FHA Loans Down Payment Requirements in San Antonio Texas

How FHA loans in Texas works

FHA mortgage 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 home loans in San Antonio 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.

Do I Qualify?

To get qualified for these loans, borrowers need to meet FHA loan requirements with 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.

Why FHA loans?

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% FHA loan down payment is required.

You are required to submit your details to the FHA lenders in San Antonio. 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 in San Antonio, Dallas, Austin, Houston, and many more cities in Texas and guide you starting from a FREE FHA Loan Qualifier, where you can check for your qualification.