you don't qualify for a Conventional Loan, FHA is The Way to go.
FHA guaranteed mortgages are generally easy to get, but there are some caveats.
- A FICO score of 580 or higher (for 3.5% down)
- FICO of at least 500 with 10% down
- A Debt-to-Income Ratio of less than 43%
- The home must be your primary residence
- An Appraisal and Inspections are required
- Monthly MIP premiums are required - on all FHA loans.
There are also dollar amount limits with an FHA Loan; FHA loan limits in California vary by county, but for single-family homes, they range from $314,827 in lower-cost markets, such as Fresno and Redding, and peak at $726,525 in more expensive metro areas, such as the San Francisco Bay Area and Los Angeles.
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