Santa Maria and Lompoc First Time Buyers, FHA Loan Info
What is an FHA loan? -- Essentially a FHA loan is a loan that is guaranteed by the Federal Housing Administration. Lenders typically do not want to lend unless on a home unless a buyer has a 20% down payment. If there is less than a 20% down payment, mortgage insurance is required. And, in today's market unless you have a credit score at least 720 or above you won't be able to get mortgage insurance.
