FHA Loans San Jose – Low Down Payments,
Looking for a way to save money on your San Jose home? San Jose may be an incredible place to live, but it can be a very expensive one too, and nowhere is that more obvious than the housing market. With many home buyers resorting to jumbo loans just to afford single-family homes, you need all the help you can get. And that’s where San Jose FHA loans come in!
What is an FHA loan? This is a special type of mortgage which is insured by the Federal Housing Administration, an agency that operates as part of the U.S. Department of Housing and Urban Development (HUD). FHA loans protect San Jose mortgage lenders dealing with customers who are deemed risky. That way lenders are more willing to work with those customers instead of leaving them out in the cold.
What are the benefits of a San Jose FHA loan?
- Low down payments
- Easy to qualify for, even without great credit (your score needs to be above 500).
- Low closing costs
Who qualifies for San Jose FHA loans?
- First-time home buyers. First-time buyers are traditionally seen as risky investments by San Jose lenders, but with the FHA backing you up, you have a chance to purchase your dream home. If you qualify, your down payment could be as low as 3.5% of the total price of the home.
- Seniors looking for a reverse mortgage. If you are 62 or older and currently live in a home that you own outright or are close to owning outright, you may qualify for an FHA reverse mortgage. This allows you to convert some of your home equity back into cash to pay your other bills.
- Home owners looking to make improvements. If you have plans to improve the energy efficiency of your home, you may qualify for an FHA Energy-Efficient Mortgage.
Shawn Sidhu works with the top FHA lenders in San Jose, and can help you to get started with an FHA home loan which will suit your needs. While HUD loans like these can be very helpful, they can also be confusing. If you are not sure whether you qualify or not, Shawn can work with you determine whether you do, and also whether the home you want to buy or improve is eligible for the FHA loan.
Ready to get started? You can contact us at (408) 599-3628, or email us at email@example.com. Reach out to us anytime with questions, or ask us for a free quote. We are here to help. We want your home purchase or renovations to go as smoothly as possible. Customer service is our top priority, and we enjoy building long-term relationships with our clients. We look forward to assisting you!