California FHA Loans
California FHA loans require homebuyers to invest at least a minimum of 3.5% of the sales price in cash for the down payment and closing costs. However, homebuyers can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.
California Home Mortgages are available for condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence. It is required that the property be Owner Occupied (OO) in order to qualify for a California FHA Loan.
California FHA loans can be used for either a new home purchase or a refinance. California FHA Loans can provide low-cost insured Home Mortgage Loans. The benefits of California FHA loans are that they come with very low closing costs and flexible payment options, which are attractive to buyers unsure about credit ratings, and/or buyers with less flexibility on a down payment.
The maximum financing will be 97.75% of the appraised value of the home or its selling price for a California FHA Loan. The maximum amount for a California FHA Mortgage varies from county to county in California. To see what the limit is in the county in which you’re interested, please contact us Allied Mortgage Direct anytime.
For more information regarding a California FHA Loan, contact one of our friendly Allied Mortgage Direct staff members by clicking here, or call us at (855) 263-1123.
