FHA Loan Texas – The Authority in Texas FHA Loans

FHA lenders in Texas

Millions of Texans are taking advantage of FHA loans each and every day.

Are you needing to buy a home but don’t have 20% to put down?

Do you have less-than-perfect credit and are looking for a way to qualify with less hassles?

Is it your first time buying a home and just don’t know where to start?

Well, you’ve come to the right place!

At FHA Loan Texas.com, we know how important it is to make your home affordable and this is why we have become the leading experts in Texas on the FHA loan program.

We made a site dedicating to giving you as much  free information on FHA  because we know how confusing it can be at times.

What is an FHA Loan?

With so many resources online these days, it isn’t easy trying to find out straight-forward answers on how FHA loans work.

Here is what you need to know in plain English.

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA).

Back in the 1930′s during The Great Depression, the FHA loan was created to stimulate the housing market and made buying homes more accessible and affordable to people.

FHA loans are usually the easiest type of mortgage to qualify for because of the low down payment option (3.5%), lower interest rates, and easier qualification standards. When you compare FHA to a traditional conventional mortgage, it’s honestly like comparing apples to oranges.

FHA doesn’t lend the money, the FHA approved lenders such as us do.

Every FHA loans are backed by the FHA in case of default which is why the guidelines are a little bit looser than other types of home loans out there.

Are FHA Loans Just for First Time Home Buyers?

FHA loans are not just for first time home buyers – they are for everyone looking to buy or refinance a home that may not have the best credit or a large down payment.

How Do I Get an FHA Loan?

The first thing you need to do is take 30 seconds to apply and get pre-qualified. After that is done, you will get a good idea as to where you stand.

FHA Loan Benefits

Did you know that over 46% of first time home buyers use an FHA Loan when they purchase their first home?

In today’s economy, FHA insured mortgage loans continue to help millions of people like yourself buy their homes with very flexible terms in order to make home ownership possible.

Are Easier to Qualify for
…because they’re insured by the federal government, lenders are more likely to give you the kind of loan that you need.
Have a Low Down Payment
Unlike most other types of mortgage financing, FHA loans in Texas require a 3.5% down-payment which makes it easier for people to own homes.
Allow Lower Credit Borrowers to Qualify
because FHA loans are backed by the government, people with a “less than perfect” credit history have an easier time getting approved for an FHA loan
Have Better Interest Rates
Since the Department of Housing and Urban Development insures these loans against default, FHA loans usually have better interest rates than most conventional mortgage loans.
fha home loans texas

FHA loans have helped more people get into a home than any other type of financing out there.

As an FHA approved lender in Texas that has over 75 combined years of experience in FHA loans, our team of FHA Loan specialists is focused on making everything as easy as possible for you.

Not only do we offer the best rates and most competitive closing costs, but in addition, we have the experience and knowledge to make your home buying or refinancing a breeze.

We’re always happy to chat about your situation and give you helpful advice on what your next steps should be if you haven’t been down this road before.

FHA Loan Requirements

These days, qualifying for a home mortgage loan can be near impossible without a decent down payment and a moderate credit score.

Since 1934, the Federal Housing Administration has stepped in to help potential homeowners like you realize the dream of home ownership.

There are fewer restrictions for an FHA loan in comparison to a conventional mortgage loan as the requirements for an FHA loan are much more lenient.

Below, you’ll see the basic FHA loan qualification requirements, however if you have a unique situation or have some questions, we’ll be happy to help and guide you in the right direction.

  • Proven and documented employment of at least 2 years
  • Credit score of at least a 620
  • Debt to Income ratio of around 45-50%
  • You must have at least a 3.5% down-payment. If you do not, a “gift” is acceptable as well as long as we can document it.
  • You must live in the home you are wanting to buy – no investment properties or second homes.
  • Only certain properties are eligible – single-family homes, condominiums, and 2-4 unit properties
  • Depending on the type of Bankruptcy filed, you must usually wait at least 1-2 years before you apply for an FHA loan. If there were extenuating circumstances out of your control however, there are some exceptions.
  • If you’ve had a foreclosure in the past, you must wait at least 3 years to apply