FHA Mortgage | FHA Home Loan – Stockton, Lodi, Elk Grove
FHA’s mission driven organization encourages home ownership and provides affordable housing options with low down payment and flexible credit requirements. Since the housing crash of 2008 the FHA home loan program has been the overwhelming choice for first time homebuyers; FHA is also used by experienced buyers as a low down payment affordable alternative. The FHA Mortgage program blends well with first time homebuyer and down payment assistance programs; areas like Stockton, Elk Grove, and Sacramento, CA have city funded programs currently available Click through to learn more on the Stockton FHA first time homebuyer program.
Since 1934, the FHA has insured over 37 million home mortgages with a market share of 30% in 2010 vs 3% in 2007. In 2009, FHA programs insured nearly 2 million loans, which included 750,000 first-time home buyers.
The Federal Housing Administration (FHA) was created out of the National Housing Act of 1934, and was established to increase home construction, reduce unemployment and insure government loan programs.FHA loans have historically allowed lower-income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance.Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers.
While most people believe that the FHA lends money directly to borrowers, it’s actually just insures a certain type of loan that’s financed by traditional banks and mortgage lenders.
Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) .The Mortgage House in Stockton offers all FHA programs.
FHA Loan Type Highlights:
- largest of FHA’s single family programs
- 1-4 unit properties are eligible
- flexible credit requirements
- 3.5% down payment allowed
- down payment may be a gift from specific sources
- May be joined with First Time homebuyer programs
- 15Yr and 30Yr fixed rate loan
- 5Y ARM available
- Minimum 620 Credit Score
- Mortgage Insurance Required
- provides mortgage insurance for individual condominium units
- credit, down payment and limits of 203(b) apply
- in 2013, condominium complexes must be approved through HRAP/DELRAP to be eligible for FHA insurance
- primary program for property rehabilitation encourages community and neighborhood revitalization
- only 1 mortgage loan is used for both the acquisition and the renovation
- 1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
- required improvements include cost effective energy conservation standards and smoke detectors
- consultancy may be required
(….Read more about the FHA 203K )
Down Payment Assistance First Time Home Buyer Programs
FHA Stockton Down Payment Assistance Program
FHA San Joaquin County Down Payment Assistance Program
FHA Elk Grove Down Payment Assistance Program
FHA CALHFA Down Payment Assistance Program
FHA CHF Platinum Program
For more on FHA home loans please contact me in the form below. When considering an FHA home loan in the Stockton, CA; Elk Grove, CA; Lodi, CA contact the CA FHA home loan specialist.