5Star Lending is a professional mortgage provider offering FHA home loan programs to those homebuyers and homeowners who struggle to secure home financing. FHA home loans are popular federal government insured mortgages. Our FHA loan programs in San Jose, in Silicon Valley, in the Bay Area, and the entire California have less stringent qualifications and documentation.
FHA home loan lets you buy a home without a huge down payment
FHA home loans are ideal for first time home buyers because they do not need a large down payment to secure a first-time mortgage. Generally, buyers may put down as little as 3.5% of home purchase price.
Top benefits of FHA home loans include
- Easier credit qualifying
- Low credit score as low as 580
- Less rigid debt ratios & job requirements
- Gifts allowed towards the home down payment
At 5Star Lending, we offer FHA loans in San Jose, in Silicon Valley, in Bay Area, and in California with fixed rate mortgages and adjustable rate mortgages rates with flexible terms and conditions. You can speak to one of our mortgage experts to discuss more. As an FHA Direct Endorsement (DE) and Government Approved broker, 5Star Lending offers a wide variety of FHA loans in San Jose.
FHA Streamline Refinance Loan
5Star Lending is your resort for refinancing your home loan with a FHA loan even if you have less than perfect credit. FHA streamline refinances loans generally require less documentation than a traditional loan and do not need an appraisal. Many homeowners who have difficulty in paying their existing mortgages shift from a conventional mortgage to this kind of FHA loan as it lowers interest rate and monthly payments.
Other benefits of FHA streamline refinance loan include
• Improving or upgrading your home
• Avoiding foreclosure
• Borrowing cash from your home’s equity
Different FHA Streamline Refinance Loan options
FHA Streamline 30 Year Fixed Rate Refinance Loan: This type of loan option is formulated either to lower your payment by lowering your current interest rate or to convert an FHA Adjustable Rate Mortgage into a fixed rate mortgage. It requires less documentation and there is no appraisal required. It is easy to apply for this loan as it does not require any qualifying debt ratios or income verification.
FHA 203(k) Streamline 30 Year Fixed Rate Refinance Loan: The FHA 203(k) permits borrowers to pull out up to $35,000 in equity to pay for home improvements or renovations.
FHA Streamline 5/1 Adjustable Rate Refinance Mortgage: This loan option establishes low initial interest rates for the first five years. After that, the interest rate will fluctuate depending upon on market interest rates. They have the lowest rates and may be useful if you plan to sell your home in near future.
FHA Fixed Rate Mortgages
FHA 30 Year Fixed Rate Loan: It is a fixed rate loan option with low-interest rates and monthly payments. It requires a small down payment and can be obtained by buyers with low credit scores.
FHA 15 Year Fixed Rate Loan: Similar to the 30 Year Fixed Rate Loan, it provides the benefits of a stable monthly mortgage payment, except that the interest you pay over the life of the loan is significantly less because the loan is expected to be paid in half the time.
FHA 203(k) 30 Year Fixed Rate Loan: The 203(k) loan program allows borrowers special financing to buy a fixer-upper with enough extra money to complete necessary renovations.
FHA Adjustable Rate Mortgages
FHA 5/1 Adjustable Rate Mortgage: In this loan option, theinitial interest rate is valid for the first five years; after that, your rate is established by market values. This loan is suitable for buyers who plan to own the home for a short time because initial interest rates are typically very low.
Contact one of our licensed associates to discuss about FHA loans in San Jose.