Upland FHA Home Loan Programs

If you're a first time homebuyer or currently not an owner of an FHA mortgage, getting the best rate for your Upland, California home loan and the best deal are very possible with Mountain West Financial's FHA Loan Programs. These government-backed loans were initiated to make homeownership an easier goal for Americans trying to find a new home.

What is an FHA Home Loan?

FHA Home Loans are a government-backed mortgage that takes the risk off of lenders in order for lenders to provide lower rates to the consumer. This program is most attractive to first time home buyers, but also allows individuals without FHA mortgages already to participate. Down payments for FHA home loans can be as low 3.5% the total sales price, much lower than a conventional mortgage would be. Using gifts from outside parties are less restricted than conventional mortgages towards closing costs and down payment. There is no penalty for prepayment and if you plan on selling the home, the FHA home loan in some cases is assumable by another party. There are also other sub-programs that benefit towards home remodels and renovations, such as 203k. Although FHA home loans might not be for every home owner in Upland, California, it is an attractive program to a majority of first time home buyers.

Restrictions on FHA Home Loan Programs

There are a couple of requirements and rules to follow when it comes to owning a home under the FHA Home Loan Program. They are:

  • In general, a minimum middle FICO credit score of 620 is required
  • There are limits to the amount a loan can be for, these limits can be found at the HUD website, here
  • A 1% upfront mortgage insurance premium is required to fund the loan, as well as ongoing monthly payments towards insurance for five years

These rules may not fit everyone, but they will be beneficial to first time home buyers that need a little help financing their home ownership in Upland, California.

Get an FHA Home Loan Quote for Upland Today

If you pass all these requirements and are looking for a home loan in the Upland, California area, there really is no better way to go than Mountain West Financial. Contact us via e-mail at info@nathanrufty.com or by phone at (909) 230-4395 today and we'll help answer any questions and tailor fit this program to work for you.  
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