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When we meet a client whose credit is less than perfect or a first-time home buyer, we suggest an FHA loan.
FHA does not make or guarantee loans; they insure them. That is, they remove or minimize the default risk lenders face when buyers put down less than 20%. The Federal Housing Administration (FHA) insures loans, and with the government mandate, lenders are more willing to offer with more lenient eligibility guidelines. FHA loans are particularly designed to assist borrowers in purchasing a home.
The FHA loan is intended to assist low- to moderate-income families in achieving homeownership. We are the best mortgage lenders for FHA loans in California.
Our FHA mortgage loans, VA loans, and other loans service are reliable and trustworthy. Usually, FHA loans are especially popular among first-time homebuyers. They find it the most affordable option. Some FHA programs need you to have your home appraised by an FHA-approved appraiser and to pay the mortgage insurance premiums.
You may qualify for an FHA mortgage loan if any of the following is true:
- Your FICO score is low or insufficient.
- You had a bankruptcy discharge between one to two years ago, and you have maintained good credit ever since.
- You have had a home foreclosed on in the past, but you have kept your credit in excellent shape for at least three years.
Limited Rates for FHA Loans? No Problem!
The maximum mortgage limit in high-cost areas is 115% of local median prices, with a maximum mortgage not exceeding $625,500. No matter how dicey your finances appear to be, you don’t have to give up on your dream of owning a home. Call Direct Capital Funding at (805) 222-4608, and one of our compassionate FHA loan officers will go over your case thoroughly to determine how much you can borrow—you could be pleasantly surprised at your real borrowing power.