Home Loans Arizona - California - Nevada - Utah

There are more options when choosing places to live in Riverside, California, just like there are more home financing options than the standard conventional home loan.

An FHA loan in Riverside, California is one mortgage option that proved appealing for its low money down options and credit score requirements lower than that of typical conventional home loans. Continue reading to learn more about FHA loans and determine if it’s right for you.

Benefits of using an FHA Loan in California
  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

Are You Eligible for an FHA Loan in California?
You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

If you are ready to get qualified for a FHA home loan in Riverside, California call Nathan Rufty at 909-503-5600.
Posted by Nathan Rufty on March 11th, 2020 4:14 PM



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