Pacific Properties

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Realty World – Selzer Realty

Serving Boonville, Calpella, Hopland, Potter Valley, Redwood Valley, Talmage, Ukiah, and Willits since 1995

The Federal Housing Administration (FHA) program first began in 1934 in an effort to encourage home ownership despite the difficult economic times of the era. The program enables consumers who may not qualify for a standard loan to obtain the financing they need to purchase a home without income limitations
FHA loans differ from typical loans ... [Read More]

FHA loans differ from typical loans in that they are insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Because this insurance reduces the lender’s risk on the loan, lenders have greater flexibility with regard to approving loans. For example, FHA loans are not credit-score driven, so a client may be able to obtain a loan despite having had a credit problem or even a bankruptcy in the past. Alternatively, if a consumer does not have a traditional credit history, it is still possible to obtain financing by documenting payment histories on items such as rent and utilities.
FHA loans also provide added flexibility when it comes to closing cost and down payment. Many of the closing cost can be incorporated into the loan, and a down payment of less than 3.5% of the purchaseprice is required. The down payment may be obtained as a gift from a family member or through a down-payment assistance program. FHA provides a wonderful opportunity for consumers who are seeking to achieve home ownership!