Mortgage Loan Programs and Eligibility Requirements

A comparison of available loan programs - conventional, FHA, VA, USDA, jumbo, HELOC and specialty financing - with the credit, down payment and property rules that decide which one fits.

FHA loans are a common choice for first-time home buyers, but they are not limited to first-time purchasers — repeat buyers can use them too, as long as the home will be a primary residence.

Benefits of an FHA loan

• Down payment as low as 3.5% with qualifying credit
• More flexible credit score and debt-to-income requirements
• Gift funds from family may be used toward the down payment
• Competitive interest rates backed by FHA insurance
• Options to refinance later through the FHA Streamline program

What to consider

• FHA loans require a mortgage insurance premium (upfront and monthly)
• The home must be your primary residence and meet FHA appraisal standards
• Loan amounts are subject to FHA county loan limits

Ready to explore fha loans? Liliana Afonso can walk you through eligibility, compare options, and get you pre-approved in California.

Liliana Afonso, Senior Mortgage Specialist | NMLS #1420068 LilyHomeLoans | Powered by NEXA Lending California | Hablo Español at NEXA Lending. NMLS #1420068. Call (951) 415-9688.

• Conventional loans for strong credit and steady income
• FHA loans with flexible credit and low down payment
• VA loans with no down payment for eligible veterans
• USDA loans for eligible rural and suburban properties
• Jumbo, DSCR, bank statement and bridge financing