An FHA Loan Built for Real-Life Budgets.

Saxton Mortgage does. We offer FHA purchase loans, rate and term refinances, cash-out refinances and simple refinances on one- to four-unit properties, PUDs, condos in FHA-approved projects, site condos, and manufactured homes built after June 15, 1976. Cash-out refinancing is not available in Texas on at least one program we offer.

Every FHA loan has a ceiling set by county and unit count, running from a national low-cost floor up to a high-cost ceiling, and four special exception areas get more room. You can also finance FHA’s upfront premium above the base loan amount. We confirm that number for your county before you shop.

Yes, FHA lets a family member who stays in their own home join your loan, provided that person holds U.S. citizenship or keeps a principal residence in the United States. One program requires FHA’s family relationship test to be met and refuses it on any multi-unit property. If you later take cash out, that relative’s income cannot be counted.

FHA financing covers detached and attached houses, owner-occupied duplexes through fourplexes, PUDs and condos inside FHA-approved projects. One program also accepts a single ADU on a one-unit lot and counts its rent for as much as 30% of qualifying income. Timeshares, working farms and unimproved land are ineligible.

FHA sets its floor at a minimum decision credit score of 500, and Saxton’s FHA programs start there. At one program, a file approved by TOTAL Scorecard needs 580, while a manually underwritten file needs 620. That program also requires every credit bureau to be unfrozen before the file is run.

FHA keeps the down payment small, and the exact amount you need depends on your minimum decision credit score. At 580 or above you qualify for FHA’s maximum financing, while a score between 500 and 579 caps the financing lower. Gifts and down payment assistance programs can help cover your share.

Yes, FHA offers adjustable-rate mortgages that hold the starting rate for a set number of years and then adjust annually based on an index plus a margin that never changes. Temporary rate buydowns cannot be combined with an FHA ARM. You also sign a disclosure explaining the ARM terms when you apply.

Yes, an FHA cash-out refinance is allowed only on an owner-occupied principal residence that one of the borrowers both owned and lived in for the full year leading up to case number assignment. Your existing loan must show six or more monthly payments, and every mortgage payment over the last year must have landed within its due month. Learn more about cash-out refinancing and co-borrower.

The FHA requirements California buyers meet are the same federal HUD rules that apply everywhere: an owner-occupied primary residence, a small down payment, FHA mortgage insurance, an FHA appraisal, and credit and income reviewed under FHA’s flexible guidelines. What changes in California is the loan limit. FHA sets its limit county by county, and several coastal California counties sit at or near the top of the FHA range while inland counties sit lower, so the same buyer can borrow a very different amount depending on the county. Saxton is a California FHA lender headquartered in San Diego, and we confirm your county’s FHA limit at pre-qualification. Manufactured homes, condominiums and 2 to 4 unit properties carry additional FHA property requirements, which are covered on their own pages.