Santa Maria and Lompoc First Time Buyers, FHA Loan Info

What is an FHA loan? Essentially an FHA loan is a loan that is guaranteed by the Federal Housing Administration. Lenders typically do not want to lend on a home unless a buyer has a 20% down payment. Any loan with less of a down payment is viewed as risky. In the home buying context, risky means it has to be insured or guaranteed. So, if there is less than a 20% down payment, mortgage insurance is required. And, in today’s market unless you have a credit score of at least 720, you won’t be able to get mortgage insurance. And even then, you have to put at least 10% down. (I’ve heard that 5% down products are becoming available again though.)

So, what do you do if you don’t have 10% down or don’t have a 720 credit score? Enter FHA. They fill a vital role in the market for first time buyers who don’t have enough credit or money to meet conventional home loan requirements in the Santa Maria and Lompoc real estate markets. On my website, I have a list of FHA lenders for first time home buyers.

If you are a first time home buyer in the Santa Maria or Lompoc real estate market, give me a call at (805) 878-9879 to schedule a consultation. If you are interested in receiving a list of foreclosure properties in Santa Maria, Orcutt, or Lompoc, send me an email request at

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879,

  • Based on the information from the Lompoc Valley & Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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