3.5% Down Texas FHA Mortgage Lenders Min 580 FIco!

Texas FHA Mortgage Lenders

Texas FHA Mortgages insure borrowers with a low-down payment and less than perfect credit. Texas FHA Mortgage loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA does not loan money to Texans, instead FHA it provides protection through Texas FHA Mortgage insurance (MIP) against losses as the result of Texas homeowners defaulting on their mortgage loan. It’s this protection that makes it possible for mortgage lenders to provide insured Texas FHA home loans.

Good Credit – Bad Credit – No Credit + No Problem + We work with everyone towards home ownership! Whether you’re a Texas first-time buyer, moving to a new home, or want to FHA refinance your existing conventional or Texas FHA Mortgage, we will show you how to purchase or refinance a home using our  stated mortgage program or  bank statement only mortgage program.

Do you have less than perfect credit? Or have less than 20% for a down? Then the FHA or VA  mortgage might be right for you. And if not, we have other Options for you!

When you decide to apply for an FHA home loan through Texas FHA Mortgage lender you need to know you’re dealing with experienced full-time mortgage lending professionals who know FL real estate. We offer a huge assortment of FL VA lenders including FHA, Conventional & Private mortgage programs built around Texas and Texas home buyers and homeowners.

Whether you’re buying a first home using our great FHA mortgage program or refinancing a home you already own using traditional Texas mortgage financing, nothing helps more than having a seasoned Texas Texas FHA Mortgage lender working hard answer all your Texas FHA Mortgage questions!

TEXAS FHA MORTGAGE LENDERS MINIMAL DOWN PAYMENT AND FEES:

  • Down payment only 5%of the purchase price, down payment assistance and closing costs OK!
  • Sellers can credit the buyer’s up to 6%of sales price towards buyers costs and pre-pay.
  • No reserves or future payments in account required.
  • FHA regulated closing costs.
  • Read more about buying a home with a Texas FHA Mortgage Bad Credit No Credit – FHA GuidelinesDebt To Income Limits 

FHA IS EASIER TO QUALIFY:

  • 12 months after a chapter 13 BankruptcyTexas FHA Mortgage Lender approvals!
  • 24 months after a chapter 7Bankruptcy Texas FHA Mortgage Lender approvals!
  • 3 years after a ForeclosureTexas FHA Mortgage Lender approvals!
  • No Credit ScoreTexas FHA Mortgage Lender approvals!
  • 580required for 96.5% financing or 3.5% down payment Texas FHA Mortgage Lender approvals.
  • 500required for 90% financing or 10% down payment Texas FHA Mortgage Lender approvals.
  • Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA.

FHA OK WITH HIGHER DEBT EASIER QUALIFYING:

  • FHA allows higher debt ratios than any conventional mortgage loan programs.
  • Less than (2) two years on the same job is OK!
  • Self-employed buyers can also qualify with Texas FHA Mortgage Lenders.
  • Read More about Gifts For Down Payment – Documents Checklist – Debt To Income – Student Loans.
Regardless of your situation, we work with EVERYONE to get them Pre Approved! We will counsel you FREE OF CHARGE until you qualify for a mortgage!

TEXAS FHA MORTGAGE ALL PROPERTY TYPES:

  1. Single-family Homes
  2. Town House- check for lot and/or block legal descriptions.
  3. Villas- check for lot and/or block legal descriptions.
  4. Modular Homes
  5. Manufactured homes
  6. FHA Approved condominium – Search Texas FHA Approved Condos

TEXAS FHA MORTGAGE BENEFITS: The Texas FHA Mortgage is so popular is because Texas mortgage applicants use them are able to take advantage of benefits and protections unavailable with any other mortgage loan program. Loans through the FHA are insured by the government, so the Texas mortgage lenders that approve these loans are more lenient. The advantages outweigh any other mortgage program and include and include the following:

