The National Housing Act of 1934 created the Federal Housing Administration (FHA) to help first-time buyers and lower-income Americans purchase a home. Today, the US Department of Housing and Urban Development (HUD) insures FHA loans.
The FHA loan is a low down payment mortgage that provides flexible qualification options to buyers who marginally qualify under conforming loan programs. It is popular with first-time and middle-to-low income buyers.
Enjoy down payments as low as 3.5% of the home’s purchase price
Qualify with no maximum income limitation
Qualify for an FHA home loan even without a long credit history
No prepayment penalty
The most popular FHA loan program is the 203(b) fixed rate mortgage loan. This loan helps middle- to low-income buyers compete in high-demand areas (San Luis Obispo County) by offering loose credit guidelines and flexible down payment options.
The FHA Streamline Refinance is a simple way for FHA borrowers to lower their monthly mortgage payment by refinancing into a lower mortgage rate. Borrowers must display a history of consistent payments, and reduce their monthly payments by 5%. No appraisal, no income qualification, no asset documentation.
The 203(k) mortgage loan offers funds for home rehabilitation and renovation. Borrowers can get unlimited funding for cosmetic repairs and functional upgrades.
The FHA back-to-work program offers buyers the ability to purchase a home just 12 months after a negative credit event. Otherwise:
The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant.
The Program Income Limit for FHA, VA, and USDA First Mortgages
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