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FHA Loans in Beverly Hills
Beverly Hills sits in one of California's most expensive ZIP codes. Most properties trade well above FHA loan limits.
The 2024 FHA limit for Los Angeles County is $1,149,825. That rules out 90% of Beverly Hills listings.
Condos in older buildings south of Wilshire sometimes fall within range. So do small single-family homes near the city edges.
You'll compete with cash buyers and conventional loans. FHA appraisals add repair requirements that many sellers reject.
FHA accepts 580 credit scores with 3.5% down. Drop to 500 credit and you need 10% down.
Debt-to-income can stretch to 50% with strong compensating factors. Recent bankruptcy or foreclosure? You can qualify after 2-3 years.
You'll pay upfront mortgage insurance (1.75% of loan amount) plus annual premiums (0.55%-0.85% depending on term and down payment).
That $1.1M purchase requires $38,500 down at minimum, plus $19,250 upfront MI, plus closing costs around $15,000.
Every major bank offers FHA, but their overlays differ. Some cap at 620 credit even though FHA allows 580.
Credit unions often handle manual underwrites better when you're borderline on ratios or have past credit events.
Portfolio lenders sometimes waive certain repair requirements that FHA appraisers flag. The appraisal itself still stands.
We shop 200+ lenders to find who actually approves your profile, not just who advertises the lowest rate.
Beverly Hills sellers see FHA as a red flag. They know the appraisal might kill the deal over chipped paint or handrail specs.
If you're FHA-only, target newer condos or recently renovated properties. Avoid fixer-uppers and vintage homes with deferred maintenance.
Get pre-approved with full underwriting before you shop. In this market, your offer needs to close fast or you lose to all-cash.
Consider putting 5% down instead of 3.5%. It drops your monthly MI and signals stronger finances to the seller.
Conventional loans require 620 credit and 3% down, similar to FHA. But PMI drops off at 78% LTV—FHA mortgage insurance lasts the loan's life under 10% down.
VA loans beat FHA if you qualify: zero down, no monthly MI, and sellers view them more favorably. USDA doesn't apply in Beverly Hills city limits.
Jumbo loans start where FHA stops. You'll need 10-20% down and 700+ credit, but no mortgage insurance at all.
FHA makes sense when your credit is under 620 or you need that 50% DTI flexibility. Otherwise, conventional usually costs less long-term.
Beverly Hills maintains strict building codes. FHA appraisers flag issues conventional appraisers ignore—decorative railings, garage door sensors, peeling exterior paint.
Condo approval matters. Your building needs FHA certification or the loan won't close. Many luxury towers never bother getting approved.
HOAs in Beverly Hills run $500-$2,000/month. That counts toward your debt ratio and can push you over 50% DTI fast.
Property taxes here run 1.2% of purchase price annually. Add Mello-Roos in certain areas. Budget $1,300/month minimum on a $1.1M purchase.
Only if it's under $1,149,825. Most properties here exceed that limit. Condos and smaller homes near city borders are your best options.
FHA appraisals flag repair issues that kill deals. Sellers prefer conventional or cash buyers who close faster with fewer contingencies.
FHA allows 580, but most lenders here overlay 620 minimums. We find lenders who actually approve at 580 with compensating factors.
Expect $15,000 in fees plus 1.75% upfront mortgage insurance. On $1.1M that's $34,250 total, separate from your down payment.
Only if the HOA maintains FHA approval. Many luxury buildings skip certification. Check approval status before making an offer.
Conventional wins if your credit exceeds 620. FHA works when you need low credit acceptance or higher debt-to-income flexibility.
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.