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FHA Loans
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Lower Downpayment

Requires as little as 3 percent down

Better Interest Rates

FHA loans offer the same interest rate for all borrowers 


Lower Mortgage Insurance

Results in a lower monthly payment overall

FHA Loan Advantages
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Summit Lending of Long Beach’s team of expert mortgage consultants specializes in helping California homeowners and home buyers to obtain FHA loans. FHA loans are those that are issued by federally qualified lenders and are insured by the U.S. Federal Housing Authority. For many first time home buyers, and homeowners in Long Beach and surrounding areas, an FHA loan is the perfect loan for buying a first home or refinancing into a lower interest rate. Benefits of FHA loans include low down payment requirements and less stringent qualification requirements. As a direct lender, we are able to underwrite and fund loans directly, which enables us to provide you with approval for your FHA loan very quickly.


FHA Loans in Southern California


Summit Lending of Long Beach has a team of top reviewed loan officers that specialize in helping California homeowners and home buyers to obtain FHA loans. FHA loans are also known as government loans, because they are those that are issued by federally qualified lenders, and are insured by the U.S. Federal Housing Authority. 

For many first-time home buyers, and current homeowners throughout Southern California, an FHA loan is the perfect purchase loan, or provides the best opportunity to refinance your current mortgage into a better interest rate. 

FHA Loans in Southern California:


  • Typically come with low down payment requirements

  • Offer flexibility with credit scores

  • Available with low-interest rates


As a direct mortgage officer, Los Angeles County-based Summit Lending is able to underwrite and fund homebuyers and refinance loans directly, which enables us to provide you with approval for your FHA loan very quickly. 

What is an FHA Loan?


FHA loans are government-backed loans. They are insured by the Federal Housing Administration, hence the acronym FHA. FHA loans are only available through FHA approved lenders, like Summit Lending of Long Beach, CA. These mortgage loans are particularly popular with first time home buyers in Southern California, as the requirements for loan approval are not as strict as other types of loans. FHA loans are also often great loans for Southern Californians who have less than perfect credit, and/or don't have a large down payment. 

Summit Lending mortgage officers are happy to talk with you about the benefits of an FHA loan in Southern California. Also referred to as "government loans," FHA loans provide the perfect loan to allow SoCal borrowers to gain a foothold in the competitive Southern California real estate market. FHA loans are available for purchases or for refinances. 

What are FHA loan requirements?


FHA loan requirements include the following:


  • A minimum down payment of 3.5% (with a credit score of at least 580)

  • Minimum FICO score of 500 (with 10% down payment)

  • Ability to show stable employment and income for two or more years

  • FHA loans must be used for your primary residence, not for a second, vacation, or investment property

  • Your debt ratio must not exceed 40% of gross monthly income (excluding your mortgage)

  • Your debt ration must not exceed 50% of gross monthly incoming (including your mortgage)

  • If you have a bankruptcy, it must be at least two years old.

  • If you have a foreclosure, it must be at least three years old.


How Much Down on an FHA loan?


FHA loans can be perfect for Southern Californians who do not have a large down payment. In fact, down payments for FHA loans may be as little as 3.5%. In addition, FHA loans allow for the down payment to come from a family gift, or from a down payment assistance program or a government grant. Remember, as with all loans for SoCal homes, there are certain credit scores and income requirements that must be met and must be verifiable. FHA loans also require that you pay mortgage insurance premiums upfront and maintain private mortgage insurance if you put less than 20% down on the purchase. 

What Credit Score Do I Need for an FHA Loan?


Every borrower is evaluated for their ability to repay their loan. So, your credit score alone isn't the only criteria used by lenders to determine if they will approve you for a loan. However, there are some minimum credit requirements that do need to be met in order to qualify for an FHA loan. The minimum credit score for an FHA loan is 500, with 10% down. To secure the lowest down payment of 3.5%, credit scores need to be at least 580. 


If you’d like to speak with one of our local, Southern California mortgage specialists about obtaining an FHA loan today, click here.


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