FHA Home Loan Guide-Updated

Throughout the year FHA home loan guidelines are updated to meet the ever changing marketplace.

Our FHA home loan guide offers the following:

  • Understanding what a FHA home loan is: We cover the basic definition of what is a FHA loan. We also cover the differences between a FHA loan and a Conventional loan.
  • How you can use a FHA loan: We cover all the bases when it comes to how to best use a FHA loan to meet your mortgage needs.
  • Getting qualified: FHA loans are known for their easier qualification requirements; we discuss the various income, credit and equity requirements under the FHA program.
  • Property requirements: Not all properties are eligible; we let you know what is eligible and what isn’t.
  • Mortgage Insurance (MI): This is not your homeowners insurance policy; it’s completely different and all FHA loans have it.
  • Getting rid of  MI: There are a few things you can do to get rid of Mortgage Insurance; we let you know what your options are.
  • FHA home renovation/repair program: One of the best home renovation/repair programs in the country. We let you know the requirements for getting a FHA home renovation loan.
  • FHA streamlined refinances: No income docs, no appraisal and super fast. We cover all the bases when it comes to this amazing refinance program.

Here is the koloans.com FHA Home Loan Guide

Brick Home

We also provide the 2021 FHA home loan limits. Not all loan amounts qualify so be sure to check with our FHA home loan limit guide or contact us directly to discuss if a FHA home loan is a good fit for you.

Conforming Loan Limits:

If you’re curious as to what are the Conforming Loan limits in California are then you can check out our guide to limits for each and every county in California.

Customer Focused

JB Mortgage Capital, Inc. is 100% focused on the customer experience. From loan application to closing you’ll work directly with one person the entire time. This ensures for a better experience for the customer and a more efficient loan process.

Low Mortgage Rates

Making sure we provide industry low mortgage rates is a focal point at JB Mortgage Capital, Inc. We understand the importance of saving money. From fixed rate mortgages to adjustable rate mortgages we offer low rates at great terms.

FHA Home Loan Basics

Here is a quick and easy run down of what you need to qualify for an FHA home loan (purchase and refinance):

  • Ideally you’ll want a 620 or higher credit score. The FHA home loan program does allow for credit scores below that however some lenders will only go down to a 620 credit score.
  • You’ll need at least a 3.5% down payment (or equity if you are refinancing the current mortgage). The 3.5% can either come from your savings or it can be gifted to you from a family member.
  • The home needs to be your primary residence
  • The property can have a one to four unit home. If it’s a multi-unit property then you must live in one of the units.
  • FHA home loans comes with Mortgage Insurance (MI)
  • When doing a FHA home loan (purchase) you’ll need to have an appraisal done
  • If you are refinancing a current FHA mortgage into a new FHA mortgage then you may not need an appraisal.

To find out more contact us directly or check out our other pages for some additional information on FHA home loans. It’s a home loan program that changes throughout the year so it’s important you work with a Loan Officer who is experienced and knowledgeable about FHA home loans.

We offer a wide variety of FHA home loans, Conventional home loans and Conforming home loans. If you are looking to refinance your current mortgage or your buying a home in California please be sure to contact us for a no-cost/no-obligation quote. We offer personal one-on-one service, low mortgage rates and fast closings. We have an A+ rating with the Better Business Bureau and we’re AAA rated with the Business Consumers Alliance.

Loan Officer Kevin O'Connor

Loan Officer Kevin O'Connor

He is the founder and main contributor of koloans.com. He has over 16 years of experience as a Mortgage Loan Originator (MLO) and is fully licensed with the state of California and the Nationwide Mortgage Licensing System (NMLS). He has a top rating with the Better Business Bureau, Google, and Zillow. He continually delivers the results homeowners are looking for; low rates, fast closings, and exceptional service. CA DRE #01499872 and NMLS # 247447