12+ Loan Programs Tailored to Your Needs
FHA Loans
Easier qualification and 3.5% down - popular for first-time buyers
Equal Housing Lender • Loans originated by Nick Petrosov (NMLS #2015537) through Guild Mortgage Company (NMLS #3274)
Licensed in California. This is not a commitment to lend. All loans subject to underwriting and credit approval.
FHA Loans Overview
FHA loans are government-backed mortgages that make homeownership more accessible. With lower credit requirements and down payments as low as 3.5%, they're ideal for first-time buyers.
Key Program Details
Min Down Payment
3.5%
Min Credit Score
500+ (with 10% down) or 580+ (with 3.5% down)
Loan Limit
Up to $1,249,125 (Bay Area)
PMI/MIP Rules
Required if down payment < 20%
Advantages
- Lower credit score requirements
- Low down payment (3.5%)
- Flexible debt-to-income ratios
- Gift funds allowed for down payment
- Government backing provides security
- MIP can be removed after 11 years with >10% down payment
Considerations
- Upfront mortgage insurance premium (1.75% of loan amount) required at closing - can be added to loan amount, no cash required
- Mortgage insurance required for life if down payment ≤10%
- Property must meet FHA standards
- Higher overall costs due to upfront and annual MIP
Who This Loan Is Best For
First-time homebuyers
Borrowers with lower credit scores
Those with limited down payment funds
Buyers with higher debt-to-income ratios
People seeking government-backed security
Quick Scenario Example
$750K purchase → $26K down (3.5%) → $4,166/mo P&I + $332/mo MIP
$750K purchase
$26K down (3.5%)
$4,166/mo P&I + $332/mo MIP
$750,000
Home Price
$26,250
Down Payment
$4,166
Monthly Payment (P&I)
$332
Monthly MIP
5.625%
Interest Rate
Ready to Apply for FHA Loan?
Let's discuss your options and get you pre-approved today.
What You Get:
Same-day pre-approval
Competitive rates
Local expertise
Fast closing
Personalized service