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FHA LOAN PROGRAM

The Federal Housing Administration (FHA) Loan Program

is a popular option for borrowers, especially first-time homebuyers

and those with less than perfect credit. FHA loans are insured by

the government, which reduces the risk for lenders, allowing

them to offer loans with lower down payments (as low as 3.5%)

and more flexible qualification requirements.

Scenarios and Potential Applicants:

First-time homebuyers who might not have a large down payment saved.
Borrowers with lower credit scores seeking competitive mortgage rates.
Individuals looking for a more lenient lending program regarding credit history and debt-to-income ratios.
Those who are interested in purchasing a fixer-upper, as certain FHA loans can cover renovation costs.

Requirements:

Minimum credit score of 580 for the 3.5% down payment or 500-579 for a 10% down payment.
Steady employment history (Two years employment history).
The property must be appraised by an FHA-approved appraiser and meet specific health and safety standards.
Mortgage insurance premium (MIP) is required.

The next step is to reach out to us, allowing a professional
to start your prequalification process

IMPORTANT NOTE: This website is for informational purposes only, is not a loan commitment, while it does provide potential loan programs. If you choose to apply for a mortgage loan, and a bank decides to approve your application, your actual loan terms and closing cost may vary, depending upon many different factors/programs, including the loan product for which you may apply and are approved, and when you are approved. All loans must satisfy underwriting guidelines. Interest rates and APR are subject to change without notice. If you decide to apply for a Mortgage Loan, a loan application is required along with your income and assets and a two-year employment history. This is not an offer for extension of credit or a commitment to lend. Gold Coast Financial Corp. is an Equal Housing Opportunity Mortgage Broker Licensed by the Department of Real Estate under the California Residential Mortgage Lending Act. NMLS 2387878 with its main office located at 7847 Florence Ave., Suite 105, Downey, CA 90240.