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FHA Loans in Long Beach
Long Beach's coastal location makes homeownership expensive. FHA loans bridge that gap with 3.5% down payments on properties up to $1,149,825.
Most Long Beach buyers we work with use FHA for condos near the waterfront or single-family homes in North Long Beach. The program works well when you have limited cash but steady income.
FHA mortgage insurance adds cost but opens doors. You're competing with cash buyers in this market, so getting pre-approved fast matters more than perfect credit.
You need 580 credit for 3.5% down. Drop to 500 credit and you'll need 10% down instead.
Debt-to-income ratio can hit 50% with strong compensating factors. FHA accepts recent credit events—bankruptcy after two years, foreclosure after three.
Long Beach prices push many buyers to the FHA limit. Your loan can't exceed $1,149,825 in Los Angeles County, which covers most single-family homes outside the peninsula.
Not all lenders approve Long Beach condos. We see files get kicked back because the building isn't FHA-approved or the HOA has delinquency issues.
Portfolio lenders move faster on multi-unit properties. If you're buying a duplex in Bixby Knolls, they'll close in 21 days versus 35 with retail banks.
Wholesale lenders give us rate flexibility you won't find at Chase or Wells Fargo. We're locking 0.25% to 0.5% better on identical profiles.
Long Beach FHA deals die on appraisals more than credit. Older homes near the coast need handrails, peeling paint fixed, and foundation cracks addressed before closing.
We order inspections early to catch FHA red flags. A $500 repair estimate turns into a $3,000 problem if the appraiser calls it out first.
Sellers in East Long Beach resist FHA offers because they expect repair requests. We write offers with appraisal gap coverage to make you competitive.
VA loans beat FHA if you're military—no down payment, no mortgage insurance. But most Long Beach buyers don't qualify for VA benefits.
Conventional loans cost less monthly once you hit 680 credit and 5% down. Below that threshold, FHA wins on approval odds and upfront cash.
USDA doesn't work in Long Beach. The entire city fails income and location requirements for rural housing programs.
Long Beach's condo market is FHA-friendly but document-heavy. Expect 15 extra days for condo certification if the building isn't pre-approved.
Flood zones affect properties near the Los Angeles River and Alamitos Bay. FHA requires flood insurance, adding $800 to $2,000 annually in those areas.
Multi-unit properties work well with FHA here. You can buy a fourplex in Central Long Beach, live in one unit, and use projected rent to qualify.
You need 580 credit for 3.5% down. Scores between 500-579 require 10% down, but few lenders accept below 580 in this market.
Yes, but the building must be FHA-approved. We verify approval status before you make an offer to avoid wasted time.
You pay 1.75% upfront and 0.55% to 0.85% annually based on loan amount and down payment. It adds $400-$700 monthly on a $700,000 loan.
$1,149,825 for single-family homes. That covers most properties except luxury homes on the peninsula or Naples Island.
Yes, but you'll compete better with appraisal gap coverage. Sellers worry about repair requirements, so address that concern upfront.
Only if repairs are minor. Major issues require FHA 203(k) renovation loans, which take longer and cost more to originate.
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.