FHA

Why FHA?

MORE answers and first-time buyer introductory information


For many families and/or persons purchasing a first home, the down payment can be an obstacle.

HUD, the U.S. Dept. of Housing and Urban development offers low down payment and low interest mortgages for any qualified borrowers. Must either be a US citizen or have permanent resident status.

EVEN IF you have a foreclosure or short-sale, so long as it is three years old, you will be considered for an FHA mortgage.

EVEN IF you had a bankruptcy that is more than two years ago, you will be considered for an FHA mortgage


Example: House price, $360,000.

3.5% Cash down payment = $12,600.


ANY down payment or closing funds MUST be verified with at least a 3-month bank history.


  • I do not have the $12,600!!! SO how do I get a mortgage?

FHA lending rules allow for an employer gift and/or a gift from a family member or blood relative, so long as the source of the gift funds can be verified from a bank statement.


  • Why does the U.S. government fund FHA loans?

These loans are insured by the U.S. Government and mortgage insurance is required. The mortgage insurance is added to your monthly payment. Also, this is a real U.S. Government subsidy to assist the first-time home buyer and/or low-income person(s).


CALL VINCE today for an appointment and he will explain everything!



Vincent Louis Sorisio, MBA

Capital Mortgage Services

3140 Telegraph Road, Suite A, Ventura, CA 93003

(805) 340-0282


Real Estate Broker - CA Bur of Real Estate Lender: 01856990 | NMLS Unique Identifier: 245744