There is a common misconception that FHA loan are for first time home buyers only. This is not true! Anyone can apply for a FHA loan. If you have several houses, you can still apply!
A 3.5% down payment is just one of the requirements of a FHA loan and this money can come from a relative. Usually your credit score should be high, but with FHA, you can still get a great 30 year fixed rate. These interest rates are just as good as a conventional loan.
To get a FHA loan, the property has to be your primary residence. A non-occupying person can even co-sign with you for a FHA loan. In most cases, you can have only 1 FHA loan at a time.
Currently you can get a FHA loan up to $625,000. It might go up to $729,000 with the new Stimulus Bill.
With low rates, falling house prices in California, and a FHA loan with 3.5% down, your mortgage payment could be very close to what you are paying in rent! - 15790
A 3.5% down payment is just one of the requirements of a FHA loan and this money can come from a relative. Usually your credit score should be high, but with FHA, you can still get a great 30 year fixed rate. These interest rates are just as good as a conventional loan.
To get a FHA loan, the property has to be your primary residence. A non-occupying person can even co-sign with you for a FHA loan. In most cases, you can have only 1 FHA loan at a time.
Currently you can get a FHA loan up to $625,000. It might go up to $729,000 with the new Stimulus Bill.
With low rates, falling house prices in California, and a FHA loan with 3.5% down, your mortgage payment could be very close to what you are paying in rent! - 15790