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Mortgage Broker in Calabasas CA | Home Loans | 818-995-1200

The Arch Corporation is a residential and commercial mortgage and real estate brokerage serving residents throughout the state of California.

(818) 995-1200

FHA Loans
in California

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Don’t have a perfect credit score or DTI? That does not have to stop you from getting a competitive mortgage with low rates and an affordable down payment.

When you apply for an FHA loan in California, you do not need ideal credit to put just 3.5% down on a home purchase. The FHA loan program was created in order to make it more affordable to purchase a home for first time borrowers. Even if you are not a first time homebuyer, however, you can still avail yourself of the many exceptional benefits of FHA mortgages.

What is an FHA Loan?

The FHA loan program was created by the Federal Housing Administration (FHA). The FHA insures mortgages through this program in order to offset borrower risk.

This is what makes it viable for lenders to offer more competitive mortgage rates and terms than would otherwise be available to you.

Advantages of California FHA Mortgages

FHA mortgage down payments can be as low as 3.5%. This makes them an attractive option for first time homebuyers and others who may not have a lot saved up yet to buy a home.

Qualification requirements are relaxed for FHA loans.

The seller may be willing to pay the closing costs. Otherwise, they will be low.

FHA mortgage rates may be more affordable than those of other types of loans, especially taking into account your risk profile.

You can choose a fixed mortgage rate or an adjustable mortgage rate and still enjoy all the benefits of FHA financing.

FHA home loans are available for home purchase, repairs, upgrades or refinance.

How Do You Qualify for an FHA Mortgage in California?

To be eligible to put just 3.5% down on a new home, the minimum credit score is 580.

To be eligible to put 10% down, the minimum credit score use 500.

The requirement for your debt-to-income (DTI) ratio is about 43%-45%.

Stable employment is required to qualify for FHA financing. When you apply, you must provide verification of employment for the most recent two years.

You must have nothing negative on your credit alert interactive voice response system (CAIVRS) report.

FHA mortgages cannot be used for investment purposes, only for the purchase of a primary residence.

If you are shopping for your first home, there is a good chance that an FHA mortgage will be ideal for you.

Even if you are not shopping for your first home, however, FHA loans are well worth looking into. You might even qualify if you have a foreclosure or bankruptcy behind you.

Apply Now for an FHA Loan in California

With an FHA mortgage, you can move into your first or next home with a low down payment, even without perfect credit. To find out now if you are eligible, please call (818) 995-1200 or email doug@thearchcorporation.com. We look forward to helping you apply for the affordable home financing you need.

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Equal Housing Lender

The Arch Corporation is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. This material is not from HUD or FHA and has not been approved by HUD or a government agency. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.