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What is an FHA Loan?

What is an FHA Loan

If you’re buying a DLTA loft or condo for sale, you’ll most likely need a mortgage loan – and you’re not alone. Most people don’t have enough cash sitting around to buy a home with no mortgage. One of your options is an FHA loan.

What is an FHA Loan?

An FHA loan is a mortgage that’s backed by the Federal Housing Administration.  With an FHA loan, you can:

  • Put as little as 3.5% down
  • Get approved despite a poor credit history
  • Get extra funding for renovations and repairs
  • Fund your down payment with gift money or with help from the seller
  • Buy a condo or loft

The FHA guarantees this type of loan, which comes from a bank or credit union. Lenders use these types of loans because if you don’t make your payments, the FHA will cover them – and while that doesn’t benefit you at all (you’ll still go into foreclosure), it does benefit the lender.

Search for homes in DTLA here:

Qualifying for an FHA Loan

Many people feel that FHA loans are easier to qualify for than other loans are. That’s because:

  • There’s no minimum income required – you only need to make enough to cover your loan payments.
  • Borrowers with low credit scores are more likely to be approved with an FHA loan.

Not everyone qualifies, but if you have a credit score of 580 or higher, you could be eligible to put down as little as 3.5 percent. If you have a credit score between 510 and 580, you’ll have to put down a 10 percent down payment.

Are You Buying a Loft or Condo in Little Tokyo?

If you’re thinking about buying a condo in Los Angeles or a nearby community, call us at 213-254-7626 or contact us online. While you’re here, check out our:

  • Little Tokyo Lofts: For Sale | For Lease
  • Savoy Lofts: For Sale | For Lease

 

 

 

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Posted in: Blog, Buyers, Mortgages Tagged: Buying a Home, FHA Loans, Mortgages

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Downtown LA Lofts & Condos
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