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| FHA HOME LOANS Benefits and Protections that only come with FHA insured mortgages The follow rates are FHA (conforming) FHA INTEREST RATES CURRENTLY BEING OFFERED Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
Less than Perfect Credit: You don't have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.
Low Down Payment: FHA loans have a low 3.5% down payment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.
FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
Helps You Keep Your HOME: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.
FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. In order to initiate the loan application process, please contact an FHA approved lender.
An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation).
HUD's internet site can provide additional information on FHA mortgages by going to: http://www.hud.gov/buying/index.cfm
Bradford Real Estate Finance is an FHA approved lender. Bradford Real Estate Finance can also help you find a home! Call us for more information.
There are also many local and State government programs available that use HUD and/or non-HUD funds to provide grants for the down payment or to help pay closing costs. To find out what programs are available in your area visit http://www.hud.gov/buying/localbuying.cfm FHA Mortgage Limits change in a BIG WAY! For areas outside of the Communities listed below, FHA offers a 'Mortgage Limits' lookup web page. All you need to know is the State and County you want to look up and it will give you the example listed below: NOTE: Loan limits listed below are due to change effective December 1st, 2008.** Please call us for updates! FHA Temporary Mortgage Limits** | One-Unit | Two-Unit | Three-Unit | Four-Unit | | Orange County, CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 | | Los Angeles, CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 | | Riverside, CA | $500,000 | $640,100 | $773,700 | $961,550 | | San Diego, CA | $697,500 | $892,950 | $1,079,350 | $1,341,350 | | Santa Barbara - Santa Maria - Goleta, CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 | | Imperial, CA | $325,000 | $416,050 | $502,900 | $625,000 |
The numbers listed above are for specific Communities within California and vary may according to the State/County location of the properlty. https://entp.hud.gov/idapp/html/hicostlook.cfm Eligible Properties | Ineligible Properties | | Single famity (1,2,3 and 4 units) | Co-Ops | | Plan Unit Development (PUD) | Commerical Enterprises | | Condo's (Must be FHA approved project) | Boarding Houses | | Manufactured (mobile) & Modular Homes | Condo-Hotels | | Primary Residence - owner occupied for purchase | Bed & Breakfast | | No Cash Reserve Requirement for 1 and 2 units | Investment Purchase | | Full Documentation Only | 5 or more Unit Developments Farm Land, Raw Land |
BE AHEAD OF THE CURVE!
Limits, rates and terms are subject to change without notice.
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