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FHA Loans in Pomona
Pomona sits in the more affordable eastern edge of LA County. FHA loans make sense here because you can buy with just 3.5% down.
Most first-time buyers in Pomona use FHA financing. The program's flexible credit standards help buyers who've rebuilt after setbacks.
You're competing with other FHA offers in this market. Sellers know these loans close reliably when properly structured.
You need a 580 credit score for the 3.5% down option. Scores between 500-579 require 10% down instead.
Your debt-to-income ratio can go up to 43% in most cases. We've pushed to 50% with strong compensating factors like cash reserves.
FHA allows gift funds for your entire down payment. You also need about 2-3% for closing costs unless the seller contributes.
Two years post-bankruptcy and three years post-foreclosure are the standard waiting periods. Chapter 13 can be just one year with payments current.
Every major lender offers FHA loans, but pricing varies by 0.25-0.5% between shops. We compare across 200+ lenders to find the lowest rate for your profile.
Some lenders overlay tighter rules than FHA requires. They might want 600+ scores or cap debt ratios at 40% even though the program allows more.
Credit unions in the Pomona area sometimes beat big banks on rates. Portfolio lenders occasionally waive certain overlays for solid local buyers.
Processing speed matters in competitive situations. We know which lenders close FHA loans in 18-21 days versus the standard 30.
FHA's mortgage insurance costs more than conventional PMI. You pay 1.75% upfront plus 0.55-0.85% annually depending on down payment and loan term.
That insurance never drops off unless you refinance to conventional later. Budget for it across the full loan life.
Pomona properties built before 1978 trigger strict lead paint rules. The inspection contingency needs extra time for older homes.
FHA appraisers flag repair items conventional appraisers might ignore. Peeling paint, broken handrails, and missing GFCI outlets can delay closing.
Conventional loans beat FHA on costs if you have 5%+ down and a 680+ score. The mortgage insurance is cheaper and cancels at 80% equity.
VA loans crush FHA for eligible veterans. No down payment, no monthly insurance, and lower rates across the board.
USDA loans work in some Pomona zip codes with income limits. They offer zero down but add geographic restrictions FHA doesn't have.
We run all three scenarios when you're borderline qualified. Sometimes a 5% conventional loan saves $150+ monthly versus FHA.
Pomona's condo market includes older conversions that struggle with FHA approval. The HOA needs adequate reserves and low delinquency rates.
FHA loan limits in LA County are $644,000 for single-family homes. That covers most Pomona inventory but caps your ceiling.
The appraisal pool serving Pomona sometimes causes 7-10 day delays. Order it immediately after acceptance to protect your timeline.
Many Pomona sellers counter with repair credit instead of fixing FHA-flagged items. We negotiate these before the appraisal when possible.
You need 580 for 3.5% down. Scores 500-579 require 10% down, though most lenders won't go below 580.
Standard FHA requires the home to be move-in ready. FHA 203k renovation loans allow repairs but add complexity and cost.
Expect 2-3% of the purchase price. Sellers can contribute up to 6% toward your costs, which helps many buyers.
Not on loans originated now. You'd need to refinance to conventional once you hit 20% equity to drop coverage.
The LA County limit is $644,000 for single-family homes. That caps what you can borrow regardless of property price.
Yes, up to four units if you occupy one. Loan limits increase to $1,237,575 for a fourplex in LA County.
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.