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Mortgage Broker Oakhurst CA | Home Loans | Granite West Funding

If you are looking for a competitive loan for home purchase, refinance or construction in Oakhurst or anywhere in the state of California, Granite West Funding can connect you with a loan suitable for your needs.

Call Us Today! 559-540-2275

FHA Loans
in Oakhurst, CA

FREE Mortgage Rate Quote

You do not need a perfect credit score to purchase a home in California. If you are eligible for an FHA mortgage, you can look forward to affordable rates, flexible terms and a low down payment.

What is an FHA Mortgage?

An FHA home loan is a lending product which is insured by the Federal Housing Administration (FHA). By backing your mortgage, the FHA offsets risk factors such as a credit score which is not ideal. This helps qualify you for a more affordable loan than you might otherwise be eligible for.

Benefits of FHA Loans in California

What are some of the advantages of FHA mortgages?

Mortgage rates for FHA loans are affordable even without perfect credit.

FHA loans carry lower down payment requirements than many competing lending products, particularly when your credit score is taken into account. Even if your score is as low as 580, you can buy a home with just 3.5% down.

Your closing costs will be capped or they will be covered by the seller.

You can pick whether you would like a fixed rate or adjustable rate for your FHA loan.

You do not need perfect credit to qualify for the benefits of FHA financing. DTI ratio requirements are also relaxed.

FHA loans are available for home purchase, construction, refinance, upgrades or repairs.

Are You Eligible for an FHA Mortgage in Oakhurst, CA?

Who is eligible for FHA loans? Contrary to popular belief, these mortgages are not only for first time homebuyers. Both first-time and repeat homebuyers may qualify.

Following are the requirements you need to meet:

To qualify to put 3.5% down, your credit score must be a minimum of 580. To qualify to put 10% down, the minimum credit score requirement is 500.

The maximum debt-to-income ratio is 56.9%.

Steady employment for at least the two most recent consecutive years is required to qualify for an FHA mortgage.

A clear credit alert interactive voice response system (CAIVRS) report must be furnished.

When you purchase a home with an FHA mortgage, you will be required to pay for private mortgage insurance (PMI) on a monthly basis. Make sure that you have room in your budget for PMI payments before applying.

FHA mortgages are available for primary residences only, not for second homes or investment properties.

So long as the waiting period has elapsed, a bankruptcy or foreclosure on your record will not prevent you from qualifying for an FHA mortgage.

Apply for a Flexible, Affordable FHA Mortgage Today

Ready to purchase a home with the 3.5% down, affordable interest rates, and easy credit qualification requirements? Call us now at 559-540-2275 to schedule your free FHA mortgage consultation in California.

Get Pre-Approved Today!