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The Federal Housing Administration (FHA) is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. FHA requires a relatively small down payment, so this type of loan might be the perfect way for you to purchase your first home, or your next home. FHA offers a number of programs that promote home ownership.

It's Not Difficult To Qualify For the FHA Loan

  • You will need a decent credit history (but it does not have to be excellent)

  • You will also need a reasonable debt-to-income ratio

You will likely be approved for a home loan relative to the market prices of homes in your search area. 1st Point Lending, Inc. will help you determine the FHA mortgage limits for California region.

FHA loan benefits

  • The ability to purchase with a down payment as low as 3.5 %

  • Very few prepayment penalties

  • FHA loans may be assumable by another buyer if you decide to sell

  • More relaxed credit qualifications than conventional loans

Contact us today to see if you qualify for an FHA Home Loan.

This loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA Loans offer up to 100% financing on the value of a home. To qualify for a VA Loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. As your 1st Point Lending, Inc. advisers will explain buyers can save thousands of dollars over the term of their loan.

VA loan advantages

One of the top advantages of VA Loans is that they often require no down payment at all. With a VA Loan, out-of-pocket expenses are likely to be nil. As your 1st Point Lending, Inc. advisers will explain, buyers can save thousands of dollars over the term of their loan.

1st Point Lending, Inc. team will lead new buyers to assume the loans of veterans who plan to sell their properties early. In order to make the most of benefits associated with VA Loans, it is essential to partner with expert loan advisers who can guide veterans correctly and efficiently. Contact us today to find out if a VA loan is right for you!

Five Easy Steps to a VA Loan

  1. Apply for a Certificate of Eligibility. A veteran who doesn’t have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the VA Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge

  2. Decide on a home the buyer wants to buy and sign a purchase agreement

  3. Order an appraisal from VA (usually done by the lender.) Most VA regional offices offer a “speed-up” telephone appraisal system. Call your local VA office for specifics

  4. Apply to a mortgage lender for the loan. While the appraisal is being done, the lender (Mortgage Company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision

  5. Close the loan and move into your new home

Reverse mortgages are a special type of home loan in which a homeowner, 62 years or older, can borrow money against the value of his or her home. It helps retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. The borrower is not required to pay back the loan until the home is sold or otherwise vacated.

You can choose a lump sum draw, line of credit, monthly payment, or a combination of these options. For example, you might choose to take some of your cash up front and put the rest in a line of credit, so it’s available when, and if, you need it.

You only accrue interest on the money that you actually take. The HECM (Home Equity Conversion Mortgage) enables you purchase a new home that will better fit your future needs by taking out a loan on your home. Both the purchase and the HECM are handled in one transaction.

A reverse mortgage loan can help:

  • Supplement retirement income

  • Pay off an existing mortgage or other existing debt

  • Paying for medical care, prescription drugs and in-home care

  • Cover large or unexpected expenses

  • Make home improvements and repairs

  • Stretch retirement savings

To be eligible for HECM, you’ll need to meet requirements set by the federal government:

  • All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title)

  • House must be principal residence of the borrower. It must meet standards set by the U.S. Department of Housing and Urban Development (HUD) on property type and condition. You can, however, use your HECM to pay for any required repairs in order to meet these standards

  • Eligible property types include single-family homes, 2-4 unit properties, manufactured homes, condominiums and townhouses

If you are looking for a home loan without a down payment, a USDA Loan could very well be your best pick. Ask our professional staff at 1st Point Lending, Inc. and we work with you to qualify for a loan of this type. There are some necessary pre-conditions need to be confirmed in order for you to be eligible.

USDA Highlights:

  • Up to 100% financing

  • Low monthly Mortgage Insurance rate at 0.4%

  • Easier qualifying than most other programs

  • Seller concessions allowed to help cover closing costs

  • Low 30 year fixed rates available

Income Restrictions

Processing of a USDA Loan requires potential borrowers to provide proof of income. Every county has its own set of restrictions with respect to eligibility norms. Our mortgage officers at 1st Point Lending, Inc. can help you determine your specific guidelines.

The prime aim of mobilizing these loans is to help the smaller communities residing in rural areas flourish by making property and land much more affordable.

Place of residence

To qualify for a USDA Loan, you must reside in an area that is designated as rural and fulfills USDA requirements. Contact us so we can check the eligibility of your county. Contrary to popular belief there are quite a few areas that actually qualify for zero-down-payment home loans.

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