First Time Home Buyer Loans

The FHA Loan Program is an excellent source of financing for first time home buyers. The Loan features a low-cost (lowest in the nation) mortgage insurance and lowest rates on the market. The FHA loan when compared to other loans offers best and lowest rate.

The alternative to a conventional 

In comparisons to the traditional 5% down Conventional Loan, the FHA loan offers a lower rate- and low mortgage insurance option, but it is also has a high loan limit. High County loan limits will allow FHA to enter jumbo markets. The cost of living is high, more so near primary markets and the FHFA administration increased limits for Fannie Mae, and Freddie Mac (the purchasers of your FHA Loan). If you are interested in buying and using an FHA loan, we can help! 

Who qualifies for an FHA or Conventional Loan? 

W2 Borrowers

If you have W2 wage income for two years work history with the same employer, you qualify for this home loan. If you have been in the same line of work for more than two years and recently switched up employers, you still qualify for this loan. If you are an executive with limited down payment, less than 20% down, you qualify for this loan. Traditionally, the FHA was used for lower income households but now, low income is $85,000-$125,000 in certain markets with specific household sizes. 

Self Employed Borrowers

Self Employed borrowers qualify to buy a home with this loan. The FHA loan requires that self-employed borrowers provide two years of tax returns and a profit and loss statement from your CPA. Usually, the profit and loss will be on the tax return, but if financially and legally structed under a corporation- the profit and loss would come from the accountant. 

W2 Borrowers, Documents Needed

• W2, 2 Most Recent Years
• Personal Tax Returns, 2 most Recent Years  
• 2 Most Recent Paystubs
• 2 Months Bank Statement 
• 2 Months Sourcing of Down Payment
• Drivers License

Self Employed Borrowers, Documents Needed: 

• Same as above
• Personal Tax Returns, 2 most Recent Years  
• Business Tax Returns, 2 Most Recent Years
• Profit Loss Statement, Balance Sheet (Enough information to conduct a liquidity test) 

How much income do I need to qualify for an FHA or Conventional Loan? 

The question varies for everyone, as everyone has different incomes. Let's take a couple that works together, and they are looking at a home valued at $950,000 in a high median market like Los Angeles, CA. You need at least $164,500 in income to qualify, assuming you have around $1,700 in monthly debt.

What if you have zero debt and want a $950,000 home. Perhaps it's closer to work and more expensive near there, let's call this market Burbank, CA- and you work near the Studios in Finance, you've saved- you have been remote for the last three years, and now your ready to buy a home. You've paid off all your debt, so you have zero debt, in this case you'll need at least $129,000 to qualify for an FHA loan. Now, this means that at $950,000 you qualify for the loan. 

The FHA First Time Home Loan Program is Perfect for:

✅ First Time Buyers or Previous Owners

✅ 1-4 Units

✅ W2 Borrowers or Self Employed Borrowers

✅ Up to 56% DTI

✅ Single, Dual Or Multiple Borrowers

✅ 10, 15, 20, 25 and 30-Year Fixed

✅ 15 and 30-Year Jumbo Fixed

✅ SFR, PUD's, 1-4 Units, (Condo's must be FHA Approved)

 The Conventional First Time Home Loan Program is Perfect for:

✅ First Time Buyers or Previous Owners wanting to put 3% down or up to 20% Down

✅ 1-4 Units (Buy one, rent three units)

✅ W2 Borrowers or Self Employed Borrowers (Must worked for 2+ years in same line of work) 

✅ Up to 50% Debt to Income for Conventional

✅ 10, 15, 20, 25 and 30-Year Fixed Options

✅ 15 and 30-Year High Balance (800K-$1.5M Jumbo Fixed $1M-$3M) 

✅ SFR, PUD's, 1-4 Units, Condo's

Loan Features:

~96.5% Max LTV for FHA and 97% Loan to Value for Conventional which really means 
~3% to 3.50% Minimum Down (conventional and FHA) 
~Max County Loan Limits Apply
~FHA offers lower Mortgage Interest Rates than Conventional Loans
~1-4 units
~Best & Lowest Mortgage Insurance for FHA & Conventional
~Great for Multiple First Time Borrowers
~Quick Close!

