FHA Loan
An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.
FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.
Who can get an FHA Loan?
Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.FHA loans offer a few other bells and whistles:
3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improvement using FHA 203k programs
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"Behzad is just awesome! I have known Behzad for aprox 10 years now, he recently helped us with our purchase of our first multi-unit investment property. Behzad was not only patient with us throughout our search for the right property but also went the extra mile to make sure our goals are met. Furthermore He has helped us from our first home mortgage through multiple refinances. I have trusted Behzad’s judgment on the market and rates and he has been very insightful in discussing the many options/offerings. It has been a pleasure working with him."
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"Behzad Zandinejad is an incredible mortgage broker and Realtor! He recently represented the buyer of my 8 unit listing in Santa Rosa, CA and was able to broker the 70% LTV purchase loan and bring this transaction to a successful closing in only 45 days. This was record time for a loan which normally would have taken at least 60 days or more! Behzad was professional, thorough, persistent and attentive to detail and follow-up throughout the entire transaction. I have known and worked with many Realtors and lenders during my 20+ year real estate career, but I can say without a doubt that he is among the absolute best in his business! I would definitely recommend him to anyone looking for commercial or residential portfolio financing."
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