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California

First Time Homebuyer Assistance

First Time Buyer Loans and Information

Buy a Home with Little or No Money Down... even if your credit is not perfect!

Home Purchases   l  First Time Home Buyers l  Previous Homeowner  l   Refinance   l  Pre-Qualify Now!      

Test your FHA Loan Knowledge-

and see how well you score!

 

Take the following quiz to test your knowledge of FHA loans. You can click on any question for the answer.

1- FHA Loans are only available to First Time Home Buyers.

2- FHA Loans are only for those with low to moderate incomes.

3- FHA Loans are only for those with poor credit and poor job histories.

4- FHA Loans are more expensive than conventional loans.

5- FHA Loans take longer than conventional loans.

6- FHA appraisals are more difficult than conventional appraisals.

 

1. FALSE - There is no first time buyer requirement. Even if the purchaser owns another home, they may still be eligible for FHA financing.

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2. FALSE - There is no limit to the amount of in come made by the borrower or any cosigners or co-borrowers. With generous maximum loan amounts, FHA loans can make sense for most of today's home buyers.

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3. FALSE - While the FHA has a more common sense approach to credit and job histories there are many other benefits that can assist all homebuyers such as: no limit on gifts, non-occupying co-signers, seller paid closing expenses and easier qualifying ratios.

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4. FALSE - When comparing mortgage insurance costs, miscellaneous fees and the more volatile interest rates of a conventional loan, FHA loans are more often better priced than conventional loans. In addition, FHA loans have better value due to lower cash requirements and the available assumability and refinancing features.


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5. FALSE - In the past this was a common problem, the FHA has reduced both the amount of paperwork and their role in the processing of mortgage applications. Today, the FHA functions more as an insurance program leaving the processing, underwriting and closing functions to the lender. When applications are submitted to a "DIRECT ENDORSED LENDER" the FHA does not even see the loan application until after the loan has been closed. Many lenders have not kept up with the advances in technology that allows an FHA loan to CLOSE as fast or FASTER than a CONVENTIONAL LOAN.

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6. FALSE -As part of the restructuring of the FHA, lenders are now free to choose their own appraisers and compliance inspectors. In addition, "DIRECT ENDORSED UNDERWRITERS" are allowed to inspect the property themselves and correct or clear appraisal conditions.

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THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENT AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT