Home Loans California & Arizona

FHA home loans in Ogden, Utah

Federal Housing Administration (FHA) home loans are a great option for many homebuyers and homeowners looking to purchase or refinance in Ogden, Utah. FHA home loans are specifically useful to borrowers who cannot make a big down payment, who want low monthly payments, whose credit is not great and qualifying for a conventional loan is difficult for them.

Congress created the FHA in 1934 and it became part of the Department of Housing and Urban Development (HUD) in 1965. The FHA is not a lender. The FHA is the largest insurer of mortgages in the world. Lenders are insured by the FHA against losses as a result of a homeowner defaulting on their mortgage loan. It insures single and multifamily homes including manufactured homes and hospitals. The FHA is the only government agency that does not cost the taxpayers anything operating entirely from the proceeds from its mortgage insurance which is initially part of the mortgage payment.

This program allows a first time home buyer, who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan. With the recent subprime lending collapse, the FHA home loans have become cool again, as mortgage lenders and brokers are flocking to the latest FHA loan programs. FHA has been around for decades, and there are many innovative programs to help different segments of the population to realize the dream of home ownership. A common misconception is that FHA home loans are for first time homebuyers. The fact is you can only have one FHA loan at a time whether it's your second home or fifth. The mortgage limits for FHA home loans are set on an area-by-area or county-by-county basis.

This type of insurance is an attractive benefit for FHA approved and authorized lenders. If the homeowner defaults, the lender gets its money from the FHA. The lender or broker works with prospects to qualify their loan application to FHA guidelines for approval for this insurance for the loan.

FHA loan guidelines also provide attractive benefits to home buyers as qualification is usually less stringent than conventional loans. Plus, all FHA home loans are FULLY assumable, adding one more layer of protection for you and your family. Having an assumable loan at a good interest rate would be part of a good plan for selling your house in the future especially if the interest rates have gone up.

FHA Home Loan Features in Ogden, Utah

  • FHA loans are backed by the full faith and credit of the U.S. government, while conventional loans are not.
  • An FHA loan may require a down payment as small as 3.5%, compared to the traditional 20% that's recommended for conventional loans.
  • On a conventional loan, private mortgage insurance automatically ends once you reach a 78% LTV ratio. With an FHA loan, insurance premiums stay in effect for life.
  • Conventional and FHA loans use different standards for borrower approval, and FHA loans are generally easier to qualify for.

FHA Home Loan Types in Ogden, Utah

  • Traditional mortgage. This is probably what you think of when you hear the words "FHA loan." It's a mortgage for your primary residence, whether it's a single- or multi-family home, and you'll choose between a fixed or adjustable interest rate.
  • Home Equity Conversion Mortgage. This FHA-backed loan is for older homeowners who want to tap into their home equity to receive cash.
  • Construction to Permanent Loan. This loan is for people building a home.
  • 203(k) Rehab Mortgage. Get approved for a mortgage and funds to make home improvements, all in one loan.
  • Energy Efficient Mortgage. An EEM lets you roll the costs of energy-efficient repairs into your mortgage without making a bigger down payment. You can improve things like your furnace, insulation, or thermostat system.
  • Title I Property Improvement Loan. This home improvement loan helps you make essential upgrades to your home.
  • Section 245(a) Mortgage, or the Graduated Mortgage Payment Program. This FHA loan is for people at a low-to-moderate income level. You start with low monthly payments, and your payments increase as your income increases.

Ogden, Utah FHA Home Loan Benefits

  • Lower credit scores allowed
  • More rigid property standards
  • Somewhat higher down payment needed
  • Private Mortgage Insurance (PMI) is required for down payments less than 20%

The following two FHA loan requirements are important for qualifying: Housing expenses should not exceed 29% of your gross income; total indebtedness should not exceed 41% of your income. FHA home loans require a smaller down payment as well. Down payments for FHA home loans are low, generally 5% or even as low as 3.5%. The finance package in a nutshell is: FHA insurance + lender financing = FHA loan. Ask your lender for assistance in learning which FHA mortgage is right for you.

