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FHA Loans in Rosemead
Rosemead sits in the heart of the San Gabriel Valley where inventory moves fast and buyers compete. FHA loans give you a path to ownership with just 3.5% down.
Most Rosemead properties—condos near Valley Boulevard and single-family homes south of Garvey—qualify for FHA financing. The program works for first-time buyers and repeat purchasers alike.
Los Angeles County loan limits let you borrow up to $1,149,825 on an FHA loan in 2024. That covers nearly all Rosemead housing stock except some larger luxury properties.
You need a 580 credit score for the 3.5% down option. Scores between 500-579 require 10% down, but most lenders won't touch those files.
Your debt-to-income ratio can reach 50% with strong compensating factors. FHA accepts two years of steady employment but makes exceptions for job gaps with good reasons.
Recent bankruptcy or foreclosure doesn't disqualify you forever. FHA allows purchases two years after Chapter 7 and three years post-foreclosure with credit rebuilding.
Self-employed borrowers qualify using tax returns. The calculation differs from W-2 income—we add back depreciation and evaluate two-year averages.
FHA approval requires lender AND property to meet standards. The home needs an FHA appraisal checking safety issues like peeling paint, handrails, and roof condition.
Not every condo complex in Rosemead has FHA approval. Buildings need reserve funds and owner-occupancy ratios that meet federal guidelines—we verify this before you make an offer.
Rates vary by borrower profile and market conditions. Your credit score, down payment size, and loan amount all affect pricing—sometimes by a full percentage point.
We access 200+ wholesale lenders with different FHA overlays. Some approve 580 scores, others want 600+. Shopping across lenders saves you thousands over the loan term.
FHA mortgage insurance costs more than people expect. You pay 1.75% upfront (usually rolled into the loan) plus annual premiums of 0.55% that never drop off for most borrowers.
Sellers in Rosemead often prefer conventional offers when competing bids arrive. The FHA appraisal creates repair negotiation points that can kill deals—price accordingly.
Skip FHA if you can put 10% down and have 680+ credit. Conventional loans cost less monthly and let you cancel mortgage insurance once you hit 20% equity.
FHA makes sense for strong buyers with limited cash. If you earn good income but lack savings, the low down payment unlocks home ownership years earlier than waiting to save 20%.
VA loans beat FHA on cost if you have military service. Zero down payment, no monthly mortgage insurance, and better rates—VA wins every category for eligible veterans.
Conventional loans require just 3% down for first-time buyers now. You need better credit (620 minimum, 680+ for good rates), but mortgage insurance costs less and cancels eventually.
USDA loans offer zero down for properties in eligible areas, but Rosemead doesn't qualify. The city sits in the urban core of LA County where USDA doesn't lend.
Los Angeles County transfer taxes add to closing costs. You pay $1.10 per $1,000 of purchase price, which stacks with city and state recording fees.
Rosemead properties near the 10 freeway and major corridors appraise smoothly. Homes on quieter residential streets sometimes face comps challenges if recent sales lag.
Multi-family properties up to four units qualify for FHA financing if you occupy one unit. This works well for Rosemead's scattered duplex and triplex inventory.
Property tax rates run about 1.1% in Rosemead with local assessments. Factor this into your debt-to-income calculation alongside HOA fees for condo purchases.
You need 580 minimum for 3.5% down. Most lenders want 600+ for best pricing, though we have options for lower scores with strong income.
Yes, if the complex has FHA approval. We verify this before you make an offer since unapproved buildings don't qualify regardless of your finances.
The 2024 limit is $1,149,825 for single-family homes. This covers most Rosemead properties except high-end luxury homes above that threshold.
No, FHA requires owner occupancy. You must live in the home as your primary residence for at least one year after closing.
Plan for 30-45 days from application to closing. The FHA appraisal adds time since inspectors check safety items other loan types ignore.
Usually no—FHA limits you to one loan at a time. Exceptions exist for relocations over 100 miles or family size changes requiring larger homes.
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.