How to Buy a Home with a Low Down Payment, Good Credit Not Required

The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It insures loans made by banks and other private lenders for home building and home buying. An FHA loan benefits those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education.

Also, the credit requirements are less than a conventional home loan. For instance, a person can buy a home with a FICO (Fair Isaac Company) credit score of 580 and above. Also, a minimum of a 3.5% down payment is required under FHA guidelines to buy a home. FHA loans can also help a first time buyer to purchase a fixer-upper and help them pay for the repair/remodel costs.

FHA Home Loan Limits For Los Angeles County
single family residence/condominium/townhome is $729,750
2 units is $934,200
3 units is $1,129,250
4 units is $$1,403,400

so the 3 mains benefits are:

Low down payments
Low closing costs
Easy credit qualifying

Contact Steve Galindo and he will be happy to refer you to an FHA Home Loan Specialist. Call (323) 717-2262 or email him at mail@stevengalindo.com.