mortagesandforeclosures

There is a common misconception that FHA loan are for first time home buyers only. This is not true! Anyone can apply for a FHA loan. If you have several houses, you can still apply!

If you don't have the 3.5% for a down payment, you can get this from a relative. Credit score not good? That's not too much of a problem as FHA loans can still work with you and get you a great 30 yr fixed rate. These rates are comparable to conventional loans.

If you get a FHA loan, the house has to be your primary residence. If you don't qualify on your own for a FHA loan, you can get a non-occupying co-signer to help you. You can only have 1 FHA loan at a time, but there are sometimes exceptions.

FHA loans are currently up to $625, 000. This is expected to go up to $729,000 after the government stimulus bill.

With low rates, falling house prices in California, and a FHA loan with 3.5% down, your mortgage payment could be very close to what you are paying in rent!

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