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FHA Home Loans Explained: The Benefits and Basics of Getting Qualified
Christian Alvarez, a Mortgage Advisor at Samuel Scott Financial Group, shares his knowledge and expertise about FHA loans and gives us an overview of everything we need to know about them. FHA Loans are great loans for first-time homebuyers, as they tend to have less strict requirements, giving new homebuyers a little more bang for their buck.
FHA loans are backed by the Federal Housing Administration, which means that the FHA guarantees that a lender will not have to write off a loan if the borrower defaults. Because of this guarantee, lenders are typically more willing to finance large mortgage loans.
Typically, FHA loans tend to have more lax requirements than conventional loans. Homebuyers can put as little as 3.5% down, must have a minimum FICO score of 620, and will have to have mortgage insurance for a minimum of five years. To qualify for a FHA loan, a homebuyer will have to have a reasonable debt to income ratio and decent credit. This is a great loan for first time homebuyers, due to the fact that you don’t have to have excellent credit to get an FHA loan.
There are limits on how much you can borrow, and generally you are limited to relatively small mortgage loans relative to home prices in your area. In San Diego County, the FHA County loan limits are up to $697, 500 for a single- family home. The general documentation needed is still the same as other loans. Future homebuyers will need to submit tax returns and W-2 statements for the last two years, bank statements and pay stubs for the last two months, and a credit report. Based on this information, the mortgage advisor will be able to determine what a potential homebuyer may qualify for to get the home buying process up and running smoothly.
It is important to sit down with a qualified and knowledgeable mortgage expert when applying for a home loan, as they can help share their knowledge and expertise to make your home buying experience a pleasant one. To contact San Diego County local mortgage experts or to learn more information about various loans, visit www.samuelscottfg.com
Christian Alvarez is a bilingual Mortgage Advisor at Samuel Scott Financial Group with more than 11 years of experience in the mortgage industry. Christian, who was born and raised in San Diego, began his career as a Loan Officer at Primary Capital in Laguna Hills in 2001. He went on to work for Back Bay Funding, First Capital Corp., and later co-founded Finance North America. At Finance North America, Christian was one of the first to create and offer US based loans for purchasing real estate in Mexico.
Christian is recognized for his persistence, a particularly valuable quality in a challenging housing market, and his reliability in serving clients. He considers it a personal goal to help clients in tough situations, especially if they have been denied a loan before. With his strong commitment to helping people achieve home ownership, Christian is an excellent Mortgage Advisor and a Southern California market expert.
Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client. Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve. Consistent and reliable, Samuel Scott Financial Group has been selected as The
President: Todd Pianin
Vice President of Sales: Russ Schreier
Mortgage Advisors: Christian Alvarez, Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.
Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.