FHA 1st Time Home buyer program!
FHA mortgage has a great program for 1st time Home buyers. FHA does not give loans. They are an Insurance agency that insures mortgage loans that Banks and others make to homebuyers. This gives new home buyers the opportunity to buy their dream home with a low down payment.An FHA home loan Valencia may be easier to get than you thought.

The 1st thing you want to do is use our user friendly staff to see how much of a home you can afford. Once you have a house budget based on your income, etc. you are ready to get pre-Qualified for a new mortgage loan. 

FHA Home Loan Valencia

 Usually use the FHA program because they can not afford the 20% down to go with a conventional mortgage. The FHA insurance does cost an upfront origination fee as well as a yearly fee added to the monthly mortgage payments. Qualifying for a FHA mortgage is not to difficult. The Federal Housing Administration only requires 3.5% down payments and because the loan is insured, FHA loans have low rates.

There are Alternatives to an FHA Home Loan

FHA loans have an origination fee of 1.75% and a yearly premium of 1.20+%. The yearly premium is for the life of the loan. In the past, the insurance premium would go away after the property had 20% equity. But new FHA regulations now have it there for the entire 30 years. The key to getting a FHA loan is having a credit score of 640 or more and a housing expense of not more than 30%.

If you can come up with 10% down or more, you should consider not getting the expensive FHA home loan. There are private mortgage insurance companies that a experienced Loan Officer can set you up with that are much less cost. Id you have questions about an FHA home loan, give us a call at Mortgage Consumer. Our FHA home loans specialist will be glad to help you.