FHA Loans in Stockton

FREE Mortgage Rate Quote »

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.

What is an FHA Loan?

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.

Stockton FHA Mortgage Benefits

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.

Who Qualifies for an FHA Loan in Stockton?

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.

The Following Factors Will Not Stop You From Qualifying for an FHA Loan

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.

What Our Clients Are Saying

Ashley Wise
Ashley Wise
17:09 02 Apr 20
Kelly Hasko
Kelly Hasko
20:46 13 Mar 20
22:40 28 Jan 20
My experience with HMLC has been exceptionally good, as a veteran, I would recommend HOME Mortgage Lending Co. knowledge of Veterans benefits and needs is a plus.
Vanessa Medina
Vanessa Medina
17:18 07 Oct 19
I had an AMAZING first-time home buying experience with H.O.M.E Lending! Don Burns and his assistant Paula were a joy to work with and made every step of the way extremely easy and stress free. I... loved that I was kept informed through each step as progress was made, and I felt like my experience was customized, rather than feeling like "just another client." I will definitely be bringing my business back in the future! Still in awe with my home and the treatment I was given!read more
Ashley Acker
Ashley Acker
16:57 04 Oct 19
Don and his team will do everything possible to get you in a home you truly love! They are excellent at prompt communication, and were so kind and patient while we asked a million questions about the... homebuying process. Few things are more stressful than buying your first home, and Don and Paula were so great and made it so easy. Don kept us aware of the rates and made sure to lock in our loan when rates were the best for us. He is an excellent agent, broker, and lender, and has SO much knowledge about every single step of the process! Thanks so much, Don and team!read more
Christy Werner
Christy Werner
16:44 15 Sep 19
Don and his staff at H.O.M.E. Lending went far above and beyond to assist me with a (by no fault of theirs) complicated sale of my home and purchase of a new home. Had it not been for Don and his... staff, I would not be sitting happily in the home of my dreams right now. Don was a wealth of knowledge and a huge support throughout the entire transaction. His staff was professional, pleasant and amazing to work with. I will, without reservation, be recommending H.O.M.E Lending to my friends and family. I am very grateful that I found H.O.M.E. Lending.read more
Kevin Goehring
Kevin Goehring
19:13 11 Sep 19
I met Don Burns when he represented a buyer for a property I had listed. I was very impressed with Don's communication, professionalism, and attention to detail. In fact, I was so impressed with Don... and the H.O.M.E Lending team that I have referred several of my clients to them for their refinance and purchase money needs. These referrals have all been pleased with the service and low rates. I have been equally as happy with the quick and easy closing and outstanding communication throughout the process. I have found that Don and the H.O.M.E Lending team actually care about their clients and offer a personal touch not found with the big banks.read more
Brian Frantz
Brian Frantz
21:21 04 Sep 19
I've found Don to be knowledgeable, always available and felt he really cares for his clients. I highly recommend Don and the H.O.M.E. Lending team!
Shari Cardenas
Shari Cardenas
20:08 20 Aug 19
Don Burns and company, we're all Amazing! Never had hubby and I thought we'd own. Don helped us with plan to pay credit and get a loan! I'm sitting in my new beautiful forever home!!! Thanks guys!

Apply for an FHA Loan in California Now

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 info@gethomelending.com to schedule your consultation.

Free Mortgage Rate Quote »