Texas FHA Mortgage Lender
An FHA loan is a government-sponsored mortgage insured by the Federal Housing Administration or FHA for the short term. Popular with first-time homebuyers, FHA home loans require a lower credit score and lower payments than most conventional loans. Although government loans are insured, they are actually offered by FAH-approved mortgage lenders.
Texas FHA mortgages 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 pay the borrowers; Instead, it provides homeowners protection against mortgage defaults through mortgage insurance (MIP). It is this protection that makes it possible for mortgage lenders to provide insured Texas FHA home loans.
Available to all Texas residents, FHA loan programs are primarily designed to help low and moderate-income families who do not meet requirements for conventional loans that adhere to more strict underwriting guidelines. However, there are some cases where ers borrowers who are eligible for conventional financing can still opt for an FHA home loan on a conventional mortgage.
Texas FHA home loan programs are especially beneficial to those buyers with less available cash. Texas FHA loan rates are generally market rates, while the down payment requirement is lower than most conventional loans. The FHA mortgage program has been helping people become homeowners since 1934 and in many cases, it is easier to qualify for an FHA loan.
Buying your first home?
FHA loans are a great option for first-time home buyers – and if this is your first home purchase, the FHA home loan in Texas is probably your best option because of the low down payment and easy credit criteria. Your down payment may be as low as 3.5% of the purchase price, and closing costs and fees may be covered by the seller. Call Mortgage Loan Tx now or fill out the quick contact at the bottom of the page to speak with a Texas FHA loan consultant and get a free good faith estimate.
More about Texas FHA Loans
The FHA is an acronym for the Federal Housing Administration that Congress created FHA in 1934 to make it easier for homeowners to get mortgages. By insuring mortgages for single-family and multiple homes, FHA mortgage insurance protects insurance payers against a loss if an FHA homeowner defaults on a loan. To qualify for this insurance, HAs must meet the requirements established by the FHA. FHA and HUD have insured more than 34 million homes since 19434 and are the world’s largest mortgage insurers. FHA loans offer a lot of benefits to first-time homebuyers as FHA mortgages offer lower credit qualifications and as little as 3.5% down payments. Mortgage Loan Tx specializes in FHA loans in Texas and has knowledgeable loan officers that can structure an FHA loan that meets your specific needs.
Why Choose Mortgage Loan Tx?
Mortgage Loan Tx As a local Texas mortgage company. We have the flexibility to underwrite your FHA loan using common sense underwriting. With other mortgage firms focusing primarily on rates and high-pressure sales, we educate you on the best home loan program for your individual needs. Form your mortgage as your finances and provide the lowest possible rates. Thank you for choosing Mortgage Loan Tx as your FHA Mortgage Lender in Texas – We look forward to enriching your business! Apply online for home loan approval on the same day or call today!
Main pillars of the FHA home loan benefit
Adjustable-Rate Mortgage (ARM)
It is insurance that protects mortgage lenders
Low credit score with higher down payments
Allowing them to offer loans with below-average interest rates
Easier credit requirements and low down payments (3.5% down Payments)
100% Allowed with Approved Gift Fund Source
It is very especially popular with the first time, lower-income, and/or lower credit home buyers Flexibility, and low rates
Higher debt to income ratio (DTI) is allowed
No income limits
Seller Paid Closing Costs to 6%
Cheap monthly mortgage insurance for low credit score
Streamline Refinance Available
15, 20 and 30-year terms are available for fixed rate products