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FHA Loans in Maywood
Maywood's housing stock is mostly older single-family homes and small multifamily properties. FHA loans handle these properties well since they allow minor condition issues that conventional lenders reject.
Many Maywood buyers are first-time purchasers or families trading up from rentals. FHA's 3.5% down payment makes homeownership accessible without waiting years to save 20%.
Multi-generational households are common here. FHA allows non-occupant co-borrowers, meaning family members can help qualify even if they won't live in the home.
You need a 580 credit score for the minimum 3.5% down. Scores between 500-579 require 10% down, though most lenders set their own 580 floor anyway.
Your debt-to-income ratio can go up to 50% with strong compensating factors. We regularly close FHA deals at 48-49% DTI that conventional lenders won't touch.
Two years removed from bankruptcy or three years from foreclosure gets you back in the game. Most conventional programs make you wait longer.
Not all lenders price FHA the same. Rate spreads between our best and worst FHA lenders run 0.375-0.5% on identical borrower profiles.
Some lenders overlay restrictions beyond FHA minimums. They might require 600 scores or cap DTI at 45% even though FHA allows more flexibility.
Portfolio lenders sometimes beat agency pricing on lower credit scores. We shop across 200+ wholesale sources to find who's actually competing for your profile.
FHA appraisals require properties meet minimum standards. Chipped paint in pre-1978 homes triggers issues. Broken windows, missing handrails, or roof damage must be fixed before closing.
Sellers in Maywood sometimes resist FHA because they fear repair requirements. Truth is, 80% of our FHA appraisals come back clean with no conditions.
Upfront mortgage insurance is 1.75% of the loan amount, rolled into your balance. Monthly MI depends on your down payment and loan term but typically runs 0.55-0.80% annually.
Conventional loans beat FHA when you have 5-10% down and credit above 700. The monthly MI drops off at 78% loan-to-value instead of staying forever.
VA loans destroy FHA if you're eligible. No down payment, no monthly MI, better rates. There's no contest for qualified veterans.
FHA wins for credit scores between 580-680 or DTI above 45%. It's built for borrowers who don't fit conventional boxes.
Maywood sits three miles from downtown LA but prices haven't inflated like surrounding cities. FHA loan limits here match LA County at $1,149,825 for single-family homes.
Many properties are older homes needing some work. FHA 203k renovation loans let you finance purchase and repairs together, though most buyers skip this complexity.
Property taxes in Maywood run about 1.1% of assessed value. Combined with FHA mortgage insurance, your total monthly payment runs higher than principal and interest alone suggest.
Most lenders require 580 minimum for 3.5% down. Some add overlays requiring 600, but we access lenders who stick to true FHA minimums.
Yes, FHA covers 1-4 unit properties if you occupy one unit. The rental income from other units can help you qualify.
3.5% with a 580+ credit score. You can use gift funds from family for the entire down payment and closing costs.
Only if you put down 10% or more, then it drops after 11 years. With 3.5% down, MI stays for the loan's life.
Most will, especially on properties already in good condition. Appraisal repair requirements are less common than sellers fear.
Yes, once you hit 20% equity and your credit improves, refinancing to conventional removes monthly mortgage insurance.
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.