The home you want, the flexibility you need.
San Diego FHA Loans
Lower income borrowers can still afford to buy homes with the Federal Housing Administration’s help. FHA loans are government-backed mortgages intended to minimize barriers to homeownership. With an FHA loan, lower income borrowers have more flexible requirements than many other types of home loans.
About FHA Loans
- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a San Diego FHA Loan Right for You?
Worried about a low credit score or not affording a large down payment? An FHA loan might be right for you. With less strict requirements, you may be able to qualify more easily.
Benefits of an FHA Loan
Become a Homeowner
An FHA loan could turn your homeownership dreams into reality even with low income.
Low Down Payment
Did you know that you only need a deposit of 3.5% to qualify for an FHA loan? A large down payment shouldn’t be a barrier to homeownership.
Get Past Thin Credit
When it comes to your credit score, there are many factors that affect it. It’s entirely possible to get an FHA loan with a low credit score or poor credit history.
Requirements for an FHA loan are more relaxed compared to other loans. Get a chance to start over after a financial setback, and still qualify for financing.
San Diego FHA Loan Eligibility Requirements
- Credit score higher than 500
- Ability to cover 3.5% down payment
- Reasonable debt-to-income ratio
- Home must be the borrower’s primary residence
FHA Loan FAQs
How much can I afford to borrow?
The FHA may limit how much you can borrow, but this will depend on your circumstances. We’re happy to help you find the right options. Get in touch with National Home Loans today!
How will I know if the condo/townhome I want to buy is eligible for FHA financing?
This link will allow you to enter your zip code for a list of eligible properties.
How much do I need to pay monthly?
This may vary depending on your situation, but FHA loans typically have modest monthly payments.
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