FHA mortgages are federally backed loans that offer borrowers more options than conventional mortgages. They were created as a tool to increase home ownership and have been helping homeowners since 1934.

FHA loans are designed for low to moderate income borrowers. The qualifying guidelines are more lax than conventional guidelines. a great option for those buyers with less-than-perfect credit. FHA mortgages can be used to buy or refinance 1 to 4-unit properties, include down payments as low as 3.5% and no income limits.

Borrowers may choose from a fixed-rate or adjustable rate mortgage for 10-, 15-, 20-, 25-, or 30- year terms and can pay some or all of the loan balance in advance without a prepayment penalty.

Borrowers may only have one FHA loan at a time. FHA loans do require a funding fee that may be financed into the loan. The total loan amount is limited to the current FHA mortgage loan limits for the county where the property is located. For example the loan limits for 2015 are $562,350 in San Diego County and $355,350 in Riverside County for single unit homes.
Mortgage insurance is built into the loan and adds an upfront cost for the life of the loan.

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