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FHA Loans in Redondo Beach
Redondo Beach sits in a coastal market where even condos push $700k. FHA loans let you lock down beach-adjacent property with $24,500 down instead of $140,000.
The loan ceiling here is $1,149,825 for single-family homes. That covers most non-waterfront inventory in north Redondo and areas east of PCH.
You're competing against conventional buyers with bigger down payments. Sellers often prefer them because FHA appraisals flag more property issues.
You need 580 credit minimum for 3.5% down. Drop to 500 and you're putting 10% down, which defeats the purpose in this price range.
Debt-to-income can stretch to 50% with strong compensating factors. That's higher than conventional lenders typically allow.
Two years past bankruptcy, three years past foreclosure. Conventional loans make you wait twice as long.
Every bank offers FHA, but approval overlays vary wildly. Some add credit score floors or restrict condos in litigation.
We route most Redondo Beach FHA deals through lenders who understand coastal condo complexes. Not all buildings meet FHA standards.
Rate spreads between lenders hit 0.375% on identical scenarios. Shopping 200+ wholesale options saves real money on beach-priced loans.
Redondo sellers get multiple offers. Your agent needs to position FHA as a strength, not a liability.
Budget for upfront mortgage insurance of 1.75% plus monthly premiums around 0.55%. On a $700k loan, that's $320 monthly.
Order the FHA condo approval search before you make an offer. Finding out the building isn't approved tanks your escrow timeline.
If you're borderline on debt ratios, finish your taxes early. We can use year-to-date income on W-2s once you file.
VA loans beat FHA if you qualify—no down payment, no monthly mortgage insurance. Same loan limits in Redondo Beach.
Conventional hits 3% down now but requires 620 credit minimum and lower debt ratios. You pay PMI until 20% equity either way.
Jumbo loans take over above $1,149,825. That's where FHA stops working for waterfront and Riviera Village properties.
South Redondo condos near the pier face FHA condo approval challenges. Older complexes often lack required reserve funding.
Properties built before 1978 trigger lead paint inspections. Coastal homes from that era sometimes fail without remediation.
HOA dues in beach-close buildings run $400-800 monthly. That counts in your debt ratio and limits buying power.
Appraisers comp against recent sales within a mile. Market swings in nearby Manhattan Beach can pressure your Redondo valuation.
Yes, if the complex is FHA-approved. Many older buildings near the beach aren't on the approved list because of reserve funding or litigation issues.
580 gets you 3.5% down. Below that you need 10% down, and most lenders won't go under 500 even though FHA technically allows it.
Expect $15,000-$20,000 including the 1.75% upfront mortgage insurance premium. You can roll that premium into the loan or ask the seller to cover it.
No, FHA requires owner occupancy. You need to live there as your primary residence for at least one year after closing.
$1,149,825 for a single-family home. That's the LA County high-cost limit and covers most non-waterfront inventory here.
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.