  • Lower Cost & Fees- In addition to lower interest rates, FHA borrowers enjoy lower costs on other fees like closing costs, Texas FHA Mortgage insurance and govt regulated closing cost.
  • Easier to Qualify-While most mortgage loans prohibit applicants with bad credit history and low credit scores, the Texas FHA Mortgage loans available with lower requirements so its easier for you to qualify.
  • Lowest Interest Rates-You’ve heard the horror stories of subprime borrowers who couldn’t keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.
  • Bankruptcy / Foreclosure-Even If you’ve filed for bankruptcy or suffered a foreclosure in the past few years doesn’t mean you’re excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.
  • No Credit Score/ No Trade Lines OK!– The FHA usually requires two lines of credit for qualifying applicants. If you don’t have a sufficient credit history, you can try to qualify through a substitute form.

For many Texas, Texas FHA Mortgage applicants, using a Texas FHA Mortgage can really make the difference between owning your dream house affordability and getting out of the never-ending rental trap. The Texas FHA Mortgage provides a wealth of benefits for Texas mortgage applicants that qualify, so please make full use of them

TEXAS FHA MORTGAGE HOMEBUYER  QUESTIONS:

  • What is a Texas FHA Mortgage loan? The FHA is a division of the Department of (HUD) Housing and Urban Development. A Texas FHA Mortgage loan is a mortgage that is insured by the Federal Housing Administration (FHA) and funded by private Texas FHA approved mortgage lenders.
  • Are Texas FHA Mortgage for first time home buyers only?NO, Texas FHA Mortgage loans are NOT for firsttime buyers onlyFHA loans can be used by first time buyers and repeat buyers The Texas FHA Mortgage is often marketed as a product for “firsttime buyers” because of its low down payment and flexible qualifying requirements. Texas FHA Mortgage applicants can purchase an FHA approved investment property using and Texas FHA Mortgage loan.
  • How Does The Texas FHA Mortgage Insurance Work?Anyone who takes out an Texas FHA Mortgage finances the  insurance into the Texas FHA Mortgage loan amount. This “Up Front Mortgage Insurance” cost is called the “UFMIP”. The upfront mortgage insurance premium paid on all Texas FHA Mortgages is paid to the government and use the funding fee money to reimburse Texas FHA Mortgage lenders who were forced to foreclose on mortgages that were financed to bad credit mortgage Think of the funding fee as the foreclosure “insurance fund” for the FHA Texas Mortgage Lenders. In addition to the upfront funding fee, the borrower is also required to pay a small monthly fee to the FHA as part of their monthly mortgage payment. The monthly fee is called monthly MIP or mortgage insurance premium.
  • Do I have to be a first-time mortgage buyer to use the Texas FHA Mortgage?No you do not have to be a first time Texas home buyer but the Texas FHA Mortgage is only for a Primary home purchase only.
  • Can I roll all the closing costs into the Texas FHA Mortgage?You are permitted to finance the upfront FHA funding fee only. Texas FHA Mortgage closing costs can be paid by the seller up to 6% and must be negotiated up front in your purchase and sale agreement.
  • Can I get an Texas FHA Mortgage after a Foreclosure or Bankruptcy?YES! you can qualify for a Texas FHA Mortgage 3 years after the title was transferred out of your name.A borrower may also still qualify for an FHA insured loan after declaring Chapter 13 bankruptcy, if at least 1 year of the bankruptcy payout period has passed and the borrower has been making satisfactory payments. In these cases, the Texas FHA Mortgage applicant must also request permission from the court to enter into a new Texas FHA Mortgage loan. declaring Chapter 7 bankruptcy, if at least 2 years have passed since the bankruptcy discharge date. Texas FHA Mortgage applicants must also have re-established good credit or have opted to incur no new debts (this means you specifically chose to take out no new loans, credit cards, etc.)
  • What is the minimum down payment for Texas FHA Mortgage?Currently, 3.5% can from family gift or grant.
  • Can my parents or other relatives give me money?Yes, provided the money is considered a gift and your relative sign and date the proper gift letter documentation.
  • Is there a maximum Texas FHA Mortgage Loan Amount?Yes, see maximum loan limits below based on the Texas county.

