Texas FHA loan is a mortgage that is insured by Federal Housing Administration (FHA), and a federal agency under the U.S Department of Housing and Urban Development (HUD). FHA is known for being the world’s largest insurer of home mortgages, by insuring millions of properties since the year 1934.
It is purposely designed for low or moderate-income borrowers. It offers minimum down-payment with lower credit scores. This is the reason why it is more popular for first-time buyers.
FHA loans are issued by the approved lenders. FHA backs the loan and now you can borrow up to 96.5% of your home value. FHA loans don’t lend money for a mortgage. You will get a loan from FHA approved lender or another financial institute. To secure the guarantee of FHA, qualified borrowers are required to purchase mortgage insurance and premium payments are given to FHA. In this way, the lender bears minimum risks as FHA will pay to the lenders if somehow you default on the loan.
To get qualified for FHA loans, borrowers are required to need at least 580 credit scores at a 3.5% downpayment. A borrower having 500 to 579 still can apply for FHA loans but at a 10% down payment.
A borrower who can’t afford a higher traditional downpayment of 20%, and has a low credit score, or previous credit history is not good, then FHA loans in Texas are the best option for you. As only 3.5% down payment is required.
You are required to submit your details to the lender. A lender will check your qualification for FHA loans. A lender will look into the history of your income in the past few years. Till you maintain an average credit score, you can easily get approval for FHA loans.
We are here to make it easier for you and guide you starting from a FREE FHA Loan Qualifier, where you can check for your qualification.
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