FHA
Loans - FHA Access Loan Program - California
The Access loan program
is designed to assist homebuyers in California and a few counties
of Nevada to obtain a loan for 103% of the sales prices without the
assistance of the seller. This program is extremely beneficial in
a competative market, where sellers are receiving full price offers.
This is a FHA first mortgage that requires
3% Down, but Access 2000 provides a 2nd. mortgage in the amount
of 6% of the sales price.
This loan is fully amortized for 20 years and
the interest rates competitive, currently at 8.5%. Altogether,
the homebuyer receives financing for 103% of the sales price. The
6% covers the 3% down payment and the remaining 3% covers most
of the FHA regulated closing costs associated with purchasing a
home. Therefore, an individual can purchase a home with almost
no money.
Additionally, there maximum loan limit will be
based on the FHA maximum loan in the county that you are purchasing
in. The current FHA range of loan limits for a single family, home,
condo, or townhome is up to: 239,250*
The Access loan program can be used to purchase
a single family home, condominium, townhome, and PUD. If you are buying a home and are thinking of
using this mortgage loan program then learn about the next step. FHA
Loan Qualifying |
FHA Loan Categories 