FHA home loans are available in rural and urban areas. FHA home loans are not loans granted by the government, but FHA home loans are mortgage loans that are guaranteed by the Federal Government. FHA home loans are generally offered at reasonable interest rates, and guarantee the mortgage company that the loan will be paid. So whether you are refinancing, buying your first home or your fifth, try out FHA.

Posted by Nathan Rufty on June 1st, 2021 8:19 AM

Mortgage Broker in Fontana who does FHA home loans. FHA is a great option to purchase a home in Fontana CA with as little as 3.5% for the down payment. 

The Benefits of utilizing the FHA home loan program to buy a house in Fontana CA are:
  • County loan limit is high at the moment, the county loan on what the amount HUD will insurance changes from time to time
  • Rates are generally lower than the Conventional home loan program
  • Interest rate is not factored as much on the credit score like the Conventional purchase program 
  • Allows for a higher debt to income ratio
  • Are able to buy 2 years from the discharge date of a Chapter 7 Bankruptcy 
  • Are able to buy 3 years from a short sale or foreclosure date
  • Able to use gift funds, checking, saving, 401k, Retirement account, stocks, bonds, IRA and many other approved avenues to obtain the required 3.5% down payment
  • Can use a Down Payment Assistance home loan program as well for the down payment
  • Self employment income is allowed with Schedule C and Schedule E, 1120s
  • Signal Family Residence, 1 to 4 units, Condos, Townhouse, Manufactured and modular homes are lendable 
Not all home loans in Fontana are created equal, FHA loan programs are one of the best purchase programs on the market today. FHA offers many loan programs such as the standard FHA loan as well as speciality loan programs like the FHA 203K Rehab loan, FHA Energy Efficient Mortgage, HUD Section 184 and the Good Neighbor Next Door.

The FHA 203K Rehab home loan program in Fontana is a perfect purchase programs to help those buyers make offers on properties that may require updated to the house such as, remodel the bathrooms, kitchen or bedrooms. 

FHA's Energy Efficient Mortgage program (EEM) in Fontana helps families save money on their utility bills by enabling them to finance energy efficient improvements with  their FHA-insured mortgage. The EEM program recognizes that an energy-efficient home will have lower operating costs, making it more affordable for the homeowners.  Cost-effective energy improvements can lower utility bills and make more income available for the mortgage payment.

The HUD Section 184 Indian Home Loan Guarantee Program in Fontana is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership and increase access to capital in Native American Communities.

The FHA Good Neighbor Next Door program in Fontana are for Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

FHA Streamline refinance home loan in Fontana are for borrowers who have made at least six consecutive monthly payments on their current FHA loan that is being refinanced, beginning with the payment made on the first payment due date, and the first payment due date of the refinance loan must occur no earlier than 210 days after the first payment due date of the loan being refinanced. 

The FHA home loan program is like a utility knife with purchase and refinance programs. Explore your options when purchasing a home in the Fontana CA on the FHA loan program with all the benefits that FHA has to offer.

I welcome the opportunity to assist you with your goals of buying a house in Fontana CA using the FHA home loan program. We can present you with loan options that will fit within your monthly mortgage budget.

Call or text me at 909-503-5600 or email me at Nathan@NathanRufty.com I look forward in hearing or meeting with you.

Posted by Nathan Rufty on April 15th, 2018 2:53 PM

FHA home loans in Ontario CA for purchase and refinance lending, FHA loans is perfect for first time home buyers with low credit scores or limited funds.

FHA stands for Federal Housing Administration and the is to help stimulate the housing market by making home loans more accessible and affordable for those individuals to make homeownership a reality.

