Riverside and San Bernardino FHA Loans

Housing prices in Riverside and San Bernardino have always been very high, making it difficult for new homeowners to afford houses in these areas. Luckily, the Federal Housing Administration (FHA) offers a really great home loan program that makes the entire loan process much easier and more affordable for those who qualify. The program has helped millions of Americans by extending really great benefits such as low down payments and low interest rates. Here are a few different types of loans currently available through the FHA.

FHA Home Loan

For standard family homes, a typical FHA loan is perfect for you. Houses that qualify include one to four-unit properties that fall below the county’s loan limits. With this loan, you will only have to pay a small, 3.5% down payment on the property and will get to take advantage of really low interest rates. You also won’t be required to pay for expensive private mortgage insurance (PMI), and will be able to choose from flexible repayment plans. Plus, approval is much easier than with conventional loans. This means that even if you have less than perfect credit you will still be able to qualify for a new mortgage.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) includes the cost of acquisition and any energy efficiency upgrades to be done to the house. This mortgage is ideal for those who would like to decrease their carbon footprint and monthly utility bills at the same time. Upgrades that can be included in this mortgage can be anything from installing low-flush toilets to buying solar panels to weatherproofing the doors.

203(k) Mortgage

For people interested in buying a house that needs to be renovated, the 203(k) mortgage is perfect for you. This mortgage eliminates the need for multiple loans by rolling the cost of acquisition, repairs and final value into one mortgage. For a list of properties eligible for this loan, be sure to check out the website for the US Department of Housing and Urban Development (HUD).

Get Pre-approved Today!

Getting pre-approved for FHA loans in Riverside and San Bernardino has never been so simple. When you take a minute to fill out our secure online form we’ll be able to have you pre-approved instantly for free.

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