FHA Home Loans - Santa Rosa, CA - Top 10 FHA Loan Benefits for home buyers

Mortgage and Lending with FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage

FHA Home Loans - Santa Rosa, CA - Top 10 FHA Loan Benefits for home buyers 

Top Ten FHA Loan Benefits for home buyersI met up with a new home buyer today who asked me about FHA loans and why she should use this program instead of a standard conforming loan program. She was a first time home buyer who had meet with several lenders and was a bit overwhelmed by all of the information she had thrown at her. Since she was only putting 5% down, I felt the FHA loan was the best fit for her and gave her a top ten list of all the benefits she would enjoy. I also ran a comparison worksheet for my newly endoctrinated home buyer to show her the mathmatical differences. The lightbulb over her head kicked in within 10 minutes and she proceeded with the loan application. Ah, success! I love the lightbulb! So, in the interest of sharing with my Sonoma County Wine Country Realtors in Santa Rosa, I've made another top ten list of benefits for home buyers using the FHA loan. If you're looking for information on VA loans, I have another top ten list on the benefits of a VA home loan as well. Just click on this title: Tep Ten VA Benefits for Sonoma County Home Buyers.

Here's the list of top ten FHA Loan benefits for home buyers:

  1. FHA Loans only required 3.5% down at this time.
  2. FHA Loans will finance the Upfront Mortgage Insurance. You don't have to come up witht he extra cash to pay for a premium that can equal up to 1.75% of the mortgage.
  3. FHA Loans don't penalize you on rates for a Low Fico score. Currently, the minimum fico score is 620. If you have a 620 fico, you pay the same rate as someone who has a 700 fico score.
  4. FHA Loans have no prepayment penalties. You're welcome to pay the loan off anytime!
  5. FHA Loans offer more flexible debt to income requirements at this time.
  6. FHA Loans allow for non occupant co-borrowers. You can combine your income and expenses with a non-occupant borrower's income and expenses to qualify. Must be a relative or really close friend.
  7. FHA Loans are assumable. This is a great tool for the home buyer when they become a home seller during high rate markets. You can assume a nice 5% loan.
  8. FHA Loans allow the seller to contribute up to 6% of the sales price for closing costs. FHA Loans allow for non-traditional credit on purchases.
  9. FHA Loans allow, at this time, for gift funds from family member for the down payment and closing costs.
  10. FHA loan limits are high enough to cover the majority of the prices in the county that you live. Here are the loan limits for Single Family Residence:

2009 FHA Loan Limits for Single Family Residence in Northern California

County - FHA Loan Limit

  • Alameda          $729,750
  • Contra Costa    $729,750
  • Marin               $729,750
  • Monterey         $729,750
  • Napa               $729,750
  • Sacramento      $580,000
  • San Francisco   $729,750
  • Solano            $557,500
  • Sonoma          $662,500

There are additional benefits that you can take advantage of with an FHA home loan, but I don't want to overwhelm anyone with too much information. So, contact me if you want more! ;-)

BTW- I only posted loan limits for Single Family Residences. If you want to know about the other loan limits for a different county or for 2 to 4 units. Send me an email. Also, note: I wrote "at this time" several times. It's important to understand these benefits are going to change and will continue to change to adjust to the current market conditions.

Ok, one more note. Inspections: see my previous post on this here. i also Just added on 12/01/2009, the new FHA loan limits for 2010.

Image provided by Google image.

Posted by


Anthony Ebright NMLSR ID #247647

Home Loan Officer / FHA and VA Specialist




You can reach Anthony Ebright at 707-548-0752 if you need help refinancing or purchasing your home in Sonoma County, Santa Rosa, Healdsburg, Petaluma, Rohnert Park, Sebastopol, Bodega Bay, Windsor, Cloverdale, Guerneville, Sonoma.



Anthony Ebright is a Home Loan Officer in Santa Rosa, California. His opinions and statements are his own. Wells Fargo does not endorse any comments made by its employees on this blog. All statements and viewpoints expressed in the comments are strictly those of the commenter alone, and do not constitute an official position of any lending institution.


Copyright 2009. © Anthony Ebright. All rights Reserved.
NMLSR ID #247647

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Jim Cheney 11/15/2009 01:13 AM
Lending / Financial
California Sonoma County Santa Rosa
Realtors Needing the services of the Lending Powers
1st Time Buyers
Northern California Real Estate Professionals
Buyer Information - What Buyers Need to Know in Today's Market
Top Ten
home loans
fha loan limit
fha lender

Spam prevention
Show All Comments
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks, Anthony. I've bookmarked this as info for my buyers. Nice list.

Nov 11, 2009 03:10 AM #1
Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages
FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage - Santa Rosa, CA

Lottie, Thanks for bookmarking my post! I'm glad I could help.

Nov 11, 2009 09:27 AM #2
Dave Roberts
Healdsburg Sotheby's International Realty - Healdsburg, CA

Good information to share with my buyers when they ask about FHA loans. BTW Anthony, congratulations on your move up the AR ladder in Sonoma County.

Nov 12, 2009 01:41 AM #3
Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages
FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage - Santa Rosa, CA

Dave, Thanks for your support and kudos! I've been working like a dog to build my list of guidelines for my buyers and realtors.

Nov 12, 2009 11:55 AM #4
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

FHA is such a great and viable option!  The two major purchase players in our market is Cash or FHA.  Very little middle ground!

Nov 13, 2009 03:47 AM #5
Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages
FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage - Santa Rosa, CA

Renee - thanks for dropping by! It's an honor to have you comment on my blog! Interesting information about your market.

Nov 13, 2009 04:02 AM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages

Ask me a question

Additional Information