SANTA CRUZ FHA LOANS - HOW TO BUY A HOME WITH AN FHA LOAN
Buying a home with a FHA loan in Santa Cruz has become much more popular over the past few years. FHA loans are great for first time home buyers or those without a large downpayment because the current minimum down payment for an FHA loan is only 3.5%. Also, Santa Cruz FHA loan limits have been raised. If you want to buy a home using an FHA loan the loan limit is $729,000 for all of Santa Cruz County.
I have helped many buyers purchase a home with an FHA loan over the past few years in Santa Cruz County. Something to keep in mind when you are shopping for a home with a FHA loan is that there are certain property requirments that must be met. This means you cannot buy a 'fixer' with a regular FHA loan unless you are using the special FHA rehab loan program or the FHA 203k loan.
A few things to check for when looking at a home to purchase with an FHA loan:
Broken windows
Exposed Wiring
Obvious Termite Damage
Older roof in obvious need of repair (the roof should have at least 2 years of remaining life)
The home must have a heat source (wood burning stove is not enough)
Lack of a appliances/stove may be an issue
If the above items are present in a home, it may be a harder to obtain an FHA loan on the property. These are just a few issues that can arise during an appraisal of a FHA home. If you are looking to buy a foreclosure or short sale home in Santa Cruz often times the condition may not be up to par. If you find a home that you really want but do not think it will pass a regular FHA appraisal then you can try for a FHA Rehab loan or FHA 203K loan. I have had clients use these rehab loans with much success. The process does take longer than a regular FHA loan but can be well worth it. Contact me for a referral for a lender that specializes in FHA 203k loans in the Santa Cruz County area.
Buying a home with an FHA Loan in Santa Cruz can be a great option for you. For more information about how to buy a home with a FHA loan please feel free to contact me.
Read my related articles:
Santa Cruz County First Time Home Buyer Programs
Santa Cruz Homes for sale under $500,000
FHA Approved Condos Santa Cruz
Authored by Jessica Wallace, Santa Cruz Realtor
Your Santa Cruz Realtor - Jessica Wallace (831) 419-9345
I'm Jessica Wallace - Your Santa Cruz Realtor - You can reach me anytime at (831) 419-9345 or via email at cjess4homes@yahoo.com
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