FHA Loan: The Popular Choice

An FHA loan, insured by the Federal Housing Administration, is one of the most popular types of home loans because it’s one of the easiest to qualify for and comes with a low down payment. It’s a great way to get the keys to your new California home.

The Benefits of FHA Home Loans

1

Easier Credit Qualifications

FHA loans have lower credit score requirements, opening them up to those who are credit-challenged.

2

Low Down Payment

Buyers can put down as little as 3.5% when purchasing a home using an FHA loan.

3

Buy, Build or Renovate

You can buy an existing home, build one from the ground up, or renovate a fixer-upper.

4

Avoid Private Mortgage Insurance

With a 20% down payment, you’re not required to pay private mortgage insurance (PMI).

Who’s Eligible?

With an FHA mortgage, the home you purchase must be your primary residence (you can’t purchase an investment property or second home). To qualify, you’ll need:

  • A down payment of 3.5% (with a credit score of 580 or higher)
  • A down payment of 10% (with a credit score of 500 - 579)
  • A debt-to-income ratio of no greater than 43%
  • A steady income and proof of employment

Frequently Asked Questions

Tools & Knowledge

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Whether you’re a first-time homebuyer, are interested in refinancing, or are over 62 and looking to do a reverse mortgage, we’re a Pasadena mortgage broker that can help you reach your goal.