TEXAS FHA MORTGAGE LENDERS

TEXAS FHA MORTGAGE LENDERS

Texas FHA mortgage lenders are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to Texas borrowers; rather, it provides FHA mortgage protection insurance through 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.

Texas FHA Mortgage Lenders

KEY POINTS TO THIS MORTGAGE PROGRAM

TEXAS FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:

  • Down payment only 3.5%of the purchase price.
  • Gifts from family or Grants for down payment assistance and closing costsOK!
  • Seller can credit buyers up to 6%of sales price towards buyers costs.
  • No reserves or future payments in account required.
  • FHA regulated closing costs.

TEXAS FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:

  • Purchase a Texas home 12 months after a chapter 13 Bankruptcy
  • Purchase a Texas24 months after a chapter 7 Bankruptcy.
  • FHA will allow an FHA mortgage 3 years after a Foreclosure.
  • Minimum FICO credit score of 580required for96.5%financing.
  • Bad credit Texas FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
  • No Credit Score Texas mortgage loans & No Trade Line TexasFHA home loans.

TEXAS FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING

  • FHA allows higher debt ratios than any other Texas home loan programs.
  • Less than two years on the same job is OK!
  • Self-employed buyers can also qualify for FHA.
  • Check Texas FHA Mortgage Articles for more information.

Serving every city and county in Texas FHA mortgage lenders will work with you until we get you approved! FHA loan programs are primarily designed to help low- and moderate-income Texas families who do not meet downpayment or credit requirements for conventional loans that adhere to more strict underwriting guidelines. However, there are cases in which Texas mortgage applicant who is eligible for conventional financing would still choose an FHA home loan over a conventional mortgage.

Texas FHA mortgage lenders programs are particularly beneficial to those buyers with less available cash. The rates from Texas FHA mortgage lenders are generally market rates, while down payment requirements are lower than most conventional loans. The FHA mortgage loan program has been helping Texas mortgage applicants become homeowners since 1934 and is easier to qualify for an FHA loan in many cases.

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