Make homeownership possible with as little as 3.5% down through an FHA loan. At Convoy Home Loans, we specialize in helping first-time buyers, families, and credit-challenged borrowers in San Diego, El Segundo, and across California achieve the American Dream with flexible, government-backed financing options.
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD). The federal government insures these loans for approved lenders, greatly reducing the lender's risk if a borrower defaults.
This insurance allows lenders to offer more lenient qualification standards, lower down payments, and more flexible credit requirements than conventional loans.
"An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. The FHA program was created in response to the rash of foreclosures and defaults that happened in the 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable."
As little as 3.5% down for credit scores of 580 or higher.
Easier approval for borrowers with lower credit scores or past credit challenges.
More forgiving guidelines help buyers qualify with higher monthly obligations.
Sellers can contribute up to 6% toward closing costs.
Often comparable to or better than conventional rates for qualified borrowers.
Single-family homes, condos, townhomes, and multi-unit properties (up to 4 units).
FHA loans are especially powerful in high-cost markets like San Diego where saving for a large down payment can take years.
Upfront MIP + monthly MIP for the life of the loan (or until you reach 20% equity in some cases).
FHA has county-specific maximum loan amounts (lower than conventional jumbo limits).
Homes must meet FHA's minimum property standards.
Must be your primary residence (not investment properties).
Stricter rules when refinancing compared to conventional loans.
For buyers planning shorter stays, we often recommend exploring our adjustable-rate mortgage options instead.
FHA loans are ideal for:
✓ First-time homebuyers in San Diego and Southern California
✓ Buyers with credit scores between 580-680
✓ Families with limited savings for down payment
✓ Borrowers who have experienced recent credit events (late payments, collections, etc.)
✓ Military families and veterans (often combined with VA benefits)
✓ Anyone struggling to qualify under conventional guidelines
We review your income, credit, and debt to determine your FHA buying power.
Work with your real estate agent to find an FHA-appraised property.
FHA-approved appraiser verifies property condition and value.
Pay the required down payment and upfront MIP; move into your new home.
Make timely payments and build equity. You may remove monthly MIP once you reach 20% equity.
We guide you through every step with clear communication and fast turnaround times.
Loan Type | Min Down Payment | Credit Score Flexibility | Mortgage Insurance | Best For |
|---|---|---|---|---|
FHA Loan | 3.5% | Excellent | Yes (lifetime in most cases) | First-time & lower credit |
Conventional | 3–5% | Moderate | PMI (removable) | Stronger credit buyers |
VA Loan | 0% | Very Good | None | Eligible veterans & service members |
USDA Loan | 0% | Good | Yes | Rural property buyers |
As a nationally licensed mortgage broker (NMLS #2130517) with offices in San Diego and El Segundo, we have deep expertise in FHA programs and strong relationships with multiple FHA-approved lenders. Our mission is to provide financing options that enhance your standard of living while treating you like family.
We help clients who have been turned down elsewhere get approved and close on time.
Ready to buy a home with only 3.5% down? Get pre-approved for an FHA loan today - no obligation.
Minimum 580 for 3.5% down; scores as low as 500 may qualify with 10% down.
Upfront MIP is paid at closing. Monthly MIP usually lasts for the life of the loan unless you reach 20% equity and refinance.
Yes - as long as the condo project is FHA-approved.
No income limits, but the loan must be for your primary residence.
Yes - FHA loans are fully assumable, which can be a big advantage when selling.
Yes - we are licensed in many states and can assist eligible borrowers nationwide where permitted.
Real Estate Investor Lending · NMLS #2130517 · Licensed Mortgage Broker
AZ · CA · CO · FL · GA · ID · MD · MI · MN · NC · NM · OH · OR · PA · TN · TX · VA · WA and more
This is not a commitment to lend. All loans subject to credit approval. Equal Housing Lender.
A 30-year fixed-rate mortgage is the most popular home loan in America. It features a constant interest rate and unchanging monthly principal-and-interest payments over the full 30-year (360-month) term.
Your rate is set at closing and never changes - even if market rates rise or fall. This predictability makes budgeting straightforward for decades.
At Convoy Home Loans, we shop multiple lenders to find you the best fixed rate available for your situation.
For buyers planning shorter stays, we often recommend exploring our adjustable-rate mortgage options instead.
This loan suits:
We guide you through every step with transparent communication.
| Loan Type | Monthly Payment | Interest Rate Stability | Best For | Total Interest |
|---|---|---|---|---|
| 30-Year Fixed | Lower | Fixed entire term | Long-term homeowners | Higher |
| 15-Year Fixed | Higher | Fixed entire term | Faster payoff | Lower |
| Adjustable-Rate (ARM) | Varies | Changes after intro | Short-term stays | Varies |
As a nationally licensed mortgage broker (NMLS #2130517), we offer access to a wide range of programs with competitive rates. Our mission is simple: provide financing options that enhance your standard of living while treating you like family.
Clients love our fast closings, personalized advice, and ability to beat big-bank offers.
Ready to get started? Speak with a loan officer today - no obligation.
Convoy Home Loans · NMLS #2130517 · Licensed Mortgage Broker
AZ · CA · CO · FL · GA · ID · MD · MI · MN · NC · NM · OH · OR · PA · TN · TX · VA · WA and more
This is not a commitment to lend. All loans subject to credit approval. Equal Housing Lender.