California · Chapter 27 of 59
Government Loan Programs
FHA, VA, Cal-Vet, USDA, and CalHFA loan programs.
20-minute read · Built for the DRE Salesperson Exam
FHAVACal-VetUSDACalHFA3.5% FHA minimumVA no down paymententitlementfunding fee
FHA Loans
FHA loans are insured by the Federal Housing Administration. Key features: (1) Minimum down payment 3.5% (for credit scores 580+). (2) More flexible credit requirements than conventional. (3) Must be primary residence. (4) Property must meet FHA minimum property standards. (5) Upfront MIP (1.75%) plus annual MIP (0.55-1.05%). MIP typically for life of loan (post-June 2013). Loan limits vary by county. Popular for first-time buyers.
Loading…