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FHA Home Loans offered by Joshua Crater

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA).  FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.

FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.

 

FHA Loans – Fixed-rate and ARMs,

Jumbo or High-balance up to $1,202,925 in Orange County, CA

An FHA loan is partially insured by the Federal Housing Administration (FHA), an agency created in 1934 to help borrowers and businesses recover from the Great Depression. The FHA’s insurance lessens a lender’s risk when offering loans to buyers with limited funds for a down payment and/or for imperfect credit.

FHA LOANS FEATURES AND BENEFITS

  • You may qualify to buy with a low, 3.5% down payment.
  • Credit scores from 580 are allowed for fixed-rate loans.
  • Both fixed-rate and adjustable-rate mortgages (ARMs) are offered.
  • You may finance a single-family home, 2-4 unit property, modular home, condominium or a Planned Unit Development (PUD) property
  • Jumbo Loan Amounts up to $625,500 on Single Family Home, up to $1,202,925 on 4 Unit Properties in Orange County,
  • Call Joshua Crater 949-278-0766 for any specific questions on max loan limits by county.

 

FHA Cash Out Refinance

If you have built up equity in your home and your financial situation may benefit by access to extra cash, you may want to consider an FHA Cash Out Refinance.

FHA Cash Out Refinancing may be right for you if you would like to:

  • Reduce the amount of high-interest debt you have, including credit cards or student loans
  • Pay off a car loan
  • Obtain cash for medical bills or other expenses
  • Plan a wedding or a special vacation

If you are looking to get cash out of your refinance mortgage, the process of refinancing into an FHA loan will be similar to applying for a mortgage when you are buying a home. This includes obtaining an appraisal for the value of your home and supplying financing documents

 

 

FHA Streamline Refinance

If you currently have an FHA mortgage, an FHA Streamline Refinance offers several options. If interest rates have fallen, you may refinance to the lower rate and enjoy lower monthly payments. You may also qualify to convert your Adjustable Rate Mortgage (ARM) to a fixed-rate loan and “lock in” an affordable interest rate, or shorten your loan’s term to reduce the amount of interest you pay over the life of the loan.

FHA STREAMLINE REFINANCE FEATURES AND BENEFITS

  • Lower your Rate & Payment
  • Lower your Mortgage Insurance
  • A new property appraisal may not be required
  • To qualify, you’re required to be current on your monthly loan payments
  • Skip 1-2 monthly payments in the process of refinancing

APPLY FOR A LOAN