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FHA Loans in Exeter
Exeter's agricultural economy and small-town affordability make FHA financing a natural fit for first-time buyers and families priced out of coastal markets.
Most Exeter properties fall well within FHA's Tulare County loan limit of $498,257, giving borrowers access to the full inventory with just 3.5% down.
The program's flexible credit standards matter here—many Exeter buyers have limited credit histories or previous housing challenges that conventional lenders won't touch.
FHA-approved condos are limited in Exeter, but single-family homes and manufactured homes on permanent foundations qualify with the right appraiser sign-off.
You need 580+ credit for 3.5% down, or 500-579 credit with 10% down—both tiers work in Exeter where conventional lenders typically cut off at 620.
Debt-to-income can stretch to 50% with strong compensating factors, critical for buyers carrying student loans or car payments on Central Valley wages.
Your employment needs two years of consistency, but gaps for seasonal agricultural work get exceptions if properly documented through tax returns.
FHA allows gift funds for the entire down payment and closing costs—common in Exeter where families help each other into homeownership.
Not all lenders approve FHA loans on manufactured homes or properties with wells and septic—common in rural Exeter—so lender selection determines what you can buy.
Credit unions in Tulare County often have tighter FHA overlays than wholesale lenders we access, particularly on credit scores between 580-620.
Processing times vary wildly: some lenders close FHA in 21 days, others take 45+ days because their underwriters don't see many Central Valley deals.
Mortgage insurance pricing is identical across lenders—1.75% upfront plus 0.55%-0.85% annual—so the difference comes down to rate, overlays, and property type expertise.
Most Exeter buyers overpay by going directly to their bank instead of shopping wholesale lenders who specialize in FHA's flexibility.
I steer self-employed Exeter clients toward FHA only when their tax returns show strong income—the program doesn't allow bank statement underwriting.
Properties needing repairs don't qualify for standard FHA, but FHA 203k renovation loans work if you're buying a fixer in Exeter's older neighborhoods.
Sellers here sometimes resist FHA offers assuming the appraisal will be pickier than conventional, but that's outdated—appraisal standards have converged.
VA loans beat FHA if you're eligible—no down payment, no mortgage insurance, same Exeter inventory access—but most buyers here don't have military service.
USDA loans offer zero down in Exeter since the city qualifies as rural, but income limits exclude many two-earner households and processing takes forever.
Conventional loans require less mortgage insurance long-term if you put 10%+ down, but most Exeter first-timers don't have that saved.
FHA wins on credit flexibility: I've closed 590-score deals that conventional and USDA programs won't touch regardless of down payment size.
Exeter's older housing stock sometimes triggers FHA appraisal issues—peeling paint, foundation cracks, electrical panels—that delay closing until repairs happen.
Properties on agricultural land with outbuildings can complicate FHA appraisals since the appraiser has to determine residential vs commercial use.
Flood zone properties east of Highway 65 require flood insurance that increases your monthly payment, sometimes pushing debt ratios over FHA limits.
The local appraiser pool is small, so getting someone who understands FHA's rural property guidelines matters—bad appraisers kill deals.
580 gets you 3.5% down. Scores between 500-579 require 10% down, though few lenders approve below 580.
Yes, if it's on a permanent foundation with the axles and wheels removed. Not all lenders approve manufactured homes though.
1.75% upfront (usually financed) plus 0.55%-0.85% annually depending on down payment and loan term. Same nationwide.
Yes, but the well needs testing and the septic needs certification. Some lenders won't approve rural utilities at all.
They can, but it's rare. FHA appraisals aren't significantly stricter than conventional anymore for standard properties.
21-30 days with efficient lenders. Can stretch to 45+ days with banks unfamiliar with Central Valley properties.
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.