If you want to buy a home in the San Francisco Bay Area with a low down payment, affordable interest rates, and easy credit qualification, an FHA loan could be just the mortgage product you are looking for.
The FHA loan program is insured by the Federal Housing Administration (FHA). By providing this insurance, the FHA reduces the risk profiles of eligible borrowers.
With your risk profile reduced, you can take advantage of benefits which might not otherwise be available to you through conventional financing.
If you are eligible for an FHA loan as a first time homebuyer or repeat homebuyer in the Bay Area, these are the advantages you can expect:
Your down payment could be as low as 3.5%.
You can be eligible for this low down payment even without an ideal credit score.
Interest rates on FHA loans tend to be very affordable.
Whether you prefer a fixed or adjustable mortgage rate, FHA financing can accommodate your needs.
FHA loans are available for home purchase, construction, repairs, upgrades, refinance or consolidation purposes.
Below, you can look over the eligibility requirements for FHA loans.
In order to put 3.5% down on a home with an FHA loan, you will need a credit score of 580 or higher. If your score ranges between 500-579, you can put 10% down on a home.
You will need a DTI of no higher than 43-45%.
When applying, you will have to provide documents which prove you have been employed for the past two years continuously.
You may only obtain an FHA mortgage for a primary residence. If you are shopping for a second home, vacation home, or investment property, you must pick a different type of home loan.
A clear credit alert interactive voice response system (CAIVRS) report is required.
No. Repeat homebuyers as well as first time homebuyers are welcome to apply for the program.
You also will not be disqualified automatically because of a previous foreclosure or bankruptcy.
Excited to move into a Bay Area home with a competitive mortgage with flexible credit qualification requirements? To schedule your consultation, please call (925) 478-8630. We look forward to helping you apply in getting you into your new home quickly and affordably.
We are based in Walnut Creek CA, we serve customers in the San Francisco Bay Area. This includes Martinez, Concord, Pleasant Hill, Alamo, Danville, San Ramon, Orinda, Moraga, Lafayette and throughout California.
Bridgepoint Funding is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.