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FHA Loans in Susanville
Susanville's affordable housing stock makes it prime territory for FHA financing. Most properties fall well under the $498,257 FHA limit for Lassen County.
Rural buyers here often use FHA because it requires just 3.5% down. That's $7,000 on a $200,000 home versus $40,000 for conventional 20% down.
The seasonal economy around Lassen County means stable W-2 income matters. FHA forgives credit issues but wants consistent employment history.
You need 580+ credit for 3.5% down. Below that, you'll need 10% down. We close deals at 600-620 regularly in Susanville.
Your debt-to-income ratio can go to 50% with strong compensating factors. That includes car payments, student loans, and the new mortgage payment.
Two years of steady work history matters most. Gaps under six months won't kill your deal if you explain them and income is stable now.
FHA allows seller concessions up to 6% of purchase price. In Susanville's buyer market, sellers often contribute closing costs to move properties.
Not all lenders like rural California properties. Some won't touch towns under 5,000 population. We work with FHA lenders who understand Lassen County.
Septic systems and well water are common here. FHA requires inspections on both. Find a lender who knows these won't automatically disqualify you.
Older homes dominate Susanville inventory. FHA appraisers look for peeling paint, foundation cracks, and roof issues. Expect repair requirements on pre-1980 properties.
FHA mortgage insurance costs more than conventional PMI. You pay 1.75% upfront plus 0.55%-0.85% annually. Budget $150-200 monthly on a $250,000 loan.
Past bankruptcy or foreclosure doesn't kill FHA eligibility. We need three years from bankruptcy discharge, three years from foreclosure completion.
Manufactured homes built after June 1976 qualify if permanently attached to land. Susanville has many mobile homes—most won't meet FHA foundation requirements.
Gift funds cover your entire down payment. Parents, siblings, or employers can gift money. You need a signed letter stating no repayment expected.
VA loans beat FHA if you're military—no mortgage insurance and zero down payment. USDA loans work in rural Lassen County with zero down for qualified buyers.
Conventional loans cost less monthly once you hit 20% equity. FHA mortgage insurance stays for the loan life unless you refinance.
FHA beats conventional under 680 credit. Above that score, run both scenarios. Rate differences narrow but insurance costs shift the math.
Lassen County property values stay stable but don't appreciate fast. FHA's low down payment lets you own instead of rent without tying up cash in slow equity growth.
Winter weather damages roofs here. FHA appraisers flag damaged shingles and ice dam evidence. Budget for potential roof repairs in your offer negotiations.
Prison employment through California Correctional Center provides steady income FHA likes. Government jobs qualify easily with two years of paystubs.
Distance from Reno affects refinance options later. Build equity faster with extra principal payments so you can drop FHA insurance through conventional refinance.
580 minimum for 3.5% down. Below 580, you need 10% down. Most lenders prefer 600+ for easier underwriting approval.
Only if built after June 1976 and permanently attached to owned land. Most mobile homes in Susanville don't meet FHA foundation requirements.
$3,500 upfront plus $120-140 monthly. The monthly premium stays until you refinance or pay off the loan.
No. FHA requires a septic inspection showing it works properly. Most Susanville systems pass with minor repairs if needed.
Yes. Family members can gift 100% of your down payment and closing costs. You need a gift letter stating no repayment required.
Three years from discharge date with re-established credit. Chapter 13 allows two years if you've made payments on time.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.