FHA Refinancing and FHA Home Loans
The federal government insures FHA Home Loans so that mortgage lenders like California Home Solution can offer funding to those who traditionally struggle to find home financing or have had Foreclosures or Shortsales more than one year old, but less then seven years old. That means our loans have less stringent guidelines, and we can offer more opportunities for homeowners and homebuyers, whether they need purchase or refinance a home.
FHA Home Loan: Buy a Home without a Huge Down Payment
Government insured FHA Home Mortgages are a popular loan for first time homebuyers as the down payment requirement is far less to secure a first time mortgage. Typically, buyers can put as little as 3.5 percent down, and the debt ratios and job requirements guidelines are less stringent too.
Other benefits include:
- Lower FICO credit scores allowed
- Lower closing costs
- Can use gifts toward the home down payment
FHA Refinance Loan
California Home Solution can help you refinance your home with an FHA loan, even if you have less than perfect credit. Many homeowners who have difficulty paying their mortgage often move from a conventional to an FHA Loan, which can lower your interest rate and monthly payments.Other uses for an FHA Loan include:
- Improve or upgrade your home. You can use an FHA 203(k) Home Improvement Loanto pull money out for home improvements and repairs.
- Avoid foreclosure. Facing a foreclosure is hard. California Home Solution can help you save your home by refinancing to a low interest, low-monthly payment FHA Loan.
- Pull cash out from the equity in your home. There are many reasons that you may need a cash out refinance. We can help you get the money you need without having to use high-interest credit cards or loans.
- FHA 30 Year Fixed Rate Loan: A fixed rate loan with low interest rates and monthly payments that generally requires a small down payment, and can be obtained by buyers with low credit scores.
- FHA 5/1 Adjustable Rate Mortgage: The initial interest rate is valid for the first five years; after that, your rate is determined by market values. This loan is good for buyers who plan to own the home for a short time because introductory interest rates are typically very low.
- FHA 203(k) 30 Year Fixed Rate Loan:The 203(k) loan program allows borrowers special financing to buy a fixer-upper with enough extra money to complete necessary renovations.
- FHA Streamline 5/1 Adjustable Rate Mortgage (Refinance):FHA Streamline refinance loans traditionally require less documentation than a traditional loan. In addition, there is no appraisal required. The FHA 5/1 ARM establishes low initial interest rate for the first five years; after that, your interest rates will fluctuate depending on market interest rates. Adjustable Rate Mortgages typically have the lowest rates and can be useful if you plan on selling the home in the near future.
- FHA Streamline 30 Year Fixed Rate Loan (Refinance):Designed to either lower your payment by lowering your current interest rate or to convert an FHA Adjustable Rate Mortgage into a fixed rate mortgage. Again, the FHA Streamline requires less documentation than a traditional loan and there is no appraisal required. Generally, this loan is easy to apply for and may not require qualifying debt ratios or income verification.
- FHA 203(k) Streamline 30 Year Fixed Rate Loan (Refinance): The FHA 203(k) allows borrowers to pull out up to $35,000 in equity to pay for home improvements or renovations.