Federal Housing Administration Loans
Update: you need a 620 Credit Score. Don't think you can get approved for a mortgage?
Yes, banks are tightening their rules and making it much more difficult to get approved for home loans but FHA loans are still a great source for home buyers. The maximum mortgage limits for Texas are $200,160 for single family and $256,248 for duplex. The maximum allowable loan is 96.5%. More about requirements. You must put 3.5% down.
On the plus side, FHA still allows the down payment to be a gift from parents, the seller can still pay 6% of the buyers closing costs (but can't pay any part of the down payment) and the government will give first time home buyers a $8,000 tax credit so that may help get some buyers going. For buyers who have lived in their current home for 5 yrs or more they can qualify for a $6,500 tax credit. The credit is good for homes purchased.
Benefits of FHA Mortgages
- Low Downpayments
- Low Closing Costs
- Easier Credit Approvals - 620 Score
- Get Started Today
What exactly are FHA Loans in Texas?
In short, the Federal Government ensures these loans so your lender can offer you a better deal. The Federal Housing Administration is the governmental body behind these loans and they have been in the business of helping to provide these loans since 1934. There are many programs offered.
Mortgage Programs for First Time Buyers
Are you a first time buyer in Texas? FHA offers a program where you can put as little as 3.5% down! Another benefit is that you can roll your closing costs into the loan which will save you even more money upfront. These types of loans are available on 1-4 unit properties.
There are programs for Seniors that include a reverse mortgage for persons older than 62 and own their home outright or have a low balance remaining.
Green FHA Loans
Yes, FHA is even going green. Well sort of, they do offer an FHA Energy - Efficient Mortgage which can include the costs of energy improvements into the mortgage. And with the energy costs in Texas going up this can save you money both now and in the future. Everyone else is going green...why not FHA?
More on FHA
- No Pre-Payment Penalties
- Rates are priced better than sub-prime choices
- Standard 30/15 year fixed mortgages
- No Cash Reserve Requirements
- Read More About FHA Refinances
These FHA requirements are meant as a guideline please contact our office for more specific information about your situation.
Commonly Searched Phrases: FHA Mortgage Texas - Austin FHA Loans - Austin Texas FHA Loans - Austin FHA Mortgage