Texas FHA Mortgages insure borrowers with a low-down payment and less than perfect credit. Texas FHA Mortgage loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA does not loan money to Texans, instead FHA it provides protection through Texas FHA Mortgage insurance (MIP) against losses as the result of Texas homeowners defaulting on their mortgage loan. It’s this protection that makes it possible for mortgage lenders to provide insured Texas FHA home loans.
Good Credit – Bad Credit – No Credit + No Problem + We work with everyone towards home ownership! Whether you’re a Texas first-time buyer, moving to a new home, or want to FHA refinance your existing conventional or Texas FHA Mortgage, we will show you how to purchase or refinance a home using our stated mortgage program or bank statement only mortgage program.
|Do you have less than perfect credit? Or have less than 20% for a down? Then the FHA or VA mortgage might be right for you. And if not, we have other Options for you!|
When you decide to apply for an FHA home loan through Texas FHA Mortgage lender you need to know you’re dealing with experienced full-time mortgage lending professionals who know FL real estate. We offer a huge assortment of FL VA lenders including FHA, Conventional & Private mortgage programs built around Texas and Texas home buyers and homeowners.
Whether you’re buying a first home using our great FHA mortgage program or refinancing a home you already own using traditional Texas mortgage financing, nothing helps more than having a seasoned Texas Texas FHA Mortgage lender working hard answer all your Texas FHA Mortgage questions!
TEXAS FHA MORTGAGE LENDERS MINIMAL DOWN PAYMENT AND FEES:
- Down payment only 5%of the purchase price, down payment assistance and closing costs OK!
- Sellers can credit the buyer’s up to 6%of sales price towards buyers costs and pre-pay.
- No reserves or future payments in account required.
- FHA regulated closing costs.
- Read more about buying a home with a Texas FHA Mortgage Bad Credit –No Credit – FHA Guidelines–Debt To Income Limits –
FHA IS EASIER TO QUALIFY:
- 12 months after a chapter 13 BankruptcyTexas FHA Mortgage Lender approvals!
- 24 months after a chapter 7Bankruptcy Texas FHA Mortgage Lender approvals!
- 3 years after a ForeclosureTexas FHA Mortgage Lender approvals!
- No Credit ScoreTexas FHA Mortgage Lender approvals!
- 580required for 96.5% financing or 3.5% down payment Texas FHA Mortgage Lender approvals.
- 500required for 90% financing or 10% down payment Texas FHA Mortgage Lender approvals.
- Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA.
FHA OK WITH HIGHER DEBT EASIER QUALIFYING:
- FHA allows higher debt ratios than any conventional mortgage loan programs.
- Less than (2) two years on the same job is OK!
- Self-employed buyers can also qualify with Texas FHA Mortgage Lenders.
- Read More about Gifts For Down Payment – Documents Checklist – Debt To Income – Student Loans.
|Regardless of your situation, we work with EVERYONE to get them Pre Approved! We will counsel you FREE OF CHARGE until you qualify for a mortgage!|
TEXAS FHA MORTGAGE ALL PROPERTY TYPES:
- Single-family Homes
- Town House- check for lot and/or block legal descriptions.
- Villas- check for lot and/or block legal descriptions.
- Modular Homes
- Manufactured homes
- FHA Approved condominium – Search Texas FHA Approved Condos
TEXAS FHA MORTGAGE BENEFITS: The Texas FHA Mortgage is so popular is because Texas mortgage applicants use them are able to take advantage of benefits and protections unavailable with any other mortgage loan program. Loans through the FHA are insured by the government, so the Texas mortgage lenders that approve these loans are more lenient. The advantages outweigh any other mortgage program and include and include the following:
- Lower Cost & Fees- In addition to lower interest rates, FHA borrowers enjoy lower costs on other fees like closing costs, Texas FHA Mortgage insurance and govt regulated closing cost.
- Easier to Qualify-While most mortgage loans prohibit applicants with bad credit history and low credit scores, the Texas FHA Mortgage loans available with lower requirements so its easier for you to qualify.
- Lowest Interest Rates-You’ve heard the horror stories of subprime borrowers who couldn’t keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.
- Bankruptcy / Foreclosure-Even If you’ve filed for bankruptcy or suffered a foreclosure in the past few years doesn’t mean you’re excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.
- No Credit Score/ No Trade Lines OK!– The FHA usually requires two lines of credit for qualifying applicants. If you don’t have a sufficient credit history, you can try to qualify through a substitute form.
For many Texas, Texas FHA Mortgage applicants, using a Texas FHA Mortgage can really make the difference between owning your dream house affordability and getting out of the never-ending rental trap. The Texas FHA Mortgage provides a wealth of benefits for Texas mortgage applicants that qualify, so please make full use of them
TEXAS FHA MORTGAGE HOMEBUYER QUESTIONS:
- What is a Texas FHA Mortgage loan? The FHA is a division of the Department of (HUD) Housing and Urban Development. A Texas FHA Mortgage loan is a mortgage that is insured by the Federal Housing Administration (FHA) and funded by private Texas FHA approved mortgage lenders.