Purchase exclusively with Hope Street Funding & Realty, and get a massive discount ! We will pay for:

• Your appraisal report. 
• Your processing fees.
• You'll save thousands of dollars plus
• We will buy you a new washer and dryer or gift card for $3K to your favorite appliance place for letting us be part of your story!   

Interested in a buying a home, please speak with Carlos Campos, Managing Director of Hope Street Funding & Realty. Feel free to DM/Text/Call: 424.201.0101. 

Complete Our Contact Card Now!

Hope Street Funding & Realty

Licensed by the California Department of Real Estate/BRE: #2128366

Licensed by the National Mortgage Licensing #2040148

Equal Opportunity Lender 

Approved in California, Colorado and Florida.

Terms and Conditions Apply 

Email: Send Now

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5047 Ambrose Avenue, Los Angeles

3 Beds 2 Baths 1,894 SqFt Residential MLS® # PV23183767

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$2,000,000

6265 Majorca Circle, Long Beach

3 Beds 4 Baths 2,442 SqFt Residential MLS® # OC23178557

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713 N Orange Drive, Los Angeles

9 Beds 6 Baths 3,931 SqFt Residential MLS® # PW23170874

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441 S Barrington Avenue # 407, Los Angeles

3 Beds 4 Baths 2,066 SqFt Residential MLS® # 23297273

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1832 Redcliff Street, Los Angeles

3 Beds 3 Baths 2,756 SqFt Residential MLS® # BB23125634

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112 E Avenue 38, Los Angeles

3 Beds 3 Baths 2,577 SqFt Residential MLS® # 22193819

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1854 Fox Hills Drive, Los Angeles

3 Beds 2 Baths 1,784 SqFt Residential MLS® # IG23148984

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8960 Crescent Drive, Los Angeles

4 Beds 4 Baths 2,318 SqFt Residential MLS® # SR23155056

$1,999,999

353 S Hoover Street, Los Angeles

4 Beds 2 Baths 2,875 SqFt Residential MLS® # SR22210021

$1,999,900

10310 Chrysanthemum Lane, Los Angeles

4 Beds 3 Baths 2,103 SqFt Residential MLS® # 23280507

$1,999,126

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2128 Armour Place, Glendale

3 Beds 3 Baths 2,346 SqFt Residential MLS® # 23307217

$1,999,000

5948 W 78th Street, Los Angeles

4 Beds 2 Baths 1,770 SqFt Residential MLS® # 23307031

$1,999,000

103 High Drive, Laguna Beach

3 Beds 2 Baths 1,300 SqFt Residential MLS® # OC23170127

$1,999,000

↓ $211,000

3567 Beethoven Street, Los Angeles

3 Beds 3 Baths 2,070 SqFt Residential MLS® # 23309617

$1,999,000

10490 Wilshire Boulevard # 406, Los Angeles

2 Beds 3 Baths 2,776 SqFt Residential MLS® # 23307865

$1,999,000

861 1/2 Hyperion Avenue, Los Angeles

4 Beds 4 Baths 2,288 SqFt Residential MLS® # 23307855

$1,999,000

5224 La Roda Avenue, Los Angeles

4 Beds 3 Baths 3,325 SqFt Residential MLS® # 23300781

$1,999,000

11152 Sunshine Terrace, Studio City

3 Beds 3 Baths 2,378 SqFt Residential MLS® # TR23107636

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7745 Skyhill Drive, Los Angeles

4 Beds 3 Baths 2,010 SqFt Residential MLS® # 23315121

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4281 Fountain Avenue, Los Angeles

3 Beds 2 Baths 1,700 SqFt Residential MLS® # 23309299

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8276 Sweetzer Court, Los Angeles

3 Beds 4 Baths 2,141 SqFt Residential MLS® # 23308681

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$1,995,000

10268 Kincardine Avenue, Los Angeles

3 Beds 3 Baths 2,519 SqFt Residential MLS® # 23315177

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$1,995,000

10580 Wilshire Boulevard # 5sw, Los Angeles

2 Beds 3 Baths 2,260 SqFt Residential MLS® # 23313121

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