TEXAS FHA MORTGAGE LINKS OF INTEREST:

We provide free credit counseling to and work with everyone to get PRE APPROVED!

Texas FHA Mortgage Lenders Mortgage maximums as of  December 01, 2017
(

MSA Name MSA Code Division County Name County
Code
State One-Family
PALESTINE, TX 37300 ANDERSON 001 TX $294,515
ANDREWS, TX 11380 ANDREWS 003 TX $294,515
LUFKIN, TX 31260 ANGELINA 005 TX $294,515
CORPUS CHRISTI, TX 18580 ARANSAS 007 TX $294,515
WICHITA FALLS, TX 48660 ARCHER 009 TX $294,515
AMARILLO, TX 11100 ARMSTRONG 011 TX $294,515
SAN ANTONIO-NEW BRAUNFELS, TX 41700 ATASCOSA 013 TX $359,950
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 26420 AUSTIN 015 TX $331,200
NON-METRO 99999 BAILEY 017 TX $294,515
SAN ANTONIO-NEW BRAUNFELS, TX 41700 BANDERA 019 TX $359,950
AUSTIN-ROUND ROCK, TX 12420 BASTROP 021 TX $384,100
NON-METRO 99999 BAYLOR 023 TX $294,515
BEEVILLE, TX 13300 BEE 025 TX $294,515
KILLEEN-TEMPLE, TX 28660 BELL 027 TX $294,515
SAN ANTONIO-NEW BRAUNFELS, TX 41700 BEXAR 029 TX $359,950
NON-METRO 99999 BLANCO 031 TX $294,515
NON-METRO 99999 BORDEN 033 TX $294,515
NON-METRO 99999 BOSQUE 035 TX $294,515
TEXARKANA, TX-AR 45500 BOWIE 037 TX $294,515
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 26420 BRAZORIA 039 TX $331,200
COLLEGE STATION-BRYAN, TX 17780 BRAZOS 041 TX $294,515
NON-METRO 99999 BREWSTER 043 TX $294,515
NON-METRO 99999 BRISCOE 045 TX $294,515
NON-METRO 99999 BROOKS 047 TX $294,515
BROWNWOOD, TX 15220 BROWN 049 TX $294,515
COLLEGE STATION-BRYAN, TX 17780 BURLESON 051 TX $294,515
NON-METRO 99999 BURNET 053 TX $294,515
AUSTIN-ROUND ROCK, TX 12420 CALDWELL 055 TX $384,100
PORT LAVACA, TX 38920 CALHOUN 057 TX $294,515
ABILENE, TX 10180 CALLAHAN 059 TX $294,515
BROWNSVILLE-HARLINGEN, TX 15180 CAMERON 061 TX $294,515
NON-METRO 99999 CAMP 063 TX $294,515
AMARILLO, TX 11100 CARSON 065 TX $294,515
NON-METRO 99999 CASS 067 TX $294,515
NON-METRO 99999 CASTRO 069 TX $294,515
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 26420 CHAMBERS 071 TX $331,200
JACKSONVILLE, TX 27380 CHEROKEE 073 TX $294,515
NON-METRO 99999 CHILDRESS 075 TX $294,515
WICHITA FALLS, TX 48660 CLAY 077 TX $294,515
NON-METRO 99999 COCHRAN 079 TX $294,515
NON-METRO 99999 COKE 081 TX $294,515
NON-METRO 99999 COLEMAN 083 TX $294,515
DALLAS-FORT WORTH-ARLINGTON, TX 19100 19124 COLLIN 085 TX $386,400
NON-METRO 99999 COLLINGSWORTH 087 TX $294,515
NON-METRO 99999 COLORADO 089 TX $294,515
SAN ANTONIO-NEW BRAUNFELS, TX 41700 COMAL 091 TX $359,950
NON-METRO 99999 COMANCHE 093 TX $294,515
NON-METRO 99999 CONCHO 095 TX $294,515
GAINESVILLE, TX 23620 COOKE 097 TX $294,515
KILLEEN-TEMPLE, TX 28660 CORYELL 099 TX $294,515

 

 

 

 

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