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FHA Loans in Industry
Industry sits in LA County's eastern corridor where residential properties remain scarce. Most FHA activity here involves condos near the City of Commerce border and townhomes near Hacienda Heights.
The city's industrial zoning limits housing stock, but nearby Rowland Heights and La Puente offer FHA-eligible properties within minutes. Borrowers often target these adjacent areas while maintaining Industry zip codes for work commutes.
FHA requires 3.5% down with credit scores at 580 or higher. Scores between 500-579 need 10% down. Your debt-to-income ratio can reach 50% with strong compensating factors.
Recent bankruptcy requires 2 years seasoning. Foreclosure needs 3 years. FHA allows non-occupant co-borrowers, which helps first-timers in LA County's competitive market.
Banks offering FHA in LA County impose overlays that raise minimum scores to 620-640. Credit unions serving San Gabriel Valley often match true FHA guidelines at 580.
Our 200+ lender network includes FHA specialists who approve 580 credit scores without overlays. Many bank-rejected borrowers qualify through these wholesale channels.
Industry's limited housing means most FHA borrowers should expand searches to Rowland Heights, Walnut, or La Puente. Properties there appraise more reliably and offer better selection.
FHA appraisals scrutinize property condition heavily. Older properties in adjacent cities sometimes need repairs before closing. Budget for potential inspection-driven fixes when making offers.
Conventional loans need 5% down but require 620+ credit and stricter income documentation. VA loans beat FHA for eligible veterans with zero down and no mortgage insurance.
FHA wins for borrowers under 620 credit or those lacking 5% down payment funds. The upfront mortgage insurance premium adds 1.75% to your loan amount at closing.
LA County's FHA loan limits hit $644,000 for single-family homes in 2024. This covers most available properties near Industry but excludes higher-priced markets like Hacienda Heights hills.
Condo approval requires FHA certification of the entire complex. Many smaller developments in Commerce and Montebello lack certification, limiting inventory. Verify condo approval before making offers.
Only if the complex has FHA certification. Most small developments lack approval, so verify before writing offers.
FHA guidelines allow 580, but most banks require 620-640. Brokers access lenders approving true 580 minimums.
Residential properties are rare in Industry itself. Most borrowers target adjacent cities like Rowland Heights or La Puente.
1.75% upfront premium plus 0.55%-0.85% annual premium. Exact rate depends on loan amount and down payment size.
Yes. FHA allows non-occupant co-borrowers, which helps first-time buyers qualify with family member income.
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.