Here at Dimitrije Isakovic Mortgage Group, we take pride in offering customers in Riverside a wide selection of loan options. FHA loan is one of the common products we offer. We’ll be answering many frequently asked questions about FHA loans on this page.
If you can’t find answers to your questions about our FHA Loans in Riverside, please do not hesitate to contact us at 760-716-404.
What is an FHA loan?
This loan is issued by an FHA-approved lender & insured by the Federal Housing Administration for low-income borrowers. This loan has a lower down payment requirement and credit score threshold for borrower approval.
How do I qualify for an FHA loan in Riverside?
To qualify for this loan, you must have a minimum of 500 credit score, a two-year work history, document your income, a minimum down payment of 3.5%, and no recent foreclosure or bankruptcy.
How much of an FHA loan am I eligible to get in Riverside?
Your debt to income ratio will help determine how much FHA loan you qualify for in Riverside. The more you earn and the less debt you have, the more you qualify. The best way to know how much FHA loan you’re eligible for is to contact us.
Will I have to pay mortgage insurance in Riverside?
Yes. While the Federal Housing Administration insures FHA loans, it requires mortgage insurance to protect the lender.
What can I use an FHA loan for?
In Riverside, you can use an FHA loan for various financing needs. This loan can help borrowers:
- Buy a new house.
- Refinance your current loan.
- Buy a home that needs renovations.
Are FHA loans for first-time homebuyers in Riverside?
FHA loans are not only for first-time homebuyers in Riverside; they are also for borrowers who can qualify for the program. However, most individuals who apply for this loan happen to be first-time homebuyers.
What documents are needed to apply for an FHA loan in Riverside?
Here at Dimitrije Isakovic Mortgage Group, we will ask you to gather the following documents:
- Bank statements
- Tax returns and W2s
- Contract for sale for purchases
- A copy of your homeowner’s insurance policy
- Current mortgage statement
We may ask for more documents depending on your circumstances.
How long does the FHA loans process take?
In general, an FHA loan takes an average of 30 days. However, purchases are longer than refinances. Third parties like title companies, appraisers, and attorneys could length the process. At Dimitrije Isakovic Mortgage Group, we try to manage the process and close your FHA loan as soon as possible.
What will happen if I am behind loan repayments?
It’s best to avoid FHA loan repayment problems and make your payments on time. Sometimes, the unexpected can happen. You need to act if you fall behind on your FHA mortgage and never ignore it because it could result in foreclosure.
If you’re interested in FHA Loans Riverside, we’d love to help you get started. Contact us today at 760-716-4041 to schedule a personal consultation.