FHA Home Loans

FHA Home Loans

FHA Home Loan broker in Santa Rosa

FHA home loans have been helping people become homeowners since 1934.

Some benefits of FHA loans are:

  • Low down payments--as low as 3.5% (also, ask about our down payment assistance programs)
  • Low closing costs
  • Easy credit qualifying
  • 2 years after bankruptcy--3 years after foreclosure

What does FHA have for you?

Buying your first home using an FHA mortgage in the Santa Rosa/Sonoma County area? FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

How about manufactured housing and mobile homes?

Yes, FHA has financing for mobile homes and factory-built housing. The manufactured home must be on land that you own, or intend to own. Leased space will not qualify.

FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and co borrowers. All closing costs can be financed by the lender, allowing the buyer to come in with just the down payment minimum.

The underwriter on an FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced loan officer can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA's leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan. FHA tends to be more flexible than Conventional financing in the money needed to purchase the home.

FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions. Need an FHA home loan in Santa Rosa? Call us (707) 579-5411.