- Are Texas FHA Mortgage for first time home buyers only?NO, Texas FHA Mortgage loans are NOT for first–time buyers only. FHA loans can be used by first time buyers and repeat buyers The Texas FHA Mortgage is often marketed as a product for “first–time buyers” because of its low down payment and flexible qualifying requirements. Texas FHA Mortgage applicants can purchase an FHA approved investment property using and Texas FHA Mortgage loan.
- How Does The Texas FHA Mortgage Insurance Work?Anyone who takes out an Texas FHA Mortgage finances the insurance into the Texas FHA Mortgage loan amount. This “Up Front Mortgage Insurance” cost is called the “UFMIP”. The upfront mortgage insurance premium paid on all Texas FHA Mortgages is paid to the government and use the funding fee money to reimburse Texas FHA Mortgage lenders who were forced to foreclose on mortgages that were financed to bad credit mortgage Think of the funding fee as the foreclosure “insurance fund” for the FHA Texas Mortgage Lenders. In addition to the upfront funding fee, the borrower is also required to pay a small monthly fee to the FHA as part of their monthly mortgage payment. The monthly fee is called monthly MIP or mortgage insurance premium.
- Do I have to be a first-time mortgage buyer to use the Texas FHA Mortgage?No you do not have to be a first time Texas home buyer but the Texas FHA Mortgage is only for a Primary home purchase only.
- Can I roll all the closing costs into the Texas FHA Mortgage?You are permitted to finance the upfront FHA funding fee only. Texas FHA Mortgage closing costs can be paid by the seller up to 6% and must be negotiated up front in your purchase and sale agreement.
- Can I get an Texas FHA Mortgage after a Foreclosure or Bankruptcy?YES! you can qualify for a Texas FHA Mortgage 3 years after the title was transferred out of your name.A borrower may also still qualify for an FHA insured loan after declaring Chapter 13 bankruptcy, if at least 1 year of the bankruptcy payout period has passed and the borrower has been making satisfactory payments. In these cases, the Texas FHA Mortgage applicant must also request permission from the court to enter into a new Texas FHA Mortgage loan. declaring Chapter 7 bankruptcy, if at least 2 years have passed since the bankruptcy discharge date. Texas FHA Mortgage applicants must also have re-established good credit or have opted to incur no new debts (this means you specifically chose to take out no new loans, credit cards, etc.)
- What is the minimum down payment for Texas FHA Mortgage?Currently, 3.5% can from family gift or grant.
- Can my parents or other relatives give me money?Yes, provided the money is considered a gift and your relative sign and date the proper gift letter documentation.
- Is there a maximum Texas FHA Mortgage Loan Amount?Yes, see maximum loan limits below based on the Texas county.
TEXAS FHA MORTGAGE LINKS OF INTEREST:
- TEXAS FHA MORTGAGE
- About FHA
- Cash out
- Closing Cost
- Compensating factors
- Debt To Income
- Debt Consolidation
- Exclusion List
- FHA Limits
- First Time Home buyers
- Gift funds
- Investor loans
- Occupancy Rules
- Streamline Refinance
- Seller Paid Closing
- Tax Liens
- Questions and Answers
We provide free credit counseling to and work with everyone to get PRE APPROVED!
Texas FHA Mortgage Lenders Mortgage maximums as of December 01, 2017
|MSA Name||MSA Code||Division||County Name||County
|CORPUS CHRISTI, TX||18580||ARANSAS||007||TX||$294,515|
|WICHITA FALLS, TX||48660||ARCHER||009||TX||$294,515|
|SAN ANTONIO-NEW BRAUNFELS, TX||41700||ATASCOSA||013||TX||$359,950|
|HOUSTON-THE WOODLANDS-SUGAR LAND, TX||26420||AUSTIN||015||TX||$331,200|
|SAN ANTONIO-NEW BRAUNFELS, TX||41700||BANDERA||019||TX||$359,950|
|AUSTIN-ROUND ROCK, TX||12420||BASTROP||021||TX||$384,100|
|SAN ANTONIO-NEW BRAUNFELS, TX||41700||BEXAR||029||TX||$359,950|
|HOUSTON-THE WOODLANDS-SUGAR LAND, TX||26420||BRAZORIA||039||TX||$331,200|
|COLLEGE STATION-BRYAN, TX||17780||BRAZOS||041||TX||$294,515|
|COLLEGE STATION-BRYAN, TX||17780||BURLESON||051||TX||$294,515|
|AUSTIN-ROUND ROCK, TX||12420||CALDWELL||055||TX||$384,100|
|PORT LAVACA, TX||38920||CALHOUN||057||TX||$294,515|
|HOUSTON-THE WOODLANDS-SUGAR LAND, TX||26420||CHAMBERS||071||TX||$331,200|
|WICHITA FALLS, TX||48660||CLAY||077||TX||$294,515|
|DALLAS-FORT WORTH-ARLINGTON, TX||19100||19124||COLLIN||085||TX||$386,400|
|SAN ANTONIO-NEW BRAUNFELS, TX||41700||COMAL||091||TX||$359,950|