Advantages of FHA Loans
You can qualify with a lower credit score compared to other loans.
You can buy a home with a down payment as low as 3.5%.
If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.
You may qualify even if you’ve had financial difficulties in the past, like a bankruptcy.
You may be able to roll your closing costs into your loan.
The Benefits of Getting a Loan from American Pacific Mortgage
We’re an FHA-approved lender and process FHA loans every day.
You get a completely online application with less paperwork.
You can pay off your mortgage ahead of time with no penalties.
Other Popular Loan Options
Adjustable Rate Mortgage
How It Works
The Different Types of FHA Loans
FHA loans are available with different terms, so you can choose the length of the mortgage that works for you.
Think you’ll refinance or move within a few years? An FHA adjustable rate mortgage comes with a low fixed rate for the first five years.
How FHA Loans Work
You get an FHA loan from an FHA-approved mortgage lender.
The loan is insured by the Federal Housing Administration.
Because of that insurance, the credit and income requirements for an FHA loan are more lenient.
To help fund the FHA program, in most cases you’ll pay mortgage insurance, which is added on to your monthly payment.
The home you want to buy will have to meet the FHA’s minimum property standards.
FAQs ABOUT FHA LOANS:
Q: What is the maximum loan amount on an FHA Loan?
A: The LA and Orange County FHA loan limit is $726,525. CLICK HERE to find FHA Mortgage Limits for your county using the Housing and Urban Development's FHA Loan Limit Calculator.
Q: Can a seller contribute toward closing costs and pre-paid items on an FHA Loan?
A: Yes! A Seller can contribute funds to help cover closing costs and pre-paid items.
Q: Do FHA loans require mortgage insurance?
A: Yes. FHA loans do require mortgage insurance for the life of the loan.
Q: Does FHA offer a rehabilitation loan for homes requiring renovation?
A: Yes! FHA offers a loan called the 203K Rehab Loan which can be used for purchase or refinance on a home that needs a little extra TLC.
Q: Does FHB offer financing on Condos?
A: Yes! In order to obtain FHA financing on a condo, the project must reflect approved on FHA’s website. The best way to check project eligibility and expiration dates of project approval is to go to the following FHA website: https://entp.hud.gov/idapp/html/condlook.cfm