FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.
Benefits of FHA Loans
There are many benefits to FHA Loans beyond just a lower down payment.
- FHA Loans require little to no down payment
- FHA Loans accept lower FICO, down to 550
- FHA Loans may accept lower FICO with a higher down payment
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan.
Get Pre-Approved for a FHA Loan
If you are a first time home buyer, or simply seeking a lower down payment, contact SSK Mortgage at (310) 508-5396 for more information, or fill out the form on this page.
The SSK Mortgage Team is your premier mortgage team located in Redondo Beach, California. In addition to Redondo Beach, we also work with clients in Manhattan Beach, Hermosa Beach, El Segundo, Torrance, CA, Ranchos Palos Verdes, Palos Verdes, Venice Beach, Carson, CA, Harbor City, CA, Lomita, CA, Hawthorne, CA and the entire South Bay of Los Angeles.