In today’s modern age, looking for the right home that best suits your needs can prove to be really frustrating. But it can be even more frustrating when you’re trying to look for the right mortgage lender. There are countless to select from, especially here in the state of California, where there are countless FHA loan lenders in California will be more than willing to offer you the greatest deal But even though they may appear to be promising, it’s crucial that you’re aware not all FHA loans in California will offer the same set of terms. Moreover, it’s equally crucial that you’re aware not only will prove to be the most beneficial of them all. And if you’re burdened with trying to find the right loan lender, then don’t keep frustrating yourself and call American Bancshares today!

With more than 20 years of experience gained through our unparalleled services as well as their deep devotion to empowering communities, you can best believe that our team of experts are the premier FHA mortgage lenders in California. If you would like to learn more about why you should hire us as well as what an FHA loan is, then continue reading below.

Why You Should Choose American Bancshares For an FHA Loan in California

Here at American Bancshares are known far and wide as one of the most highly rated, established, and reliable FHA loan lenders in California. For more than 20 years, our organization has empowered partners and assisted communities. And because of this, our work has extended far across the whole nation.

The whole structure of American Bancshares was created and designed by industry experts who are well versed and knowledgeable of the modern home financing market. Unlike banks, our organization offers mortgage products, meaning that all of our FHA loan lenders in California are licensed and well-versed in mortgage lending. Our employees aren’t only qualified to provide you with professional and ethical advice, they’re also more than dedicated to helping you find the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our company’s deep drive to help the community comes from our core values as an organization as a whole: commitment, integrity, and transparency. Most of our team members — including our senior management — have held all positions in the mortgage industry, allowing us to gain insight into the industry from all perspectives. And thanks to this in-depth perspective paired with deep knowledge, we’re allowed to effectively and efficiently adapt to industry change while still providing you with super service and first-in-class customer services that we’re so widely recognized for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain an FHA loan in California that will help you acquire the property you seek to purchase.

FHA Loans in California

There’s a common myth that if you have a low income and carry an even lower credit score, you can’t purchase a home. This, however, couldn’t be further from the truth. With a Federal Housing Administration (FHA) loan given to you by an FHA-approved California mortgage lender, you can rest assured that you’ll be able to buy property easily when you’re financially disadvantaged.

FHA loans in California are designed to assist low-to-moderate income borrowers, They don’t require you to meet the normal standards you will often see in conventional loans. Some examples of such lower-than-standard requirements include having a credit score that’s at least 580 and making a down payment as small as 3.5%. And even if you carry a credit score that’s lower than 580 (between 500-579) you’re still able to qualify for FHA home loans in California as long as you’re able to make a 10% down payment.

As FHA approved mortgage lenders in California, we’re deeply driven to continuously improve the quality of communities. If you have a low credit score and need assistance in paying for the acquisition of property, feel free to call us.

FHA Loans Vs. Conventional Loans

FHA home loans in California are available to those with credit scores that are as low as 500. If you happen to have a credit score that falls between 500 and 579, you may be able to qualify for an FHA loan in California if you’re able to make a down payment of 10%. If you have a credit score of 580 or higher, you can get an FHA loan with a down payment that’s as little as 3.5%. Compared to a conventional loan, you may need a credit score of at least 620 and make a down payment between 3% and 20%.

For an FHA loan in California (like any other mortgage loan), at least two years must have passed since the borrower experienced a bankruptcy event. You must also be at least three years removed from any mortgage foreclosure events and must also demonstrate that you’re working toward re-establishing good credit. If you are titled as a delinquent on your student loans and/or income taxes, you won’t have to qualify for FHA loans in California.

Types of FHA Loans

There are 5 types of FHA loans in California, they are:

  • Traditional Mortgage
      • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
      • If you are 62 years or older, then this FHA loan type may be the right choice for you. This reverse mortgage converts the equity of your home into cash while you still retain the title of your home. You’ll be able to choose how to withdraw the funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • A 203(k) mortgage program factors in the cost of certain repairs and even renovations into the loan. It allows you to borrow money for both property purchased and home improvements. This FHA loan in California will make a huge difference if you don’t have enough cash on hand after you make the down payment.
  • Energy Efficient Mortgage Program
      • With this mortgage loan, you’ll be granted extra funds to pay for energy-efficient home improvements that are intended to lower your utility bills.
  • Section 245(a) Loan
    • With a Graduated Payment Mortgage (GPM) this FHA loan in California will help to lower initial monthly payments that gradually increase, and a Growing-Equity Mortgage (GEM) has scheduled increases in monthly principal payments resulting in shorter loan terms.

Hire American Bancshares For Their FHA Loans in California

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA mortgage lenders in California, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. You can trust that with their deep knowledge and handiwork, you’ll become absolutely satisfied with their services. For any inquiries, you may call us at 1-833-937-2276 or sign up for a free consultation online.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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