San Jose FHA Loans

For anyone interested in relocating to San Jose, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) began in 1934 as a way to help people who were struggling through the Great Depression. It was able to make the home buying process much more affordable for first time buyers, while also helping people avoid foreclosure on their existing homes. Since it began, the FHA has helped make the dream of homeownership a reality for millions of Americans. Here are some of the benefits you can take advantage of with an FHA loan today.

Easy Approval

Getting approved for an FHA loan is much easier than with conventional loans. While it is true that your approval will be based on your financial history and current financial situation, the standards are much more lenient. This means that even people with less that perfect credit will be able to qualify for a new San Jose FHA mortgage.

Low Down Payment

With an FHA loan, right now it is possible to qualify for up to 96.5% financing in San Jose. This low, 3.5% down payment makes the upfront costs of buying a new home incredibly affordable, especially when compared to the 20% down you might have to pay for a conventional loan. Plus, the FHA is lenient in regards to who supplies this cost. This means you are free to have an employer, friend, family member or even charitable organization supply the money for your down payment.

Lower Overall Cost

The overall cost of FHA loans is much lower than conventional loans. This is because with an FHA loan you will be able to take advantage of really great, low interest rates. Additionally, you won’t have to pay for private mortgage insurance (PMI) because you will already be insured by the Federal Government.

Streamline Refinancing

Once you have your FHA loan, refinancing for a lower interest rate is incredibly easy. With a streamline refinance, you can obtain a new mortgage without having to supply any additional paperwork or pay any out-of-pocket expenses. You can also opt for a cash-out refinance if you need to borrow money against the house’s line of equity.

Get Pre-approved Today!

We would love to help you get started on the road to homeownership today. Simply take a minute to get pre-approved with our online form. The process is free, secure, fast and has no obligation.

Tampa-St. Petersburg-Clearwater FHA Loans | Detroit FHA Loans | Advantages of an FHA Loan | fha jumbo loans