FHA Loans

What Is a Federal Housing Administration Loan?

Train tracks Federal Housing Administration (FHA) loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration. FHA loans require lower minimum down payments and credit scores than many conventional loans and thus making it attractive for many borrowers. I mean in today’s world who doesn’t have credit score issues?

As of 2019, in Rocklin, CA you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you’ll need to make a down payment of only 3.5%). You’ll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member or a grant for down-payment assistance.

All these factors make FHA loans popular with first-time homebuyers.  Keep in mind that FHA loans are NOT limited to first time home buyers.  Every borrower’s situation is different and unique so the best option is always speak to a professional to find out what your options are.  

To learn more or to see if a FHA loan is the right loan for you please contact us today! 

 

 

 

Links

Licensing

Loan Officer: NMLS #1672395

Branch Manager – Michael Salondaka
NMLS # 310690
Michael.Salondaka@Supremelending.com

Branch address – 5800 Lonetree Blvd, Suite 102
Rocklin CA 95765

Contact Us

Buddy Gobbell- Supreme Lending
5800 Lonetree Blvd Suite 102
Rocklin , CA 95765
Phone: (916) 730-8761

BUSINESS HOURS

M-F: 8:00 am - 8:00 pm PST
SAT: 8:00 am- 8:00 pm PST
SUN: 8:00 am - 8:00 pm PST

SEND US A MESSAGE

 

Equal-Housing-Opportunity-logo

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. For New York applicants, please visit our New York authorized website: www.supremelending.com.

© 2019 EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. All rights reserved. Supreme Lending is an Equal Housing Opportunity Lender. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Supreme Lending is not affiliated with any government agency.