Mortgage Broker in Stockton CA | H.O.M.E. Lending (209) 477-0262
Welcome to H.O.M.E. Lending mortgage broker - where Home Ownership is Made Easy. Please call (209) 477-0262 to apply for a home loan in California now.
What if you want to purchase a home with a low down payment and low mortgage rates? And what if your credit score is not perfect?
An FHA mortgage in Stockton is one way to make it happen. With this type of home loan, you can put just 3.5% down on a home and enjoy affordable mortgage rates. Borrowers do not need ideal credit to be approved. So this is a great option if you are still working on building your score.
An FHA loan is a mortgage with flexible credit qualifications which is insured by the Federal Housing Administration (FHA). By providing this type of backing for your mortgage, the FHA offsets negative factors in your risk profile for easier loan qualification and more competitive rates and terms.
An FHA loan in Stockton or elsewhere in California can bring you these exciting advantages:
Covering the closing costs yourself may not be necessary if the seller opts to pay them. Closing costs are otherwise limited to keep them as affordable as possible.
The minimum down payment for an FHA mortgage is only 3.5%. This is one reason why FHA loans are the go-to mortgage of choice for so many first-time homebuyers in California.
With FHA insurance backing your loan, your mortgage rates will be affordable even if your credit is not perfect.
Both fixed and adjustable mortgage rates are available for FHA loans.
You can use your FHA mortgage to purchase a home, repair, or upgrade one, or refinance.
FHA mortgage eligibility requirements are deliberately relaxed in order to qualify as many homebuyers as possible.
Your credit score determines the down payment that you qualify for with an FHA loan. If you have a minimum credit score of 580, that will qualify you for 3.5% down. If your credit score is between 500 and 579, you will be eligible for 10% down.
A debt-to-income (DTI) ratio between 43% and 45% is expected to qualify for an FHA mortgage.
To be approved for an FHA mortgage, you must be stably employed, and have been so for the past two years.
A clear credit alert interactive voice response system (CAIVRS) report is another qualification requirement for an FHA mortgage.
Being a repeat homebuyer. There is a common misconception that FHA mortgages are for first-time home buyers only. This is incorrect. Repeat homebuyers can also use them.
Having a bankruptcy or foreclosure in your past. Once the wait period has elapsed, you are free to apply for an FHA mortgage and be approved.
You don’t need to wait until you have perfect credit to apply successfully for an affordable home loan in Stockton or anywhere in California. To find out if you qualify for an FHA loan now, please call (209) 477-0262 or email firstname.lastname@example.org to schedule your consultation.
Top Rated Mortgage Broker In Stockton
H.O.M.E. Lending is located on 1919 Grand Canal Blvd A6, Stockton. Located about 10.5 miles from the Stockton Metropolitan Airport (SCK). From the 5 Fwy exit March Ln and turn east. Then turn right at the 3rd light (McGaw) and turn into the first drive way. H.O.M.E. Lending is located directly across the street from F&M Bank.
We are open Monday - Friday 8am - 6pm.
For additional questions you can call us at (209) 477-0262 or you can find us on Yelp.
H.O.M.E. Lending is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.