Mortgage Loan Programs and Eligibility Requirements
A comparison of available loan programs - conventional, FHA, VA, USDA, jumbo, HELOC and specialty financing - with the credit, down payment and property rules that decide which one fits.
FHA loans are a common choice for first-time home buyers, but they are not limited to first-time purchasers — repeat buyers can use them too, as long as the home will be a primary residence.
Benefits of an FHA loan
Down payment as low as 3.5% with qualifying credit
More flexible credit score and debt-to-income requirements
Gift funds from family may be used toward the down payment
Competitive interest rates backed by FHA insurance
Options to refinance later through the FHA Streamline program
What to consider
FHA loans require a mortgage insurance premium (upfront and monthly)
The home must be your primary residence and meet FHA appraisal standards
Loan amounts are subject to FHA county loan limits
Ready to explore fha loans? Kathlene Carney can walk you through eligibility, compare options, and get you pre-approved in California.