TEXAS FHA MORTGAGE LENDERS

Texas FHA Mortgage Lenders  Information

Texas FHA Mortgage Lenders  provide funding for the most popular loan program in the United States. The FHA a division of HUD is within the United States Department of Housing and Development.

FHA MINIMAL DOWN PAYMENT AND FEES:

• Down payment only 3.5% 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-paid.
• No reserves or future payments in account required.
• FHA regulated closing costs.
• Read more about buying a home with an FHA mortgage Bad Credit –No Credit – FHA Guidelines –Debt To Income Limits –

FHA IS EASIER TO QUALIFY:

• 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
• 24 months after a chapter 7Bankruptcy FHA mortgage Lender approvals!
• 3 years after a Foreclosure FHA mortgage Lender approvals!
• No Credit Score FHA mortgage Lender approvals!
• 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
• 500 required for 90% financing or 10% down payment 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 ratio’s than any conventional mortgage loan programs.
• Less than (2) two years on the same job is OK!
• Self-employed buyers can also qualify with 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 LENDERS FOR ALL PROPERTY TYPES:

1. Single-family Homes
2. Town House- check for lot and/or block legal descriptions.
3. Villas- check for lot and/or block legal descriptions.
4. Modular Homes
5. FHA Approved condominium – Search Florida FHA Approved Condos

TEXAS FHA MORTGAGE BENEFITS: The FHA mortgage is so popular is because Florida 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 Florida 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, 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 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 Florida FHA mortgage applicants, using an FHA mortgage can really make the difference between owning your dream house affordability and getting out of the never ending rental trap. The FHA mortgage provides a wealth of benefits for Florida mortgage applicants that qualify, so please make full use of them.

TEXAS FHA MORTGAGE LENDERS QUESTIONS:

• What is an FHA Mortgage loan? The FHA is a division of the Department of (HUD) Housing and Urban Development. An FHA mortgage loan is a mortgage that is insured by the Federal Housing Administration (FHA) and funded by private Florida FHA approved mortgage lenders.

• Do I have to be a first-time mortgage buyer to use the FHA mortgage? No you do not have to be a first time Florida home buyer but the FHA mortgage is only for a Primary home purchase only.

• Can I roll all the closing costs into the FHA mortgage? You are permitted to finance the upfront FHA funding fee only.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 FHA Mortgage after a Foreclosure or Bankruptcy? YES! you can qualify for an 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 FHA mortgage applicant must also request permission from the court to enter into a new FHA mortgage loan. declaring Chapter 7 bankruptcy, if at least 2 years have passed since the bankruptcy discharge date. 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 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 FHA Mortgage Loan Amount? Yes, see maximum loan limits below based on the Florida county.

TEXAS FHA MORTGAGE LINKS OF INTEREST:

• FHA MORTGAGE
  • About FHA
  • Bankruptcy-Foreclosure
  • Cash out
  • Collections-Judgements
  • Closing Cost
  • Compensating factors
  • Debt To Income
  • Debt Consolidation
  • Exclusion List
  • Facts
  • FHA Limits
  • First Time Homebuyers
  • Gift funds
  • Investor loans
  • Jumbo
  • Lenders
  • Occupancy Rules
  • Process
  • Programs
  • Streamline Refinance
  • Seller Paid Closing
  • Tax Liens
  • Questions and Answers

-620 FICO – Texas FHA Mortgage Lenders 

Under the new Texas FHA Mortgage Lenders  guidelines that are outlined in the FHA Guide 4001. Texas FHA Mortgage Lenders  underwriting and loan approval criteria. FHA bad credit mortgage and No Credit mortgage applicants can qualify to purchase or refinance an Texas FHA Mortgage Lenders with credit score as low as 500 FICO with a maximum of 31% DTI front end debt to income ratios, which is called the housing ratios, and the maximum debt to income ratio is 43% DTI on the back end debt to income ratio. Click here to read more about debt to income ratios and Texas FHA Mortgage Lenders qualifying.

+ 620 AND OVER – Texas FHA Mortgage Lenders 

Texas FHA Mortgage Lenders  are so popular because they will allow Texas FHA Mortgage Lenders Applicants with credit scores over 620 FICO a maximum of 46.9% DTI front end debt to income ratios, which is called the housing expense ratios, and the maximum debt to income ratio is 56.9% DTI on the back-end debt to income ratio. These debt to income ratios can only be extended when the borrower has provided compensating factors. Click here to learn more about FHA compensating factors.

FORECLOSURE, BANKRUPTCY, SHORT SALE QUALIFYING WITH Texas FHA Mortgage Lenders 

In Addition, first time Texas FHA Mortgage Lenders applicants as well as home buyers with prior bad credit, a prior bankruptcy, a prior foreclosure, a prior deed in lieu, and a prior short sale can qualify for Texas FHA Mortgage Lenders within 3 years of a title transfer.

FORECLOSURE OR BANKRUPTCY TEXAS FHA MORTGAGE LENDERS 

To qualify for an Texas FHA Mortgage Lenders there are statutory minimum waiting periods per FHA Loan Guidelines, after a bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale. For traditional Texas FHA Mortgage Lenders loan, there is a minimum 2 year waiting period after the discharge date of a bankruptcy. And, a mandatory 3 year waiting period after a foreclosure, deed in lieu of foreclosure, and short sale to qualify.  The waiting period clock starts from the date of the foreclosure that is reflected on title transfer in public records and not the date where the keys were surrendered to the Texas FHA Mortgage Lenders lender or the date of the court house sale. The (3) three year waiting period after a short sale starts on the date of the short sale which is reflected on the HUD-1 Settlement Statement date. Read more about qualifying for an Texas FHA Mortgage Lenders after Foreclosure, Short sale or bankruptcy.

