Sacramento FHA Loans

While housing prices have always been very high in Sacramento, when you purchase one with an FHA loan you will be able to afford more house than you ever thought possible. The Federal Housing Administration (FHA) has been around for over seventy years, helping people become first time homeowners. During that time, millions of Americans have taken advantage of the loan guaranty program and made the dream of homeownership a reality.

Does the FHA issue the money?

No. The FHA does not actually lend any money. Instead, the FHA insures privately issued loans. As a federally insured borrower, you are very secure and desirable, making it possible to take advantage of huge savings and benefits.

What are the benefits?

The first major benefit of FHA loans is the low down payment feature. With conventional loans you could be expected to pay anywhere from 5 to 20% for a down payment. FHA loans, on the other hand, only require 3.5% down. The other great benefits of FHA loans include low interest rates, streamline refinancing, easy approval and flexible repayment plans.

Who qualifies for an FHA loan?

Everyone is encouraged to apply for an FHA loan. Your application will be approved based on your financial history and current financial situation. While you will need to supply credit scores in order to obtain the loan, the standards are quite lenient. Even if you have a blip on your credit history, you might still be able to qualify for an FHA loan.

What can the mortgage be used for?

For a standard Sacramento FHA loan, one to four-unit properties that are below the county’s loan limit are eligible. There are also loans available for houses that need to be rehabilitated and homes that require energy efficiency upgrades. Be sure to discuss each mortgage option with your lender to find the right fit for you.

How do I refinance my current FHA loan?

If you have an FHA loan already and are looking to refinance to a lower interest rate, you can apply for an FHA streamline refinance. This refinance option requires no additional paperwork or out-of-pocket expenses. If you need to borrow cash against the house’s equity, you will want to apply for an FHA cash-out refinance mortgage.

Can I get pre-approved for an FHA loan?

Yes. Pre-approval is incredibly fast, easy and secure. Fill out our online form and we’ll have you pre-qualified instantly with no obligation.

Boston FHA Loans | Los Angeles FHA Loans | FHA Loans Making a Comeback | fha mortgage loans