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FHA Loans in Loomis
Loomis sits in the foothills between Sacramento and Tahoe, where homes range from historic downtown properties to newer ranch estates. FHA loans work well here because they handle the 3.5% down payment barrier that stops most first-time buyers.
Placer County properties often appraise cleanly, but FHA requires specific safety standards. Older Loomis homes sometimes need minor repairs before closing.
The FHA loan limit in Placer County is $766,550 for 2024. That covers most Loomis inventory outside the luxury tier.
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 that range anyway.
FHA allows debt ratios up to 56.9% with compensating factors. I've closed Loomis buyers at 52% DTI who had strong payment history and cash reserves.
You can qualify two years after bankruptcy, three years after foreclosure. Conventional loans make you wait longer.
Every major lender offers FHA, but their overlays differ wildly. Some cap DTI at 50% even though FHA allows higher. Others won't touch credit scores under 600.
Credit unions in Placer County often have competitive FHA rates but slower processing. Direct lenders move faster but charge more in fees.
We shop 200+ lenders to find who accepts your specific profile. The difference between best and worst FHA pricing can hit 0.375% in rate.
Most Loomis buyers overpay for mortgage insurance. FHA charges 1.75% upfront plus 0.55%-0.85% annual MIP, but you can finance the upfront portion and roll it into your loan.
The appraisal kills more Loomis FHA deals than credit issues. Properties need handrails on stairs, working HVAC, and no peeling paint. Budget $2,000-5,000 for repairs if buying an older home.
FHA allows seller concessions up to 6% of the purchase price. In Loomis where inventory sits longer than Sacramento proper, sellers often agree to cover closing costs.
Conventional loans require just 3% down now and drop PMI once you hit 20% equity. FHA mortgage insurance never falls off if you put down less than 10%.
VA loans beat FHA for eligible veterans—no down payment, no mortgage insurance, higher loan limits. USDA works for rural Loomis areas but income caps apply.
If your credit score tops 680 and you have 5% down, conventional usually costs less monthly. Below 640 credit, FHA is typically your only path.
Loomis has properties on wells and septic systems. FHA appraisers test well water and inspect septic—expect $500-800 in inspection costs the buyer typically covers.
Older homes near downtown Loomis date to the 1920s. FHA doesn't reject old homes, but chipping lead paint triggers repair requirements that can delay closing 2-3 weeks.
Placer County transfer taxes run lower than Sacramento County. Your closing costs in Loomis will be $500-1,000 less than comparable Sacramento properties.
You need 580 for 3.5% down. Some Placer County lenders accept 580, but most want 600+ to avoid manual underwriting.
Standard FHA requires the home livable at closing. For major renovations, use FHA 203k loans that finance repairs into the mortgage.
Only if you put down 10% or more—then MIP drops after 11 years. With 3.5% down, it never falls off.
The 2024 limit is $766,550 for single-family homes. That covers most Loomis inventory outside luxury estates.
Sellers can contribute up to 6% of the purchase price toward your closing costs and prepaid items. We negotiate this regularly in Loomis.
Figure 30-45 days from application to closing. Well and septic testing on rural properties adds 1-2 weeks to the timeline.
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.