For 1st time home buyers looking to buy a house, this is a great home loan program to start with, if you have credit scores in the high 500s or low 600s this is a great program for you. FHA is much more flexible in terms of credit scores than Conventional will be. That are 2 areas of the the credit all lending programs are concerned with are, the credit score and what is in the body of the credit. You may have lendable credit but miss the mark on what is in the body of the credit like collections, judgements, short sale, foreclosure, late pays, etc...

FHA will allow a higher debt to income ratio than Conventional will, once we run your loan scenario through the DU FHA Score Card, it will approve you at the highest debt ratio based on the strength of the file like credit scores and liquid reserves. An FHA underwriter still will need to review the income to determine accurate debt ratios.

Down payment assistance home loan programs are available for all types of home lending but geared more towards FHA loan programs. To see if you are available for any and all types of down payment programs click HERE and complete the short questionnaire form to see what is available for you to take advantage of.

The down payment can come from many sources such as, gift from a family member, retirement program, sell of something of value with proper documentation for the paper trail, down payment assistance program (not limited to first time home buyers), combine 2 more down payment assistance programs to purchase a home, we can always find money for the down payment and closing cost.

FHA lowered the monthly mortgage insurance on January 26th 2015 from 1.35% to .85% with less than 5% for the down payment. This allows buyers to purchase a little higher in price point, that was a big move for HUD to lower that premium, making housing much more affordable for buyers.  

Co-Signers are also allowed when applying for a FHA home loan when buying a house. The co-signer can be a non-occupant co-signer, which means they do not need to live in the property with the primary applicant. The co-signer must also qualify as well with their income and credit. So when bringing in an additional applicant make sure they are just as strong as you are. 

As the guidelines stand today with the down payment are, if you put less than 10% down the monthly mortgage remain in the payment through the 30 year term. If you were to put 10% or more for the down payment the mortgage insurance will drop off after 11 years and you are at 78% of the original purchase amount or the appraised value which ever was less at the time you closed escrow on your property. If you put less than 10% down, the only way to have the mortgage insurance remove is that you must refinance out of the FHA loan and into a Conventional loan. Still an excellent loan programs that offers as little as 3.5% down or .5% down coupled with a down payment assistance home loan program in California.

Once in the FHA program, you can refinance into a lower payment without a credit report, appraisal or income documentation, making the refinance that much smoother to process. Each lender will have their own guidelines when it comes to this program known as the FHA Streamline Refinance Home Loan Program. Need to check with a loan officer to see what they require.

Each applicant must have their loan application reviewed and processed according each mortgage lender's underwriting guidelines. FHA has their basic underwriting matrixes but each lender may add to those matrixes. 

I welcome the opportunity to speak or meet with you to discuss your plans and goals about this great home loan for homebuyers looking to work with a seasoned licensed loan officer.

FHA home loans in Ontario CA for purchase and refinance lending, FHA is perfect for first time home buyers with low credit scores or limited funds to own a house. We offer this program along with many other direct home loan programs in California. Contact me at 909-503-5600 or email me HERE

Posted by Nathan Rufty on June 27th, 2015 9:29 AM

Loan Officer in Ontario CA specializing in purchase and refinance home loans with programs such as FHA, VA, USDA, Conventional and Down Payment Assistance loan programs.

Weather you are looking to buy a house or refinance one, I welcome the opportunity to assist you with your home loan needs and discuss your financial goals. The home loan process is a very smooth transaction when working with the right dedicated Licensed Loan Officer such as myself. I have been a part of the lending community since 1988 and continue to assist "Making Homeownership a Reality." 

Searching for the best loan programs with cost, fees and interest rate is what every loan applicate is looking for, image having those great rates and fees, then add expectational customer service and communication in the process, there you have a great recipe for success.

Loan Officers do not have any control over market conditions but what we do have control of, is how we handle our customer service and how we deliver our communicate during the home loan process. I want you to experience first class service the moment you call me at 909-503-5600. Product knowledge is another key competent when looking for a Mortgage Professional who has your best interest in mind.

