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FHA Loans in Lancaster
Lancaster's affordable housing stock makes it an FHA hotspot in Los Angeles County. First-time buyers dominate the market here.
Most Lancaster properties fall well under the 2024 LA County FHA limit of $1,149,825. You're competing with cash investors on lower-priced homes, where FHA's 3.5% down works.
The Antelope Valley attracts commuters and military families from Edwards AFB. Both groups lean heavily on FHA financing.
You need 580 credit for 3.5% down. Drop to 500 credit and you're looking at 10% down minimum.
FHA caps your debt-to-income at 43% in most cases. Some compensating factors push that to 50%, but don't count on it.
You can't have a foreclosure in the past three years. Bankruptcy needs two years of clean credit behind it.
Every major lender does FHA, but overlays vary wildly. Some won't touch credit under 620 despite FHA allowing 580.
We shop 200+ lenders to find who's actually approving borderline deals. Big banks post rates but decline at underwriting.
Lancaster appraisals can kill deals. FHA requires properties meet strict safety standards that many desert homes don't pass without repair.
Most Lancaster FHA buyers don't realize the upfront mortgage insurance hits 1.75% of the loan. That's $5,250 on a $300k purchase.
Monthly mortgage insurance runs 0.55% to 0.85% annually. Unlike PMI, you're stuck with it for the loan's life on most purchases.
Seller concessions cover up to 6% of closing costs. I use this aggressively in Lancaster where sellers expect to negotiate.
Conventional loans need 3% down but require 620 credit minimum. If you're at 580-619, FHA is your only play.
VA loans beat FHA on every metric if you're military. Edwards AFB personnel should exhaust VA eligibility first.
USDA loans offer zero down in parts of Lancaster but income limits disqualify most dual-income households.
Lancaster's older housing stock means foundation and HVAC issues on appraisals. FHA won't close until repairs are done.
HOA communities here sometimes aren't FHA-approved. We verify before you make an offer to avoid wasted time.
Commute times to LA proper run 90+ minutes. Lenders don't care, but your DTI suffers if you're stretching the budget.
Lancaster uses LA County's limit of $1,149,825 for single-family homes. Most properties here cost well under that ceiling.
Yes, but many lenders add overlays requiring 600-620. We access lenders who approve at true 580 minimums.
Only if the HOA is FHA-approved. We check approval status before you write an offer to avoid delays.
1.75% upfront plus 0.55%-0.85% annually. On $300k, that's roughly $350/month added to your payment.
Yes, up to 6% of the purchase price. This covers most fees except your down payment.
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.