An FHA (Federal Housing Administration) loan is a mortgage loan that is insured by the Federal Housing Administration. 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. FHA loans were created by the government during the great depression to help the real estate industry rebound. One of the major benefits of an FHA loan is the low down payment percentage of only 3.5%. Other loans require a higher percentage of money down, typically 5%, 10%, or 20% are all standard down payment amounts. The current FHA loan limits in Orange County are $625,500 for a single family home or condominium, $800,775 for a duplex, $967,950 for a triplex, and $1,202,925 for a 4 unit home.

Unfortunately, in Ladera Ranch many of the home owners associations have let they're FHA approval status laps. This means you can't get an FHA loan in the majority of tracts in Ladera Ranch. It's the responsibility of each individual home owners association to submit a package to the federal housing administration for approval. Here are the only two condominium tracts names and dates in Ladera Ranch that are still FHA loan eligible. The tracts of Atherton Glen is approved until 8/27/15 and the Chambray tract is approved until 9/3/16. Right now those are the only two tracts in Ladera Ranch where you can use an FHA loan. The new community of Sendero in Rancho Mission Viejo to the south of Ladera Ranch is also approved for FHA loans until 9/12/15.