are great mortgage products for homebuyers in Southern California. With loan limits of $679,650 in Los Angeles County and Orange County for a single property; $672,750 in Ventura County, $649,750 for a single property in San Diego County; and $405,950 in Riverside County and San Bernardino County, suffice it to say, FHA loans often appeal to first time home buyers for several reason.
The first reason FHA loans are attractive is because these loans can often be closed very quickly.
Though it may take time to find the right home, or to have your offer accepted, the loan process for FHA loans available through Orange County based Summit Lending can be completed in just a few weeks. Of course, there are many variables that can potentially come into play, but as long as all paperwork is submitted quickly, and there are not extra conditions, or extra documentation required that is time consuming, the process for obtaining an FHA loan can be very swift.
FHA loans are also attractive because they often have low down payment requirements
, and low interest rates
. In addition, many homebuyers with less than perfect credit can qualify
for FHA loans. In fact, credit scores in the high 500 range may be allowable with down payments as low as 3.5%, providing other requirements are met. Finally, FHA loans allow the home seller to pay a significant percent of the loan amount
in order to cover buyers’ closing costs, which can be an extra incentive.
If you’re ready to take the leap into homeownership in SoCal, an FHA loan may be the perfect mortgage product for your needs. Summit Lending would love the opportunity to serve you with our top-rated service, delivering an exceptional customer service experience. As an established, privately owned mortgage brokerage and direct lender based in Orange County, we provide FHA loans to homebuyers throughout Southern California. Contact us today to learn more about low down payment, low interest rate FHA loans in SoCal today.
As top a Yelp! reviewed mortgage broker and FHA qualified mortgage lender in Orange County, Summit Lending provides low interest rate mortgage loans, such as FHA loans to buyers and homeowners all around the Southern California region, including in Riverside County, San Diego County, San Bernardino County, Ventura County, and Los Angeles County. Based in Huntington Beach, CA, with offices throughout SoCal, Summit Lending can be reached online, on Facebook or via phone at 888-451-9006