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FHA (Federal Housing Authority) loans are attractive to many homebuyers in Southern California and with good reason. FHA loans generally have fairly flexible qualification requirements, and some buyers will qualify for down payments as low as 3.5% with an FHA loan.
It’s important to note, however, that to obtain an FHA loan with a low down payment in Southern California, a home buyer must have a credit score of at least 580. Southern Californians hoping to secure an FHA loan with a credit score less than that will need to make a down payment of at least 10%.
So, if you’re interested in taking advantage of the benefits FHA loans afford, particularly to first time home buyers, what exactly do you need to do? Here’s a look at three steps to take to obtain an FHA loan in Los Angeles, Orange, San Diego, Riverside and Ventura Counties:
- Get Familiar with Your Finances
Buying a home is typically the largest investment a person will make. So, it’s important to have at least a general understanding of your current financial status as you begin the process of obtaining financing. Look at your monthly debts, your monthly income, and determine how much you can comfortably afford to pay in a monthly mortgage payment. In addition, review your savings, and determine the amount of money you’ll be able to use for a down payment. Though these figures don’t need to be exact, it will be helpful to have an idea of where you currently stand, before you begin working with a mortgage broker or a direct lender in Southern California.
- Collect documentation
In order to obtain an FHA loan in Orange County, Los Angeles County, San Diego County, and all other Southern California regions, you’ll need to provide your mortgage broker or lender with proof of income, savings, debts, and savings. Begin collecting tax returns, bank statements, proof of income and more to have ready for your broker or lender when you begin working with them.
- Find a Trusted, Experienced Southern California FHA lender
FHA loans are not secured through the Federal Housing Authority. Instead, you will work with an FHA qualified lender to begin the approval process. Top-rated, Orange County based Summit Lending is an FHA qualified lender, and can work with you to secure your FHA loan quickly, and as simply as possible.
As top a Yelp! reviewed mortgage broker and FHA qualified mortgage lender in Orange County, Summit Lending provides low interest rate mortgage loans, such as FHA loans to buyers and homeowners all around the Southern California region, including in Riverside County, San Diego County, San Bernardino County, Ventura County, and Los Angeles County.
Based in Huntington Beach, CA, with offices throughout SoCal, Summit Lending can be reached online, on Facebook, or via phone at 888-451-9006. From conventional fixed rate loans to Jumbo loans, VA loans, FHA loans, reverse mortgages and cash out refinances, at Summit Lending we are eager to assist you in accomplishing your short and long term real estate financing goals. Contact us today.