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FHA Loans in Inglewood
Inglewood's housing stock makes FHA loans a natural fit for most first-time buyers. The loan limits accommodate the majority of single-family homes and condos in the area.
FHA financing works especially well for buyers targeting homes near the revitalized downtown corridor. The program's flexible credit standards help buyers compete in this evolving market.
You need 3.5% down with a 580 credit score for FHA approval. Scores between 500-579 require 10% down, but most lenders won't approve below 580.
Your debt-to-income ratio can reach 50% with strong compensating factors. FHA allows gift funds for your entire down payment and closing costs from family members.
Not all lenders handle FHA with the same efficiency. Some add overlays requiring 620 credit or higher reserves than FHA guidelines mandate.
We work with lenders who follow actual FHA guidelines without extra restrictions. This matters when you're at 580 credit or using maximum DTI ratios that portfolio lenders won't touch.
Inglewood buyers often underestimate FHA mortgage insurance costs. You'll pay 1.75% upfront plus 0.55%-0.85% annually, which adds $200-400 monthly on typical purchase prices.
The property condition requirements trip up deals on older Inglewood homes. Peeling paint, missing handrails, and roof issues must be fixed before closing—budget for this.
FHA beats conventional loans when your credit sits below 680 or you lack 5% down. Above 680 with 5% saved, conventional often costs less due to lower mortgage insurance.
VA loans eliminate the FHA funding fee and monthly mortgage insurance if you're a veteran. USDA loans require zero down but most Inglewood addresses don't qualify as rural.
Condo approval is stricter with FHA in Inglewood. The entire complex must be FHA-approved, which eliminates many smaller buildings and HOAs with pending litigation.
Proximity to SoFi Stadium drives competition in some neighborhoods. FHA's appraisal process can lag market values in rapidly appreciating pockets, creating appraisal gaps sellers won't always bridge.
The 2024 FHA limit for Los Angeles County is $1,149,825 for single-family homes. This covers most Inglewood properties outside luxury segments.
Only if the complex appears on FHA's approved condo list. Many smaller Inglewood buildings aren't approved, so check before making an offer.
Expect 25-35 days with a responsive lender. Older properties requiring FHA repairs add 1-2 weeks for contractor work and re-inspection.
Standard FHA requires properties to be habitable at closing. Major renovations need FHA 203(k) rehab loans with different qualification rules.
Not if you put down less than 10%. MIP stays for the loan's life—you'd need to refinance to conventional to eliminate it.
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.