South Bay Office - 415-515-9351
North Bay Office 415-515-9351
Dan Joy Realty & Alliance Home Loans Group, Inc.
DBA: Joy Realty Services
Dan Joy Himself

DRE# 01489244/NMLS# 2388914 
Corp. DRE Lic. #02137466

FHA Loans

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What is an FHA Loan? explains it well:

“FICO® score at least 580 = 3.5% down payment.
FICO® score between 500 and 579 = 10% down payment.
MIP (Mortgage Insurance Premium ) is required. (can vary from 0.45% to 1.05% per year depending on your loan amount and down payment.)
Debt-to-Income Ratio < 43%.
The home must be the borrower’s primary residence.
Borrower must have steady income and proof of employment.

FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.”

This type of loan allows a buyer to finance home improvement (construction) into an FHA loan. The FHA 203(k) loan program allows rehabilitation or improvement costs to be financed into the purchase or refinance home loan with the ease of one loan and one closing.


FHA limits for 2020

For Bay Area surrounding counties and high cost counties in CA, the FHA limits are as follows:

Single: $765,600

Duplex: $980,325

Triplex: 1,184,925

4-Plex: 1,472,550

The prices will range throughout California. Contact me to determine your specific parameters.


FHA Credit Score Requirements:

580 or higher FICO score requires a 3.5% down payment

Lower than 580 FICO score requires a 10% down payment

FHA Downpayment Assistant Programs:

Without Dan we would’ve probably abandoned the idea of buying a home in the Bay Area. What he did for us to get the home of our dreams was nothing short of INCREDIBLE. He made sure we were clear on every step of the process, and his attention to detail was impeccable. He is one of the hardest working people we have ever met–period. Super efficient, responsive, honest, with the heart of a lion. He pulled MANY rabbits out of hats for us, and all the while he was very enjoyable to work with day to day. He always made us feel like we were his only client. You need Dan in your life if you are buying or selling. Our realtor for life!

- Marilla and Adan Pulido (US Marine Veteran)–Happy Homeowners in Half Moon Bay, CA