Loading
FHA Loans in Whittier
Whittier's starter homes and condos make FHA loans the top choice for first-time buyers. You can get in with 3.5% down if your credit score hits 580.
Most Whittier buyers use FHA to compete against cash offers in bidding wars. Sellers here accept them because the appraisal standards aren't as strict as VA loans.
You need a 580 credit score for 3.5% down. Drop to 500 and you'll put down 10%.
Your debt-to-income ratio can hit 50% with compensating factors. That's higher than conventional loans allow, which caps around 45%.
FHA counts unemployment income, alimony, and child support. Self-employed borrowers need two years of tax returns showing stable income.
Not all lenders price FHA loans the same. Some add overlays requiring 620 credit when FHA allows 580.
We shop 200+ wholesale lenders to find ones without overlays. Rate differences can hit 0.5% between lenders on identical borrower profiles.
Portfolio lenders in our network approve deals that big banks reject. Credit events like bankruptcy need two years seasoning, not the three years some retail lenders demand.
FHA mortgage insurance costs more than most borrowers expect. You pay 1.75% upfront plus 0.55% to 0.85% annually based on your down payment and loan term.
That monthly premium never drops off if you put down less than 10%. Refinance to conventional once you hit 20% equity to dump the insurance.
Whittier's older housing stock can trigger FHA appraisal repairs. Peeling paint, loose handrails, or cracked windows must be fixed before closing.
FHA beats conventional if your credit sits between 580 and 680. Conventional loans charge higher rates in that range.
VA loans win if you're a veteran because there's no mortgage insurance. USDA loans work for eligible Whittier properties but the income limits disqualify most buyers here.
Conventional loans make sense above 680 credit with 5% down. You'll pay less in mortgage insurance and can cancel it at 20% equity.
Whittier sits in Los Angeles County, so the FHA loan limit is $806,500 for single-family homes. That covers most properties except premium neighborhoods like Friendly Hills.
Condo approval matters more here than single-family homes. The HOA must be FHA-approved or your loan won't close.
Uptown Whittier's historic homes trigger extra appraisal scrutiny. Plan 30 days for repairs if the appraiser flags health and safety issues.
You need 580 for 3.5% down or 500 for 10% down. Some lenders add overlays requiring 620, but we find lenders that follow FHA minimums.
The limit is $806,500 for single-family homes in Los Angeles County. That covers most Whittier properties except premium areas like Friendly Hills.
Yes, but the HOA must be FHA-approved. Non-approved condos won't qualify even if you meet all other requirements.
Not if you put down less than 10%. You'll need to refinance to conventional once you hit 20% equity to drop the insurance.
FHA appraisers flag health and safety issues common in older homes. Peeling paint, broken railings, and cracked windows must be fixed before closing.
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.