FHA Loans

A Silicon Valley FHA loan is a popular option as other loan programs have gone away in recent months. It used to be that an FHA loan was mostly for only first time home buyers, but now there are many more people who are interested in learning if an FHA loan is right for them also.

Many people are aware that FHA doesn’t actually lend you money – they only insure your loan. This means that when you get a FHA loan in Silicon Valley, you will be required to pay an Up Front Mortgage Insurance premium that ranges from 1.5% of your loan amount to up to 3% of your loan amount depending on which Silicon Valley FHA loan program you are using.

Silicon Valley FHA loan highlights include:

  • 3.5% down payment for new home purchases
  • Monthly mortgage insurance is required
  • Up Front Mortgage Insurance is required
  • No prepay penalty for any Silicon Valley FHA loan
  • Silicon Valley FHA loans allow seller to pay closing costs
  • Silicon Valley FHA loan refinance programs include the popular FHA streamline program, FHA 203k streamline and the FHA 95% 85% cash out program

An FHA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar heating or cooling systems, water heaters, insulation, weather-stripping, storm windows/doors or other energy efficient improvements approved by the lender and FHA.

Silicon Valley FHA Streamline Program

For those homeowners who already have an FHA loan, FHA designed the FHA streamline program to allow them to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. Learn more about the Silicon Valley FHA loan streamline program.

Silicon Valley FHA 203k Streamline Program

For people who are interested in buying a home that needs a few repairs (many bank-owned properties fit into this category), the Silicon Valley FHA 203k streamline program is popular. The Silicon Valley FHA 203k streamline program allows people to finance up to 35,000 for eligible repairs and improvements.

Learn more about the Arizona FHA 203k streamline program.

Silicon Valley FHA Loan 95% 85% Cash Out Program

For homeowners who are interested in turning the equity in their home into cash, FHA designed the FHA loan 95% 85% cash out program. With the Silicon Valley FHA loan 95% 85% cash out program, homeowners can get up to 95% 85% of the appraised value of their home in cash – many people use this as a way to consolidate high interest credit cards or pay off other debts.

Silicon Valley FHA Loan Experts: Contact Us

For more information about any of the above Silicon Valley FHA loan programs, you can contact us directly and we would be happy to answer any questions that you may have!