FHA Home Mortgage Loans for California Homeowners
Fixed Rate Refinancing, Bad Credit OK

California homeowners are migrating towards FHA home refinance loans if they have less than perfect credit. California home refinance loans increase with FHA mortgage loans to $417,000 even for borrowers refinancing with less than perfect credit. Unfortunately, many California consumers have had to stick it out, trying to make the payments for their increasing adjustable rate mortgages when the loan amounts was greater than $362,000, but eased restrictions will benefit thousands of homeowners. There is talk that the Department of Housing and Urban Development will be increasing the loan limits soon which will benefit thousands of more homeowners. Payment history is more critical with FHA refinancing than credit scores are. If you had a perfect mortgage payment history prior to your loan turning to an adjustable rate then you still may qualify for a fixed rate refinance with the FHA Secure program.

The Federal Housing Administration (FHA) was created in 1934 to meet the needs of citizens otherwise underserved by the private sector, to stabilize local and regional housing markets and to support the national economy. For those homeowners who have their primary residence in California who are out to get a mortgage loan but have poor credit, cannot meet the 10-20 percent down payment requirement or both, and are looking for loans that are no larger than the program's loan size limit, then the FHA mortgage loan program is the best option for you. FHA home loans allow first time home buyers and current home owners buy a home with less than 3% down or FHA home mortgage refinance up to 97% of the homes’ value.

Central Coast Seniors are taking advantage of the home equity pay check that is available with reverse home loans.

The current basic standard mortgage limits for FHA home loans are $200,160.00 for a single-family home, $256,248.00 for a two-family home, $309,744.00 for a three-family home and $384,936.00 for a four-family home. In high-cost areas like San Diego, Orange County and Los Angeles, these amounts probably seem insignificant. But, the government is working on a FHA Modernization Act to raise the loan limits to more reflect the current Fannie Mae and Freddie Mac limits of $417,000 and otherwise modernize outdated business practices and program requirements.

The FHA does not lend money, but rather serves as insurance to lenders, so you can obtain a loan to purchase a home, one for renovation or cash out for fixed rate refinancing. With rates as low as 3% of the purchase price of the home, and some programs that require no money down, the benefits of an FHA loan outweigh its costs. Plus, because the FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements, so it's easier for you to qualify.

According to Mortgage Strategist, more than $2 trillion of U.S. mortgage debt, or about a quarter of all mortgage loans outstanding, is due for interest rate resets in 2007 and 2008. Through FHA, you can cash out and get a fixed rate mortgage. So, now may be the time to consider refinancing your ARM (adjustable rate mortgage). And, FHA fixed rate refinancing may not be as expensive as you think. Compare the cost of FHA over the life of your loan and how much it costs monthly for subprime and conventional loans. You'll find that FHA financing may actually be a good deal.

- Article written by Maria Ny for Nationwide Mortgage Loans.

Preferred Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home Manufactured Home Property Value Select One-----------> 1st Time Buyer 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 - 100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 115,000 - 120,000 120,000 - 125,000 125,000 - 130,000 130,000 - 135,000 135,000 - 140,000 140,000 - 145,000 145,000 - 150,000 150,000 - 155,000 155,000 - 160,000 160,000 - 165,000 165,000 - 170,000 170,000 - 175,000 175,000 - 180,000 180,000 - 185,000 185,000 - 190,000 190,000 - 195,000 195,000 - 200,000 200,000 - 205,000 205,000 - 210,000 210,000 - 215,000 215,000 - 220,000 220,000 - 225,000 225,000 - 230,000 230,000 - 235,000 235,000 - 240,000 240,000 - 245,000 245,000 - 250,000 250,000 - 255,000 255,000 - 260,000 260,000 - 265,000 265,000 - 270,000 270,000 - 275,000 275,000 - 280,000 280,000 - 285,000 285,000 - 290,000 290,000 - 295,000 295,000 - 300,000 300,000 - 305,000 305,000 - 310,000 310,000 - 315,000 315,000 - 320,000 320,000 - 325,000 325,000 - 330,000 330,000 - 335,000 335,000 - 340,000 340,000 - 345,000 345,000 - 350,000 350,000 - 355,000 355,000 - 360,000 360,000 - 365,000 365,000 - 370,000 370,000 - 375,000 375,000 - 380,000 380,000 - 385,000 385,000 - 390,000 390,000 - 395,000 395,000 - 400,000 400,000 - 405,000 405,000 - 410,000 410,000 - 415,000 415,000 - 420,000 420,000 - 425,000 425,000 - 430,000 430,000 - 435,000 435,000 - 440,000 440,000 - 445,000 445,000 - 450,000 450,000 - 455,000 455,000 - 460,000 460,000 - 465,000 465,000 - 470,000 470,000 - 475,000 475,000 - 480,000 480,000 - 485,000 485,000 - 490,000 490,000 - 495,000 495,000 - 500,000 500,000 - 505,000 505,000 - 510,000 510,000 - 515,000 515,000 - 520,000 520,000 - 525,000 525,000 - 530,000 530,000 - 535,000 535,000 - 540,000 540,000 - 545,000 545,000 - 550,000 550,000 - 555,000 555,000 - 560,000 560,000 - 565,000 565,000 - 570,000 570,000 - 575,000 575,000 - 580,000 580,000 - 585,000 585,000 - 590,000 590,000 - 595,000 595,000 - 600,000 600,000 - 605,000 605,000 - 610,000 610,000 - 615,000 615,000 - 620,000 620,000 - 625,000 625,000 - 630,000 630,000 - 635,000 635,000 - 640,000 640,000 - 645,000 645,000 - 650,000 650,000 - 655,000 655,000 - 660,000 660,000 - 665,000 665,000 - 670,000 670,000 - 675,000 675,000 - 680,000 680,000 - 685,000 685,000 - 690,000 690,000 - 695,000 695,000 - 700,000 700,000 - 705,000 705,000 - 710,000 710,000 - 715,000 715,000 - 720,000 720,000 - 725,000 725,000 - 730,000 730,000 - 735,000 735,000 - 740,000 740,000 - 745,000 745,000 - 750,000 750,000 - 755,000 755,000 - 760,000 760,000 - 765,000 765,000 - 770,000 770,000 - 775,000 775,000 - 780,000 780,000 - 785,000 785,000 - 790,000 790,000 - 795,000 795,000 - 800,000 Over 800,000 Credit Rating Select ---------------> Excellent Good Fair Poor

Bad Credit OK

FHA does not have specific credit score requirements. So, even if you have had credit problems, such as bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan. They only require that a bankruptcy is at least two years old, with good credit since, and that foreclosures must be at least three years old, with good credit since. The term "good credit since" means that you must have a good payment history on your bills for the past 12 to 24 months.