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[vc_row][vc_column width=”1\/1″][vc_column_text]What is a California Federal Housing Loan (FHA Loan)? An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. It’s designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payments and lower credit scores than many conventional loans. You can borrow 96.5% of the value of your home, if you have a credit score of at least 580, then you will only need to make a down payment of 3.5%. Federal Housing Loans are a great option when you have less than a 20% down payment. To obtain mortgage insurance from the Federal Housing Administration, you are required to pay two types of mortgage insurance premiums. An upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the base loan amount at closing is required, and is normally rolled into the total loan amount by the lender and paid to FHA on the borrower\u2019s behalf or paid at the time of closing. There is also a monthly mortgage insurance premium (MIP) which varies based on the loan-to-value ratio (LTV), loan amount and length of the loan. Learn more How do I qualify for an FHA Loan? If your […]<\/p>\n","protected":false},"author":1,"featured_media":16773,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"aioseo_notices":[],"yoast_head":"\n