Orange County home prices have come down a bit in the last few years and FHA extended their popular home loan for first time home buyers looking for something affordable in the area.  Financing a home cost-effectively in Southern California can be very challenging. Many new home buyers have taken advantage of the Federal Housing Administration’s home loan for first time home buyers. Consumers can still get a low rate FHA home loan with only a 3.5% down payment.  FHA has become very popular with Orange County home buyers because the government agency makes it easier for them to buy a house in the 400,000 to $700,000 range while still getting a great rate.  Check for current FHA loan limits in Orange County.

The Orange County home loan rates remain competitive with the rest of the county. The only loan program that may be better is the VA loan program. Believe it or not it is still possible to buy a home with no money down in Southern California. Of course, the borrower must meet the lender’s requirements for no money loans with the Veterans Administration.

Believe it or not, FHA mortgage loans are not just for first time home buyers. Existing homeowners can use the program for buying or FHA refinancing.  Because of the decline in housing locally, many existing homeowners simply do not have enough home equity to qualify for a mortgage refinance loan with a conventional lender.  FHA enables homeowners with less than perfect credit buy or refinance a home as well.  Compare bad credit mortgages between subprime and FHA and you will be pleasantly surprised with the government loans.

Get Approved for a FHA Mortgage to Strengthen Your Offer to Buy a Home

The first step is shop with FHA lenders who have experience financing in Orange County.  We recommend that if you live in Southern California that you should work with a local FHA lender to maximize the lowest rates and get the best service.  FHA recently revised their credit guidelines and appraisal requirements, so make sure you are qualified before making serious plans.

Recommended Nationwide Articles to Help Consumers with New Home Financing:

How to Get a Home Loan with Bad Credit | Home Purchase Loan | Tips for First Time Home Buyer Loans |