The other day I received this question in my mailbox...To which my answer is clearly - Why yes of course you can buy a house in San Francisco with an FHA loan!
Point yourself in the direction of your 'favorite' bank with whom you already have a relationship. If you don't really have a 'favorite' bank then search out a good mortgage broker, I have several names I'd be happy to send you without obligation. FHA is restrictive with whom they certify, so make sure whomever you speak with is certified! The good people at Guarantee Mortgage are my favorite! (www.gmwest.com)
In addition, FHA loans have substantially more complexity to them, but the reward is great when it means you can realize the goal of homeownership as a first time buyer with as little as 3.5% down.
Believe it or not, you can even buy 2 - 4 units with an FHA loan as the loan amounts step up with the addition of each unit up to 4 total. Honestly you will be surprised after talking with a lender at what YOU CAN AFFORD!
One-family Two-family Three-family Four-family
FHA Limits $729,750.00 $934,200.00 $1,129,250.00 $1,403,400.00
In some cases, FHA will allow you to count up to 95% of the income of rental property to quality. FHA is a complex program and NOT everyone is conversant in it's complexities and nuances. You definitely want to speak to a lender who knows the rules, after you are pre-approved, then you are in a position and ready to SHOP for your first home. }:-)
Mike Ackerman, CRS, e-Pro
Building Trust for Life
Zephyr Real Estate - Noe Valley
4040 24th Street, San Francisco, CA 94114
415-695-2715
email to: ABZ@ZephyrSF.com - or - sfmike@comcast.net
www.zephyr-realestate.com
http://www.hud.gov/buying/index.cfm
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