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Get a free quote on a 3.5% down FHA loan in Corona, CA
FHA loans are a great option for first-time homebuyers in Corona, CA. However, you don't necessarily have to be a first-time buyer in order to qualify. FHA loans and the flexibility they provide make them an ideal loan for homebuyers. For borrowers, FHA loans typically require a 3.5% down payment and a minimum credit score of 580 or higher. With a steady history of employment, buyers can qualify for a loan even if they have a higher debt-to-income ratio. Borrowers can also receive money from FHA to cover the closing costs of their loan.
FHA loans can be used to buy different property types. As the purchaser, you have the ability to purchase a 1-4 unit property as long as you occupy at least one unit as your primary residence. You can obtain an FHA mortgage for a loan amount up to $562,350 for a 1 unit property and up to $1,081,450 for a 4-unit property. To keep up with the rising home prices in Corona, CA, the FHA loan limits are adjusted yearly. You can view the updated limits at: HUD.GOV.
Benefits of applying for an FHA loan in Corona, CA include:
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