FHA Mortgage Loans: California FHA loan programs, FHA home loans, FHA streamline refinance, FHA first time home buyer

The Federal Housing Administration (FHA) helps borrowers that would otherwise be excluded from the housing market by allowing lower down payments and more liberal underwriting guidelines. FHA loans are an excellent option if you do not have a big down payment.

Refinancing your home with a FHA mortgage loan also has it's advantages. FHA will allow cashout up to 95% loan-to-value (LTV) on owner occupied properties. They also have a streamline refinance for borrowers that currently have an FHA home loan on their property. The streamline refinance will allow the borrower to refinance their home without a credit report, income documentation or an appraisal (in most cases) if the borrower has been current on their mortgage payment for the past 12 months. If you are interested in the streamline refinance, click here to read more about it or give us a call at 818-920-1600.

FHA Loan Programs

30 Year Fully Amortized Loan - This FHA loan is a 30 year fixed rate loan. The payments are amortized over the 30 year period and the loan would be paid off at the end of the 30 years. There are no pre-payment penalties on any of the FHA mortgage loan programs.

15 year Fully Amortized LoanThis loan is a 15 year fixed rate loan. The payments are amortized over the 15 year period and the loan would be paid off at the end of the 15 years. The 15 year loan usually has a lower interest rate than the 30 year fixed rate loan program.

3/1 Fixed Period, Adjustable Rate LoanThis FHA loan has a fixed rate for the first 3 years of the loan. After the 3 year period is up, the loan rolls over into an adjustable rate mortgage. Usually the 3 year fixed rate period has an interest rate that is much lower than the standard 30 year fixed rate program. Please see the No-negative amortized loan below to see how the adjustable rate portion of this loan will work.

5/1 Fixed Period, Adjustable Rate LoanThis FHA loan works the same as the 3/1 loan program above, but the fixed rate period is for 5 years instead of 3 years. The rate on this loan is usually a little bit higher than the 3/1 program, but is still lower than the 30 year fixed rate program.

Adjustable Rate LoanThis FHA loan is a no-negative amortized adjustable rate loan. It has a low start rate for the first year, then it adjusts yearly. The maximum the loan can adjust is 1% per year with a maximum of 5% over the start rate. To calculate the adjustments, the lender will add the margin and the index rate together to come up with the new note rate each year.

FHA Loan Types

30 Year Fully Amortized loans
15 Year Fully Amortized loans
3/1 and 5/1 Adjustable Rate Loans
No Negative Amortized Adjustable Rate Loans

Feel free to call us at 818-920-1600 to go over the different loan options that best suit your needs.

Get Pre-Approved Today

To start the process of being pre-approved for a FHA mortgage loan, complete the short application to the right and we will contact you within 24 hours to go over your loan scenario.

To speak to a loan officer today, please feel free to call us at 818-920-1600 or you can email us at

info@yourmtglender.com

Apply Now for an FHA Home Loan

California DRE License #01514247

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