FHA Loans – Low Down Payments, Easy Qualifying

Looking for a way to save money on your Long Beach home? Long Beach 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 Long Beach 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 Long Beach 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 Long Beach 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 Long Beach FHA loans?

  • First-time home buyers. First-time buyers are traditionally seen as risky investments by Long Beach 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.
  • Buyers of mobile homes and manufactured housing. FHA loans aren’t just for permanent homes that are parked in one place. Whether you own the land or plan to live in a park, the FHA has a loan for you.

Long Beach VA Loans – No Down payment needed!

Are you an active duty service member in our armed forces, veteran, or surviving spouse? If so, you could qualify for a Long Beach VA home loan, which is a wonderful opportunity to move into the home of your dreams in Long Beach on very reasonable terms. While Long Beach’s cost of living can be very high, you are in an excellent position to take advantage of all this amazing city has to offer without getting buried under exorbitant housing costs.

Benefits of VA Loans Long Beach:

  • No down payment! This is one of the most incredible benefits of a VA loan. Even if you don’t have a dime to put down in advance, you can still buy a home.
  • Fast approval. These loans are often approved more quickly than others.
  • You are not required to purchase Private Mortgage Insurance (PMI). That is one less monthly cost to worry about.
  • Low APRs on fixed rate loans. Home buyers are often tempted into adjustable rate mortgages because of the low initial rates. Finding a fixed rate home loan at a low APR can be quite challenging. If you qualify for a VA loan, though, you will be amazed at how low your rates can be! Oftentimes, these rates are negotiable.
  • Low closing costs. Sometimes the closing costs for Long Beach VA loans are actually lower than other types of financing. So you save money at both the beginning and end of the process.
  • You can prepay without penalties. Pay off your loan early if you want, without worrying about fees. This is an excellent way to save money.
  • When a home is sold, the buyer can assume the mortgage.

On top of all that, we also offer counseling and assistance programs for veterans who are having a hard time affording even a VA loan, or who are in danger of defaulting on their existing loans. So if you are looking for Long Beach mortgage assistance, we can help you out. We work with all mortgage lenders who participate in the Long Beach VA home loan program, so you will have your pick of all the top lenders in the Los Angeles County area.

Have questions about the Government Loan process in Long Beach, or want to get started? Give us a call at (562) 437-5585 ext 1 or email us at nicoletas@allwaysfinancial.com to discuss your needs.


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We are happy to help you find the right loan. Send us an email today to see how we can help!

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