Does this property qualify for FHA funding,with only 3% down? What terms are available?

Asked by Leah Or Ernie, San Pedro, CA Wed Mar 27, 2013

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Vera Gleason, Agent, Riverside, CA
Wed Mar 27, 2013
Hi Lean & Ernie,
Yes this property does qualify for FHA. And, actually, FHA financing requires 3.5% down. In addition to the down payment, you also need to allow for closing costs. However there are certain programs where you can get extra assistance with both the down payment and/or closing costs.. The CHDAP financing is an example. And, just so you know there are also rehab financing loans through FHA. So even a home in need of some repair can qualify for financing.
If you need a referral to a great lender who handles such loans, I'd be happy to help you connect with one of them..

Vera Gleason
Pedersen Real Estate
0 votes
Craig Chasta…, Agent, Rancho Cucamonga, CA
Wed Mar 27, 2013

Yes this would qualify for FHA.
To further answer your question, it's typically the buyer and not the house that has lending programs attached to it. There are some government owned homes that have special loan programs, but in most cases the loan you choose to go with is based off of your qualifications.

Are you already pre-approved for a loan?

Craig Chastain
Next Level Realty
0 votes
Within the last six months I been pre-qualified by two different lenders for a max. of only 250k. This is because I'm Retired due to a permanent and stationary disability de to on the job injury.I'm on Disability income only. The last time I've checked my fica score was 735 since then it's increased.
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