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California FHA Loans

FHA Loan Information for California   

                                           

 

 

 

 

 

 

 

 

 

 

 

FHA News

FHA loans benefit homebuyers by providing low down payment options and credit criteria more flexible than conventional loans. (FHA loans)

 

FHA Streamline Refinance

FHA streamline refinance loans make it easier for homeowners with current high rate FHA loans to refinance their mortgage.  Streamline refinance loans do not require appraisals (streamline refinance Loans)

 

Down Payment Assistance

CHDAP- California Homebuyer's Down payment Assistance Program Offers a deferred-payment subordinate loan in the amount of (3%) of the purchase price or appraised value, which ever is less to be used for down payment and/or closing costs

(down payment assistance)

 

 


 

 

California FHA Loans

 

FHA loans make it easier for homebuyers with little to no money down or those with less than perfect credit

to purchase a new home. Typical FHA loans require a minimal down payment of 3.5% but when combined with various other home buyer programs it is possible to purchase with only 1% down or less.

 

FHA Loan Features

 

1- Low Down payment

 

 

2- Lower credit requirements

 

 

3-  Mo prepayment penalties

 

FHA Loan Benefits

 

1- Less money to come up with at closing and gift money can be used

 

2- Helps home buyers with little established credit or with past credit issues to qualify for a home purchase

 

3- Pay off your mortgage sooner without incurring penalties

 

 

 

FHA Loans Make Financing Easier

 

Home buyers and well as home sellers may look to FHA loans for easier financing and programs designed to assist with a variety of financing options.  With and FHA home purchase loan, California home buyers may now purchase a home with less money down even if they have had previous credit issues.  Current homeowners may take advantage of the flexible FHA Streamline Refinance program, and seniors 62 years of age or older wanting to tap into the equity in their home may opt for the FHA reverse mortgage- Home Equity Conversion Mortgage (HECM).  Homeowners that currently have an FHA loan and who are struggling with mortgage payments may also take advantage of the FHA Pre-foreclosure Sale Program (PFS).

 

Through HUD, the FHA has created a variety of guaranteed loan programs to assist homebuyers and home sellers achieve their homeownership and financing objectives.

 

 

 

California Homebuyer's Downpayment Assistance Program (CHDAP) - Makes it even easier to buy a home!

FHA loan guidelines call for a minimum down payment of 3.5% of the purchase price. Now with the help of CHDAP (Califirnia Homebuyer's Downpayment Assistance Program) qualifying homebuyers may obtain 3% assistance in the form of a silent second mortgage.  With the CHDAP second mortgage, FHA homebuyers will not only have to come up with a down payment equivalent to one half of one percent of the purchase price (.05%).  California homebuyer's must meet CHDAP qualification guidelines in order to be eligible for the down payment assistance.

California FHA Loans                                                      HUD            CalHFA