Affordable Home Financing Made Simple.
FHA Home Loans
Turn your dream of homeownership into reality with FHA Home Loans—perfect for first-time buyers and those with low credit scores or limited savings. Enjoy low down payments, competitive rates, and flexible requirements backed by the Federal Housing Administration. Start your journey to owning a home today!
FHA Home Loans – Flexible Financing for First-Time Buyers and More
What Is an FHA Home Loan?
An FHA Home Loan is a government-backed mortgage insured by the Federal Housing Administration (FHA). Designed to make homeownership more accessible, FHA loans offer low down payment options, flexible credit requirements, and competitive interest rates. These loans are perfect for first-time homebuyers and those who may have less-than-perfect credit or limited savings for a down payment.
Key Features of FHA Loans
FHA loans require a low down payment—as little as 3.5%—making it easier for buyers to afford a home. They also come with flexible credit score requirements, often allowing borrowers with scores as low as 580 to qualify. With fixed-rate and adjustable-rate mortgage (ARM) options, FHA loans provide stability and flexibility to meet your needs. Additionally, FHA loans are assumable, meaning the loan can be transferred to a new buyer if you sell your home, potentially saving them money on financing.
Who Qualifies for an FHA Loan?
FHA loans are ideal for first-time homebuyers, low-to-moderate-income borrowers, and those with credit challenges. To qualify, you typically need a credit score of 580 or higher for the 3.5% down payment option. Borrowers with scores between 500–579 may still qualify with a 10% down payment. You’ll also need stable income, a debt-to-income ratio (DTI) below 43%, and the ability to pay mortgage insurance premiums (MIP).
Benefits of FHA Home Loans
FHA Home Loans offer low down payments, making them a great choice for buyers without significant savings. They provide flexible credit requirements, helping buyers with lower credit scores qualify more easily. FHA loans include competitive interest rates, reducing monthly payments and saving money over time. Borrowers can also finance home improvements through FHA 203(k) Renovation Loans, making it easy to upgrade or repair their home.
FHA Loans vs. Conventional Loans
Compared to Conventional Loans, FHA loans have lower credit score requirements and smaller down payment options, making them ideal for first-time buyers. However, FHA loans require Mortgage Insurance Premiums (MIP) for the life of the loan unless refinanced, while Conventional Loans allow you to cancel PMI once 20% equity is reached.
Why Work with Diane?
With over 30 years of experience, I specialize in helping first-time buyers and those with credit challenges achieve their homeownership goals through FHA loans. I’m here to simplify the process, guide you through pre-approval, and find the best solution for your needs. Based in Orange County, I proudly serve clients across California and am committed to making the loan process easy and stress-free.
Tailored Mortgage Solutions for You
At Diane Luongo Gazich - C2 Financial Corporation, we understand that navigating the complexities of mortgage financing requires not only expertise but also a personal touch. As a Certified Mortgage Advisor in Fullerton, Orange County, CA, our dedication to personalized service ensures each client receives tailored advice and solutions designed to meet their unique financial needs. With an unwavering commitment to excellence and a deep understanding of the local market, we provide you with the confidence and support essential for making informed decisions every step of the way.
What is the minimum credit score for an FHA Loan?
You’ll need a minimum credit score of 580 to qualify for the 3.5% down payment option. Borrowers with scores between 500–579 may still qualify with a 10% down payment.
Do FHA Loans require mortgage insurance?
Yes, FHA loans require Mortgage Insurance Premiums (MIP), which include upfront and monthly payments. The upfront MIP can be rolled into your loan, while the monthly MIP is included in your payments for the life of the loan unless refinanced.
Can I use an FHA Loan to buy an investment property?
No, FHA loans are intended for primary residences only. However, you can use an FHA loan to purchase a multi-unit property (up to 4 units) as long as you occupy one of the units as your primary residence.
What types of properties are eligible for FHA Loans?
FHA loans can be used to buy single-family homes, condos, townhomes, and multi-unit properties. They can also be used for manufactured homes and renovation projects through the FHA 203(k) Loan program.
Can I refinance with an FHA Loan?
Yes, FHA loans allow refinancing options, including the FHA Streamline Refinance for borrowers with existing FHA loans who want to lower their interest rates quickly with minimal paperwork.
Are FHA Loans good for first-time homebuyers?
Absolutely. With low down payment options, flexible credit requirements, and affordable interest rates, FHA loans are designed to make it easier for first-time buyers to purchase a home.
How much can I borrow with an FHA Loan?
Loan limits for FHA loans vary by location and are based on the median home price in your area. In most counties, the limit is $498,257, but higher limits are available in high-cost areas.
What is the FHA 203(k) Renovation Loan?
The FHA 203(k) Loan allows you to finance both the purchase price of the home and the cost of repairs or renovations. This is ideal for buyers looking to purchase a fixer-upper or make upgrades to an existing property.
Get Started Today!
If you’re ready to buy a home with low down payment options and flexible credit requirements, an FHA Loan may be the perfect solution for you. Contact me today to learn more about your options and start your journey to homeownership!
Let's Talk About Your Mortgage Needs
If you’re ready to buy a home with low down payment options and flexible credit requirements, an FHA Loan may be the perfect solution for you. Contact me today to learn more about your options and start your journey to homeownership!