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Real Estate and homes for sale in Manhattan Beach, Hermosa, Redondo Beach, Torrance and El Segundo

Real Estate and homes for sale in Manhattan Beach, Redondo Beach, Hermosa, Torrance and El Segundo

You are here: Home / Helpful Home Buyer Tips and Questions / FHA Loans – Buying a Home using a FHA Financing

FHA Loans – Buying a Home using a FHA Financing

Information for First Time Home Buyers

**This is very generalized information and we highly recommend talking with a lender or visiting the FHA’s website for updated info.

The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than conventional home loan programs. Some highlights of the FHA loan program are:

  • Minimal Down Payment and Closing Costs.
  • Down payment as low as 3.5% of Sales Price (with a credit score higher than 580….below 580 minimum is 10% down)
  • Gift for down payment and closing costs allowed.
  • No reserves required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

  • Lower FICO score or credit score requirements.
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase three years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

  • Higher Debt Ratio’s than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

Back to first time homebuyer tips and information

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