The mortgage industry updates it's self every few months with new underwriting and product guidelines. Working with a full time Loan Officer will ensure a smooth and on time closing. When looking for professional to assist you with your home loan, do some proper research of that individual. Online presence can inform you about this individual's work ethic. Also, make sure they hold a current lending license in the state your property is in. Look up their NMLS number of that person you are speaking with, anyone quoting you a rate and terms of a home loan must be licensed to do so through the Nationwide Mortgage Licensing System (NMLS).

Ontario CA is a growing community and I am eager to assist those individuals looking to buy a house or refinance a property with the available home loan programs here in California. It is my goal to inform, educate and present all lending programs based on your income, credit and assets. If current financial situation does not allow you to move forward with a home loan, I will work with you to create a road map to follow, to have a game plan to get you in the position to one day purchase or refinance a home.

I value your business and relationship, I am not a fly by night professional. Since 1988 I have been assisting borrowers fulfill their refinance and purchase loan needs. This is has been a career of mine for almost 30 years, dedication like this only comes for those professionals who's number one is your number one goal. 

I welcome the opportunity to discuss your goals of purchasing or refinancing a home at 909-503-5600. Please call or text me to connect on how I can be a key part of your home lending needs. You can also email me HERE to speak about your Ontario CA home loan. 

Posted by Nathan Rufty on June 13th, 2015 9:04 AM
Looking to buy a house in Ontario CA in the Inland Empire area of San Bernardino County. What type of home loan programs are available to purchase a home?

There are several home loan programs to purchase a house in Ontario CA such as loans with FHA, VA, Fannie Mae, Freddie Mac and Down Payment Assistance home loan programs.

The FHA home loan program are not limited to first time home buyers, this loan program is available to the vast majority of home buyers today. As of today the down payment is as little as 3.5% down of the purchase amount, which can come from a DPA (down payment assistance) program, gift from a family member, retirement plan and many other approved source of funds. The debt to income ratio can go higher than other loan program, once of the highest allowed, some compensating factors will help with an approval of a high debt to income ratio such as higher credit scores and reserves of funds that are sourced and verified.

The VA home loan program is available to active and retired service members that are in good standing with the Veteran's Affairs. This is a no money down payment purchase program in California with no monthly mortgage. This by far is the best performing home loan program on the market today, even at 100% financing with very liberal underwriting standards this loan program has the lowest foreclosure and delinquency rates amongst all other purchase programs. If you are a active or retired military personnel this is the program for you.

The Fannie Mae and Freddie Mac home loan programs almost a mirror image of one another with some minor adjustments with underwriting qualifications. Both now offer a 3% down payment purchase home loan program, this opens more opportunities for homebuyers to compare this option with the FHA loan program. Putting less than 20% for the down payment will require monthly mortgage insurance, on the Conventional loan program the MMI can be bought out and will eventually drop off, unlike FHA will remain throughout the life of loan if you put less than 10% down. Fannie Mae and Freddie Mac do have tighter underwriting standards than any other purchase programs, but still an option to explore when buying a home in Ontario California.

There are many Down Payment Assistance Program in California starting with local cities, counties and statewide programs. There are DPAs that are open to non-first time home buyers, a great option to purchase a house with limited funds to do so. The DPAs do have income limits that depend how many dependents will be living in the home, more dependents there are the more income can be used to qualify for the programs, some of the programs have high income limits so do not count this option out till we investigate your option utilizing a Down Payment Assistance programs.

There are several other purchase programs in the state of California that one can take advantage such as the USDA-RD no money down purchase program (not available in Ontario CA) as well as the HUD 184 Native American home loan program.

I welcome the opportunity to discuss your goals of buying a home in Ontario CA weather a first time home buyer or rebound buyer, let's explore your lending options. Call or text me at 909-503-5600 or email me HERE to start the conversation.

by Nathan Rufty   

Posted by Nathan Rufty on April 12th, 2015 10:49 AM



My Favorite Blogs:

Sites That Link to This Blog: