The FHA ”High Balance” loan program, which is any Placentia FHA loan between $417,000 and $729,750, is becoming a popular program for Placentia First Time Buyers. Placentia home buyers with solid, documentable, income, are able to purchase their first home for as much as $755,000 with only 3.5% down payment. FHA is not limited to first time buyers and has no income limitations.
FHA in Placentia, CA is Popular Again!
FHA has been around for a long time. But when property values began to rapidly increase, the FHA loan limits were too low to actually buy anything in Placentia. While the average home price in Orange County was over $500,000, the maximum FHA loan amount was only $362,790. Buyers were financing their home purchases with $0 down “80-20″ subprime loan programs. But those programs are gone and home prices have dropped. At the same time, in order to help stimulate the real estate market, HUD raised the FHA loan limits. Now, FHA is the only way to buy a home with a small down payment, unless you are eligible for a VA loan. VA allows 100% financing in Orange County up to a loan purchase price of $737,500.
How do I find out how much I qualify for?
Before looking for a home, the first step is to get PreQualified for an FHA loan. A Loan Officer who is an Placentia FHA loan expert can prepare custom loan scenarios based on your income and debt qualification, along with your payment comfort level and long term financial goals in mind. The next step is to get PreApproved. PreApproval is where your income, assets, and credit are reviewed. Below are the items which are needed for an FHA Loan PreApproval.
- 2 years tax returns, all schedules.
- 2 years W2’s or 1099’s
- Paystubs for the most recent 30 days.
- Bank statements for the most recent 2 months, all pages.
- Copy of drivers license and social security card.
Authored by Tim Storm, a Placentia, CA Loan Officer – Please contact my office at Trust One Mortgage for more information about a Placentia, CA home loan. 877-786-4243 x 7.
Contact me for your Placentia FHA Mortgage:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829
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