Apply Here for a San Diego FHA Home Loan

By
Services for Real Estate Pros with San Diego Business Resources

San Diego FHA Home Loan Mortgage Company Provides
FHA Mortage Loans to First Time Home Buyers

If you are looking for an excellent place to get an FHA loan in
San Diego
call Jeff Cornthwaite at Mission Home Mortgage,
your FHA loan specialist.

Jeff knows exactly what you need to qualify and get approved and
make the loan process as easy as possible. Whether you are self employed,
a senior citizen, a real estate investor or just a new family looking
for your dream home Jeff can help!

Call Jeff or visit his website for articles and information on
"What is an FHA Loan", "How an FHA Loan Works" and "Who Qualifies
for FHA Financing".   email: jeff@my-direct-lender.com

San Diego FHA loan expert Jeff Cornthwaite

Jeff Cornthwaite
Sr. Loan Officer
3033 5th Avenue
Suite – 420
San Diego, CA 92103
(619) 335-8002 Direct
(619) 688-0011 x 202 Office
(877) 395-5267 Fax
NMLS id. 360053 CA doc. # 360053

Http://www.My-Direct-Lender.com

“Your San Diego FHA Loan and VA Loan Mortgage Company Specialist!”
Helping First Time Home Buyers!

San Diego FHA Resources and Information

FHA Loans

FHA loans have been helping people become homeowners since 1934. Some benefits of FHA loans are:
• Low down payments
• Low closing costs
• Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. There are two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.

FHA mortgages are home loans that are insured by the Federal Government. This insurance protects the lender from losses suffered if the home goes into foreclosure. It is not the same as hazard insurance or insurances that pay in the event the borrower dies or becomes disabled.

FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and coborrowers.

Most loans use a method of analyzing credit called credit scoring in the underwriting process. Studies have demonstrated a direct relationship between low credit scores and higher mortgage delinquency rates. As a result many lenders have established minimum credit scores at which they will accept loans. Unfortunately, a lack of credit, old delinquencies or incorrect information on the credit report can cause a low credit score. FHA does not have specific credit score requirements. Although a high credit score may assist in getting the mortgage approved, a low score is not automatically cause for denial. If the credit scores are low, then it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back. This allows the borrower to explain the circumstances surrounding the credit difficulties and have that explanation considered in the underwriting process.

The underwriter on an FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced loan officer can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA’s leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan. FHA tends to be more flexible than Conventional financing in the money needed to purchase the home.

In an FHA mortgage the customer must put at least 3% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs . Keep in mind, however, that the total cost to close on an FHA is commonly over the 3%. With the down payment, closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total costs can be closer to 6 or 8% of the sales price.

The interest rate that you select will also have a bearing on the total costs. If you select a lower rate so that you can reduce your payment, you may end up paying additional money towards “points”. At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to reduce the costs to close in favor of a higher interest rate.

FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.

Get all the information you need on getting an FHA Loan
here in San Diego – Contact Jeff Cornthwaite at Mission Home Mortgage

Jeff Cornthwaite
Sr. Loan Officer
3033 5th Avenue
Suite – 420
San Diego, CA 92103
(619) 335-8002 Direct
(619) 688-0011 x 202 Office
(877) 395-5267 Fax
NMLS id. 360053 CA doc. # 360053

Http://www.My-Direct-Lender.com

“Your San Diego FHA Loan and VA Loan Mortgage Company Specialist!”
Helping First Time Home Buyers!

San Diego Mortgage News Press / Resources

http://www.agreatertown.com/san_diego_ca/san_diego_fha_va_mortage_loan_company_000432051

http://activerain.com/blogsview/3355860/what-paperwork-do-i-need-for-a-san-diego-home-loan-fha-and-va-loans

http://www.1sandiegohomesandloans.com/site-map/ 

http://www.1sandiegohomesandloans.com/how-to-apply-for-a-san-diego-fha-home-mortgage-loan/

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