Federal House Administration Loans in Sacramento, CA

Understanding Home Loan & Mortgage FHA Loans

Federal Housing Administration (FHA) Loans

Looking for your mortgage payment to be the same every month? Then a fixed rate loan, may be right for you. A fixed-rate mortgage loan provides you with the security of having the same interest rate over the life of the loan

Fixed rate loans come in a variety of loan terms, including 15, 20, and 30 year terms. The monthly principal and interest payments will be predictable, which makes it easy to budget every month. May be a good choice if you plan to stay in your home for a long time.

Feel at ease from rising interest rates for the life of the loan, no matter how high interest rates go.

What is an FHA loan?

An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments.

FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you’re a current military member or veteran, you may be eligible for a VA home loan with little or no downpayment.


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FHA Benefits and Considerations

Lower down payments

An FHA mortgage may require a down payment as low as 3.5 percent, although the interest rate may be somewhat higher than with a conventional mortgage.


Lower credit thresholds
One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or outstanding credit.


Popular for refinancing

Many borrowers with newly adjusting ARMs look to refinance into fixed-rate FHA loans. Learn more about your refinance options.


FHA Requirements and Qualifications

Loan amount
  • FHA home loans have maximum mortgage limits that vary by state and county.
Down payment
  • FHA loan guidelines require a minimum down payment of 3.5 percent.
Property Condition
  • FHA loans require that the home being purchased must meet certain conditions and be appraised by an FHA-approved appraiser. New FHA loans are available only for homes that will be used as the buyer’s primary residence.
An FHA mortgage may be a good fit if your credit is not up to the requirements of a conventional loan or limited cash for a down payment, but other options exist. Contact a mortgage loan officer to find out which mortgage option is the best fit for you.

Final Thoughts

Don't let the complexities of securing a mortgage hold you back.

Anew Lending's team of experts will guide you through the process with personalized consultation and a variety of loan programs to choose from.

With their commitment to honesty and integrity, you can trust that they'll make home ownership in Sacramento accessible for you.

Take the first step towards your dream home today and schedule your consultation with Anew Lending!

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