FHA Los Angeles, CA
An FHA in Los Angeles, CA or FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). It is issued by FHA-approved lenders such as Purpose Funding. FHA loans are popular among first-time home buyers. This is because it only requires lower credit scores and down payments.
Advantages of Using FHA in Los Angeles, CA
Aside from using FHA loans to buy your own house, there are plenty of advantages of using them. Here are some benefits of FHA loans:
- FHA in Los Angeles, CA Can Be Used for Debt Consolidation
Through your FHA in Los Angeles, CA, you can lower your monthly payments on your credit cards and other bills. You can also use your FHA in Los Angeles, CA to pay all the current loans and debts that you have. This includes your pool loans, personal loans, student loans, car loans, boat loans, furniture loans, medical bills, and many more.
- FHA in Los Angeles, CA Can Be Used for Your Home Improvements
Some home buyers with a limited budget would take advantage of cheaper and older properties from short sales and foreclosures. These houses often need to be repaired or remodeled. Fortunately, the buyers can apply for FHA in Los Angeles, CA. They can use their FHA in Los Angeles, CA to purchase the house and to pay for the costs of the needed repairs.
- FHA in Los Angeles, CA Is Assumable
Your FHA in Los Angeles, CA can be assumed by a home buyer. This means that if you are planning to sell your house, you can transfer your FHA in Los Angeles, CA to the person who buys it.
If your FHA loan has a lower mortgage rate than the current rates at the time of the transaction, you can use it to market your house. Some potential buyers would surely want to pay for lower mortgage fees. As a result, it may be easier for you to sell your house.
- FHA in Los Angeles, CA Has a Smaller Down Payment Requirement
Compared to conventional loans, your FHA in Los Angeles, CA requires a smaller amount for down payment. Borrowers may only need to make a down payment of as low as 3.5 percent of the purchased price or the appraised value. This is why FHA loans are popular among home buyers that do not have enough money for deposits.
- FHA in Los Angeles, CA Has Better Interest Rates
Your FHA in Los Angeles, CA has no interest rate penalty for those who have credit issues. This is because FHA loans offer the same rates for all borrowers.
- FHA in Los Angeles, CA Has Higher Debt Ratios
A debt ratio is the ratio of your total debt and total asset. If you already have a large amount of existing debt, you may not get qualified for conventional loans. You may have a better chance of being approved for FHA in Los Angeles, CA.
- FHA in Los Angeles, CA Does Not Require a Minimum Credit Score
Even if you have little or no credit history, you can get qualified for FHA in Los Angeles, CA. This is as long as you have a clean credit report.
- FHA in Los Angeles, CA Has No Closing Costs
Some mortgage companies do not have closing costs for their FHA in Los Angeles, CA. These costs include loan origination fees, appraisal fees, deed-recording fees, credit report charges, and many more.
Get in Touch With Purpose Funding for Your FHA in Los Angeles, CA
If you are looking for a mortgage company that offers FHA in Los Angeles, CA, turn to Purpose Funding. You can cash out your FHA in Los Angeles, CA for home improvements and debt consolidation.
The FHA in Los Angeles, CA that we offer does not have closing costs. Submit your application for an FHA loan at Purpose Funding. Contact us to learn more about FHA in Los Angeles, CA.