FHA Loans in National City

FHA loans are a great loan program that require little to no money down and are available to those with less than perfect credit or those with little money down. The FHA loan program is a government insured loan program that was created to help first time homebuyers purchase a home without the strict requirements of a Conventional loan. FHA loans offer interest rates lower than Conventional however FHA loans have an upfront mortgage insurance premium and monthly mortgage insurance which make the payment a little higher than a Conventional but allow borrowers to qualify for a home loan. The goal is to eventually refinance out of an FHA loan, once the property has at least 20% equity, to remove the mortgage insurance premium reducing the monthly payment. FHA loans require a minimum of a 580 mid-credit score but can go down to 550 mid credit score with an automated approval and compensating factors such as stable employment history and low debt to income ratios. Even with a bankruptcy or foreclosure, I’ve helped many borrowers purchase with FHA financing as long as the foreclosure was finalized for than 3 years ago and/or a bankruptcy as long as it’s been more than two years since discharge. Underwriting likes to see reestablished credit whenever a derogatory credit event such as a bankruptcy or foreclosure takes place but is not always required.

Who you work with matters

I have been in the mortgage industry for over 21 years and am here to help you purchase a home with no lender fees and a competitive interest rate. With my experience, I know the FHA loan very well as well as all the loopholes to help us get you to the goal of homeownership. If you have any mortgage related questions or would like to become pre-approved for an FHA loan, contact me. It would be a pleasure to assist you with your mortgage needs and to provide you the honesty, integrity, and professionalism you deserve.