What Is an FHA Loan?
FHA loans are a great option for homeowners for a variety of reasons. These mortgages are insured by the Federal Housing Administration (FHA), which allows lenders to offer more attractive loan terms, ultimately benefiting the buyer in a number of ways. For instance, an FHA loans in California could provide the opportunity for:
- A lower initial down payment
- Easier credit qualifications
- Attractive interest rates
- Lower closing costs
Because an FHA loan is backed by an established government agency, it provides a greater level of protection to the lender.
At EZ Online Mortgage, we’re FHA home loans California experts! Our dedicated mortgage professionals are available to answer any questions you may have and to help determine whether this type of loan is right for you. You can get started right away by using our mortgage calculator FHA loan feature to find out how much your monthly payment might be.
Could you benefit from an FHA loan? Get a free instant rate quote today to find out.
Why Get an FHA Loan?
There are a number of reasons people choose FHA loans. California residents who are first-time home buyers in particular, as well as those who have suffered some type of financial hardship in the past can benefit from this type of mortgage. Here’s why.
Lower credit scores still qualify!
Due to recent economic setbacks, many people are struggling to get financing. FHA loans have much less stringent credit requirements than traditional mortgages. Likewise, those who don’t have longstanding credit and even those who have gone through bankruptcy or foreclosure may still qualify! As long as your credit score is above 500, you may be eligible for FHA home loans California.
Down payments are affordable!
Many first-time home buyers find it challenging to come up with the necessary cash to put a large down payment on a house. Unlike traditional mortgages, FHA loans typically require a much lower amount - some as low as just 3.5% - which makes owning your own home more attainable.
Help with funding is allowed!
Another attractive feature of FHA loans in California is the fact that the buyer is allowed to use other sources of funds to pay their down payment. While some mortgages require that the money come exclusively from the buyer, FHA loan down payments can be funded by gifts from family members or government assistance programs. Our experts can help you figure out the best way to leverage your available resources.
Closing costs can be included!
If the thought of coming up with closing costs is weighing on your mind, with an FHA loan, you may not need to worry. Negotiations can be made so that the seller or lender will pay part of all of the closing costs. This takes the burden off of you and makes the process more affordable. Our team of seasoned professionals is experienced in such negotiations.
Interest rates are competitive and payments are affordable!
FHA loans in California come with attractive interest rates, which make monthly payments much more affordable. This, along with the lower down payment requirement, can make buying a home with an FHA loan much more financially feasible. Get a free instant rate quote to learn more.
Ideal candidates for FHA home loans include:
- First-time homeowners
- People with low or bad credit
- Buyers who can’t afford the traditional 20% down payment
Curious to know how much an FHA loan would cost you? Check out our free, interactive mortgage calculator. FHA loan rates have never been better, but they won’t stay this low for long, so apply now, before it’s too late!
FHA Lenders and Rates
Not every lender is able to offer FHA loans. California, like other states, requires that the bank or mortgage company is FHA-approved. Furthermore, not every approved lender will offer the same rate or terms, even for the same product. The key is finding the right lender that can place you into the ideal home loan product for you. EZ Online Mortgage can help you do just that!
We can even give you a sneak-peek at what your monthly payments might look like, based on the current market rates. It’s as easy as entering a few details into mortgage calculator for FHA loan. Just a couple clicks and you’ll have some numbers to work with. When you’re ready to move forward, we can match you with the perfect FHA-approved lender so you can get the best possible results. It doesn’t get any easier than that!
Want to learn more about FHA loans in California? Don’t wait. Contact us today!
Requirements for FHA Loans
Just as with any other financial vehicle, there are a number of qualifications that must be met in order to be approved for an FHA loan. These requirements include, but are not limited to:
- Social Security number
- Steady employment history
- Property appraisal completed by a FHA-approved appraiser
- At least 3.5% down payment
- Minimum credit score of 500
People meeting these basic requirements may very well qualify for FHA home loans. California residents are encouraged to work with an established mortgage company to receive the best rates and ensure that they end up with a loan that meets their needs and budget. At EZ Online Mortgage, we would be honored to assist you with the FHA loan application and approval process.
Use our free mortgage calculator/FHA loan tool to find out how low your monthly mortgage payments could be or simply apply now and we’ll handle the rest!
Still not Sure if an FHA Loan Makes Sense? Ask an Expert!
Despite all the benefits, not every prospective home owner is a good candidate for FHA loans. California residents have the luxury of industry experts as a source of education and information to help them make more informed decisions. The team at EZ Online Mortgage would be happy to answer any inquiries you may have and help put your mind at ease. What’s more, we can conduct a comprehensive assessment of your specific situation to help determine what type of mortgage product would be the best fit for you.
Our mortgage calculator for FHA loan options will give you an idea of what your monthly payment might look like so you’ll have a good place to start. Then, just contact us and we’ll discuss your needs in greater detail.
Questions?Concerns? We’re here to help! Give us a call today or apply now to get started!
Applying for Your FHA Loan - A Trusted Partner
While the concept of an FHA loan may seem straightforward, there are a number of factors that make them more complex than they may appear, such as upfront and annual premiums, income ratios and other restrictions that may apply. Before you make a life-changing decision to take out a mortgage, you should consult with an expert. But not just anyone. You need a team of seasoned professionals that possess a deep understanding of the mortgage industry and can help you work through all the details so you get it right the first time.
EZ Online Mortgage is here to help! Our experts know everything there is to know about home loans, including how to get the best available interest rates and terms that suit your individual needs. We’ll work with you - every step of the way - to get you into the home of your dreams at a monthly payment you can feel comfortable with. What’s more, we’ve already established long-term relationships with a number of FHA-approved lenders, so you won’t have to worry about a thing!
Ready to get started? Check out our free mortgage calculator for FHA loan or simply apply now. It’s that simple! What are you waiting for?