FHA Loans



Experience Home Ownership with an FHA Loan!
One of the oldest and safest home loan programs to ever be offered to a homebuyer FHA has been making people homeowners since 1934! If you are a first-time homebuyer or have bought a home before and have less than perfect credit you have come to the right place.
Steve Herndon of American Pacific Mortgage is an FHA home loan specialist and will take you through the loan process step-by-step.
And because it’s an FHA loan, you will be offered lower, more affordable rates. I can do this because the FHA guarantees the loan, thus insuring the FHA loan lender so they have less risk by making you the loan. Even if your credit isn’t perfect credit or you’re a first time home buyer a FHA loan could be the right loan for you.
 The FHA loan program was created to help increase homeownership!
The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:


·         Minimal Down Payment and Closing Costs.
·        Gift for down payment and closing costs allowed.        
·        No reserves or required.      
·        FHA regulated closing costs.        
·        Seller can credit up to 6% of sales price towards buyers costs.
·        Down payment of 3.5% of Sales Price
·        Seller not required to pay buyer non-allowable costs
·        Loan is assumable
·         Easier Credit Qualifying Guidelines such as:
·     Low minimum FICO score or credit score requirements per FHA guidelines.
·       FHA will allow a home purchase two years after a Bankruptcy.    
·        FHA will allow a home purchase three years after a Foreclosure. 


·         Easier Debt Ratio & Job Requirement Guidelines such as:
·        Higher Debt Ratio’s than other home loan programs.
·        Less than two years on the job is allowed.
·        Self-Employed individuals o.k.
These advantages of the FHA loan program have made it one of the best options for most first time homebuyers as well as move-up home buyers. You do not have to be a first time buyer to obtain a FHA loan; anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.
FHA now allows as-is properties for properties with minor deficiencies including;
·        Must meet health & safety codes
·        Defective painted surfaces on homes built after 1978
·        Cracked windows
·        Damaged drywall
·        Missing handrails
·        Debris in yard


HUD is no longer requiring the following inspections
(Unless called for by the appraiser)
· Termite report and clearance
·    Septic and well inspections
· Roof certification for flat roofs

The Federal Housing Administration (FHA) has increased some loan limits for 2017, with a the ceiling at $814,500 in high cost metropolitan areas, and $275.665 in low cost areas for single-unit properties. Sonoma County loan limit was increased to $595,700.

Please feel invited to contact me, Click Here, should you have any questions!

Why put your dream of home ownership off any longer when the FHA can make it happen now? If you’re ready to purchase a house, the FHA has home loan programs available to help cover the cost. Because the FHA insures these loans, lenders are able to offer you lower, more affordable rates. No matter what your unique situation may be, the FHA can help you. Find out more about different FHA loan programs.