FHA Loans

FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA).  Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.

Common FHA Questions and Answers

Who is Eligible for an FHA LOAN?

To qualify for an FHA loan, you must be able to document your income. You must have a minimum 3.5% down payment and cannot have any late payments assessed on any government loans. You also cannot have Bankruptcy in the past 2 years.

What type of properties qualify for FHA loans?

All single family residence are eligible, however Condominiums have to have the project approved with FHA in order to be able to finance it. We have a list of condominiums that are already approved in the state of California.

What is minimum credit score to qualify for FHA?

A credit score of 620 or better is considered to be accepted, however we are able to finance a borrower with a credit scores as low as 540.

How long does FHA loans take to close?

We could close loans in less than 30 days.

What documentation do I need to apply for FHA loan?

We will require the following:

2 months bank statement;

Most recent one month paystub;

Last two years tax returns with W-2’s (if applicable).

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Company NMLS: 240639
Licensed by DRE: 01264348


Contact Us

National Pacific Lending
9891 Irvine Center Drive Suite 150
Irvine, CA 92618

(949) 362-1400

SAT-SUN: By appointment only