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FHA Loans in San Juan Bautista
San Juan Bautista homebuyers often choose FHA loans for the 3.5% down payment requirement. This historic town sits in San Benito County where property options range from century-old adobes to newer developments.
FHA financing works well here because it allows lower credit scores than conventional loans. The program insures lenders against default, which opens doors for first-time buyers in this small community.
You need a 580 credit score for the minimum 3.5% down. Scores between 500-579 require 10% down, though most lenders won't touch that range.
Your debt-to-income ratio can reach 43% with compensating factors, sometimes 50%. FHA accepts two years of employment gaps if you have solid income now. Gift funds cover your entire down payment.
Not all lenders handle FHA loans with the same underwriting overlays. Some add 620 credit minimums or stricter income requirements beyond FHA's baseline rules.
We access 200+ wholesale lenders with different FHA overlays. One might decline your 585 score while another approves it. Shopping multiple lenders matters more with FHA than conventional loans.
San Juan Bautista's older housing stock needs attention during FHA appraisals. Peeling paint, damaged roofing, or faulty handrails kill deals because FHA requires properties meet specific safety standards.
Get a pre-listing inspection if you're buying a fixer. FHA won't close until repairs are complete, and sellers in this market often refuse to do work. Know what you're walking into before making offers.
Conventional loans beat FHA when you have 5% down and a 680+ credit score. You'll drop mortgage insurance sooner and pay lower monthly premiums with conventional financing.
VA loans crush FHA for veterans because there's zero down payment and no monthly mortgage insurance. USDA loans work in eligible rural parts of San Benito County with zero down, but income limits apply.
San Juan Bautista has limited inventory in a town of roughly 2,000 residents. FHA loan limits in San Benito County follow standard California caps, currently covering most properties here.
The mission and historic district create unique property considerations. Some older homes need foundation work or electrical updates that trigger FHA appraisal conditions. Factor repair costs into your offer strategy.
Only if it meets FHA's minimum property standards at closing. Use an FHA 203(k) renovation loan to finance purchase plus repairs in a single mortgage.
The standard FHA limit applies here, currently covering single-family homes up to the conforming loan limit. Most San Juan Bautista properties fall well within this range.
For the life of the loan if you put down less than 10%. With 10%+ down, it drops after 11 years of payments.
Yes, if the property passes FHA appraisal standards. Historic homes often need foundation, electrical, or plumbing updates to meet safety requirements.
Most lenders want 600 minimum despite FHA allowing 580. We work with lenders who approve 580-599 scores with strong income and reserves.
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.