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FHA Home Loan Essentials

Refinance your home, pull cash out to pay expenses or make a new home purchase with an FHA home loan. FHA loans are a great way to save money on a new home purchase because you can put as little as 3.5% of the home value as a down payment. They are also great for refinancing your home when conventional loan guidelines make qualifying difficult.

We are a family owned and operated FHA approved mortgage company -local to Southern Orange County, CA that can assist you in determining if an FHA loan is right for you!

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Take advantage of our competitive wholesale rates and excellent service. Watch the short 2 minute video and follow the steps or call Brandon direct at (949) 291-8468.

What Are The Benefits Of An FHA Loan?

There are many reasons why someone would want an FHA loan. Here are a few of them:

  1. Low Down Payment – For new home purchases, FHA loans require as little as 3.5% down!
  2. Lenient Qualifications – FHA loans are often easier to qualify for. Underwriting standards even allow for individuals with credit issues and past bankruptcies to obtain fair and reasonable financing.
  3. Government Insured – FHA loans are insured by the Federal Housing Administration (FHA). This benefits the lender and/or investor of the loan because they know that in the case of borrower default, the insurance fund will protect them.
  4. With many benefits to an FHA home loan, there is a good possibility that one may be right for you. Call one of our senior mortgage professionals to discuss your exact situation at 949-291-8468.

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    Calculating What You Can Afford

    For an FHA loan, your monthly housing costs should not exceed 29% of your gross monthly income. Total housing costs include mortgage principal and interest, property taxes, and insurance. Those four terms are often lumped together, and referred to as PITI.

    Example:

    Monthly income X .29 = Maximum PITI

    For a monthly income of $3,000, that means $3,000 x .29 = $870 Maximum PITI

    Your total monthly costs, adding PITI and long term debt, should be no more than 41% of your gross monthly income. Long term debt includes such things as car loans and credit card balances.

    Example:

    Monthly income x .41 = Maximum Total Monthly Costs

    For a monthly income of $3,000, that means $3,000 x .41 = $1230

    $1,230 total – $870 PITI = $360 allowed for monthly long term debt

    Ready to get started? Fill out the form at the top of the page or call (949) 291-8468!


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