FHA Loan
The most common route to a first home in California, and the one that asks least of your savings and your credit file.
An FHA loan is backed by the Federal Housing Administration, which lets lenders work with smaller down payments and more forgiving credit histories than a conventional loan usually allows. It is the reason a lot of first purchases happen at all. The trade is mortgage insurance, which you carry as part of the payment, so the right question is not whether FHA is cheaper but whether it gets you into the right home sooner.
This loan fits you if
- Your down payment is closer to the minimum than to twenty percent
- Your credit is still recovering, or it is thin because you are young
- You are buying the home you will live in
- You would rather buy now with insurance than wait two years without it
Three and a half percent at a 580 score or above
Any buyer using the home as a primary residence, first purchase or fourth
An upfront premium, usually financed, plus a monthly amount
Think FHA Loan might be the one
Let us confirm it against your actual numbers before you fall in love with a house.