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Summit Lending - FHA Loans



FHA Loans in Southern California

Orange County based Summit Lending's team of top reviewed mortgage brokers specialize in helping California homeowners and home buyers to obtain FHA loans. FHA loans are also known as government loans, because they are those that are issued by federally qualified lenders, and are insured by the U.S. Federal Housing Authority.

For many first-time home buyers, and current homeowners throughout Southern California, an FHA loan is the perfect purchase loan, or provides the best opportunity to refinance your current mortgage into a better interest rate.

FHA Loans in Southern California: As a direct mortgage lender, Orange County based Summit Lending is able to underwrite and fund homebuyer and refinance loans directly, which enables us to provide you with approval for your FHA loan very quickly.

What is an FHA Loan?

FHA loans are government backed loans. They are insured by the Federal Housing Administration, hence the acronym FHA. FHA loans are only available through FHA approved lenders, like Summit Lending in Huntington Beach, CA. These mortgage loans are particularly popular with first time home buyers in Southern California, as the requirements for loan approval are not as strict as other types of loans. FHA loans are also often great loans for Southern Californians who have less than perfect credit, and/or don't have a large down payment.

Summit Lending mortgage brokers are happy to talk with you about the benefits of an FHA loan in Southern California. Also referred to as "government loans," FHA loans provide the perfect loan to allow SoCal borrowers to gain a foothold in the competitive Southern California real estate market. FHA loans are available for purchases or for refinances.

What are FHA loan requirements?

FHA loan requirements include the following:

How Much Down on an FHA loan?

FHA loans can be perfect for Southern Californians who do not have a large down payment. In fact, down payments for FHA loans may be as little as 3.5%. In addition, FHA loans allow for the down payment to come from a family gift, or from a down payment assistance program, or a government grant. Remember, as with all loans for SoCal homes, there are certain credit scores and income requirements that must be met and must be verifiable. FHA loans also require that you pay mortgage insurance premiums upfront and maintain private mortgage insurance if you put less than 20% down on the purchase.

What Credit Score Do I Need for an FHA Loan?

Every borrower is evaluated for their ability to repay their loan. So, your credit score alone isn't the only criteria used by lenders to determine if they will approve you for a loan. However, there are some minimum credit requirements that do need to be met in order to qualify for an FHA loan. The minimum credit score for an FHA loan is 500, with 10% down. To secure the lowest down payment of 3.5%, credit scores need to be at least 580.

What is the maximum loan amount for FHA?

The FHA loan limits are specific to your region. Current FHA loan limits in Southern California are:
Los Angeles County:$679,650.00
Orange County:$679,650.00
Riverside County:$405,950.00
San Bernardino County:$405,950.00
San Diego County:$649,750.00
Ventura County:$672,750.00


As an FHA approved lender, Summit Lending in Huntington Beach has helped thousands of home buyers to obtain FHA mortgages. Contact our top rated Huntington Beach mortgage brokers at Summit Lending online or by calling 888-451-9006.