All You Need to Know About FHA Loans, San Diego
What Is an FHA Loan?
FHA loans, San Diego, are loans indemnified by the Federal Housing Administration. They are only issued by FHA- approved lenders such as the Community Mortgage in the U.S.A. They were established to accommodate the needs of low-income borrowers. They are a good option, especially for first-time homebuyers, because they require a small down payment. Information can be found here.
How Does FHA Loan Work?
The Federal Housing Administration indemnifies FHA loans. FHA protects mortgage lenders when borrowers default payments. It makes it easier for people to qualify for the loan and for the lenders to offer low-interest rates. See here for information about How To Find The Best Home Loan Lender In San Diego, CA.
What Are the Qualification Requirements?
- You must provide a minimum of 3.5% down payment.
- You must have a FICO score of at least 580
- You must have sufficient funds (at least 1.75% of your total loan) to cover upfront mortgage insurance premium.
- You should have enough money to cover all closing costs.
Why Choose Community Mortgage?
Community Mortgage has built a solid reputation for the award-winning services we provide to our esteemed clients. We service our FHA loans, San Diego, which means clients get prompt and high-quality services.