C2 Financial Corp - top rated mortgage lenders california
Do You Qualify for an FHA Loan in California?
We work hard to provide the competitive rates for FHA loans in California and make sure the process is as straight-forward and simple as possible.
We Offer FHA Loan Low Rates & Fast Closes Ensuring You Secure The Best Loan
Why Choose An FHA loan in California?
FHA loans in California are an appealing option, especially for first-time homeowners with lower credit scores. FHA mortgage loans are backed by the Federal Housing Administration. FHA loan requirements in California are more flexible, but borrowers must obtain up-front mortgage insurance and sustain it for the loan’s life. Mortgage insurance offers a lower risk for FHA lenders in California, which means it’s much easier for potential homebuyers to qualify. FHA loans are more forgiving on debt ratios, and borrowers can put down as little as 3.5%, making them a great option if you don’t have a lot of cash on hand when looking to purchase a property.
A Down Payment
The down payment needed for an FHA loan is 3.5% of your purchase price and you can pay this in cash or with gift money.
To qualify for a FHA loan the home must be the borrower’s primary residence.
The home must fit the qualification requirements for an FHA loan.
Delinquent Federal Debt
Borrowers should know that the debt does NOT have to be paid in full – arrangements can be made with the government and FHA loan rules. This includes unpaid federal taxes, student loans, and other financial obligations.
The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A score of 580 is needed to make the minimum down payment of 3.5%. A good credit score will land you a low-interest rate on the loan and provide you better terms.
No existing FHA loan
You can get multiple FHA loans in your lifetime, however you can only have one FHA loan at a time.
how to apply for an FHA loan in California
We make it easy with six simple steps that are designed to achieve your financial goals.
We will walk you through the loan process, evaluate your needs, set expectations, and finally discuss the options that are best for you.
You will complete an application and submit any requested documents.
We will set up an inspection of your property and give you a copy of your appraisal once completed.
We then will review your property details, income, assets, and debts.
Once all conditions have been reviewed and are satisfied, your loan will then be approved.
You will sign your final loan documents, and then the loan will be available for funding.
FHA loans san diego & California
FHA loan requirements california
Qualifying for an FHA Loan in California is not as difficult as it seems. You will need to provide us with your pay stubs, W-2s, and in certain situations, tax returns.
Buyers must be able to provide the following information and documents as required:
Many first-time homebuyers in San Diego and California utilize FHA loans due to the low-down payment and flexibility, but not all who choose this option are new to homeownership. Anyone can use an FHA Loan in San Diego to buy or refinance a primary residence. FHA-insured loans make homeownership affordable and obtainable for many borrowers in the area, giving them access to the homes of their dreams.
If you are looking to buy a home but unsure which mortgage program is right for you, contact Dennis at C2 Financial Corp on 619-391-3707. As experienced FHA lenders in California, we have helped many residents move into their dream home!