ACC Temecula home loans specializes in finding you the right loan for you and your situation. The FHA loan is a common option for buyers that either don’t have a large down payment, or don’t want to put a large down payment on their first home.
- FHA stands for Federal Housing Commission. This is the organization that insures FHA type loans.
- FHA loans require MIP (Mortgage Insurance Premiums) sometimes referred to as PMI.
- MIP is for the life of the loan. Unless you put more than 10% down, then the MIP cancels after year 11.
- FHA loans are not credit score driven. Obviously, a higher credit score still makes it easier to get a loan, so keep your eye on your credit score.
- FHA only require 3.5% down payment.
- FHA loan limits are determined by which county the property is located in. For example, in San Diego, FHA buyers can get 3.5% down payment financing up to a loan of $546,250, or $625,000 in Los Angeles and Orange County, and $355,350 in Riverside and San Bernardino.
- FHA loans are not for first time home buyers only.
- You can still qualify for a FHA loan if you have had a Short Sale, Foreclosure, or Bankruptcy. There are short waiting periods following those events before you will qualify again.
- You use a gift towards your FHA down payment.
- You can have a cosigner with an FHA loan.
Feel free to call our office if you have any other questions regarding FHA loans or about whatever your home loan needs are. ACC Temecula home loans has access to various lending options and products to meet your needs.