Home Loans California & Arizona

The American dream of owning your own home  is live and well in the in Riverside, CA because of the FHA Home Loan Program. The market for FHA Home Loans is booming and it is now the largest supplier of home mortgages. You can make your dream of owning your own home come true now!

The Federal Housing Administration (FHA) has many loan programs available that will help you achieve your goal of owning your own home.



What Is A FHA Home Loan in Riverside, CA?

FHA does not loan you the money to buy a house, what it does do is guarantee the loan. If the mortgage is defaulted then FHA will pay the lender.

This helps the lender because they will not have to write off the mortgage and suffer all of the loss.

Because of the FHA guarantee, lenders are certainly more willing the make more loans, and they will make them for larger amounts and also they will make them easier to get with fewer requirements.

Can You Qualify For The FHA Home Loan Program in Riverside, CA?

Of course, there have to be some limitations and requirements in order to get a FHA Home Mortgage. Here are a couple of restrictions:

Debt To Income Ratio

There is not an income limitation but you do have to have a certain debt to income ratio. This means your debt can not exceed a certain percentage of your income.

Limit On Amount Of Mortgage

Also, there is a restriction on the amount of the mortgage based on the area that you live in. Each area or region is different, you need to check with your FHA lender to see what the limit is in your area.

But, you can qualify for the FHA Home Loan Program then they can be great way to finance your new home or even refinance you existing home.

What Are The Benefits Of A FHA Home Loan?

• You finance home improvements or repairs using a Streamlined FHA 203K Loan.
• All FHA mortgages can be assumable. This can be a great benefit in the future if you want to sell your home and the interest rates are high.
• The down payment is just 3.5% of the purchase price of your home. Most conventional home loans require at least 20% down payment.
• Your down payment can be gifted to you.
• Seller can pay your closing costs.
• Lower credit score requirements.
• Interest rates are low and very competitive with other types of mortgage loans. Because of the FHA guarantee most lenders will offer low interest rates.

With the low interest rates in the market and the abundance of homes on the market, now may be the time for you to persuade the American dream of owning your own home by financing it with a loan form the FHA Home Loan Program! Call Nathan Rufty at 909-503-5600.

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.