FHA- TEXAS FHA MORTGAGE LENDERS AFTER BANKRUPTCY or FORECLOSURE APPROVALS!

• Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now. You may have to search county records office to locate the deed to count a full 3 years.
• Credit must be re-established no late payments in past 12-24 months, depending on hardship
• Application Date must be after the above waiting period to be eligible for FHA financing after hardship. You may have to search county records office to locate the deed transfer out of your name fin order to count a full 3 years.
• Chapter 13 Bankruptcy- You may apply for a Texas FHA Mortgage Lenders after your bankruptcy has been discharged for 12 Months or (1) year with a Chapter 13 Bankruptcy. You must have 0 x 30 day late payments, and permission from the chapter 13 trustee.
• Chapter 7 Bankruptcy- You may apply for a Texas FHA Mortgage Lenders after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.  You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
• Foreclosure – You may apply for a FHA insured loan THREE (3) years after the Florida Foreclosure sale/deed transfer date. You may have to search county records office to locate the deed to count a full 3 years.

COLLECTION ACCOUNTS AND QUALIFYING WITH Texas FHA Mortgage Lenders  GUIDELINES 

Texas FHA Mortgage Lenders Applicants can qualify for a FHA Loan with prior bad credit.  FHA Collections Guidelines does not require Texas FHA Mortgage Lenders applicants to pay off unpaid outstanding collection accounts to qualify for an Texas FHA Mortgage Lenders. With unpaid outstanding medical collection accounts, debt to income ratios are excluded and the Texas FHA Mortgage Lenders underwriter can ignore medical collection accounts with unpaid outstanding medical collection account balances no matter how much the unpaid outstanding medical collection account balance is. However, with non-medical unpaid outstanding collection accounts (the sum of all non-medical collection accounts with balances) on the credit report with balances over $2,000 requires that 5% of the remaining unpaid collection account balances must be added to the borrower’s debt to income ratio. Texas FHA Mortgage Lenders Applicants can qualify for a FHA Loan with unpaid collection accounts, charge offs, or even judgments.  Texas FHA Mortgage Lenders provides mortgage lenders with no Texas FHA Mortgage Lenders lender overlays and just goes off the minimum FHA Loan Guidelines and the automated approval.  If FHA says no collections need to be paid off, the no collection accounts need to be paid off. Click here to read more about Texas FHA Mortgage Lenders qualifying with collections and judgments on your credit report!

TAX LIENS AND QUALIFYING FOR Texas FHA Mortgage Lenders  

have a tax lien does not automatically disqualify you for an Texas FHA Mortgage Lenders. Click here to Read more about qualifying for an Texas FHA Mortgage Lenders with a tax lien. 

MEDICAL COLLECTIONS AND QUALIFYING WITH Texas FHA Mortgage Lenders  

Texas FHA Mortgage Lenders  do not count unpaid medical collection accounts against your debt to income ratios..  Medical collections are exempt regardless of balance of unpaid medical collection accounts.  With non-medical collection accounts, Texas FHA Mortgage Lenders Applicants do not have to pay off any unpaid collection balance, however, if the total of unpaid collection balance is greater than $1,000, FHA will count 5% of the unpaid collection balance as a monthly debt obligation and will count it towards calculating Texas FHA Mortgage Lenders Applicants debt to income ratios even though Texas FHA Mortgage Lenders Applicants do not pay anything.  This can become a problem if Texas FHA Mortgage Lenders Applicants unpaid collection balance is of a larger amount. For instance, if Texas FHA Mortgage Lenders Applicants have a $15,000 unpaid total collection balance, 5% of the $15,000, or $750, will be counted as a monthly debt obligation to your debt to income ratios. . For some Texas FHA Mortgage Lenders applicants this can be a loan breaker. FHA does allow for Texas FHA Mortgage Lenders Applicants to enter a written payment agreement with the creditor and whatever Texas FHA Mortgage Lenders Applicants agree to mutually, that will be used by the mortgage loan underwriter as Texas FHA Mortgage Lenders Applicants monthly debt.  For instance, on the $15,000 unpaid credit collection balance, if Texas FHA Mortgage Lenders Applicants and the creditor agreed on a monthly payment of $150.00 per month, then the $150.00 per month must be used as a monthly debt payment on that collection account. There is no payment seasoning requirement with collection repayment plans.

Texas FHA Mortgage Lenders  GUIDELINES ON HIGH DEBT TO INCOME RATIOS

Conventional mortgage loan Applicants who have high debt to income ratios can turn to Texas FHA Mortgage Lenders to qualify if they do not meet conventional debt to income guidelines.  Maximum conventional debt to income ratios for conventional FNMA bank loans are capped at 45% DTI. FHA is much more lenient with debt to income ratios. Texas FHA Mortgage Lenders cap their back-end debt to income ratios at 56.9%.  Texas FHA Mortgage Lenders have a front-end housing debt to income ratio cap of 46.9% DTI. Texas FHA Mortgage Lenders is an incredible mortgage loan option for first time home buyers, home buyers with bad credit  and no No Credit, self-employed buyers, and Texas FHA Mortgage Lenders applicants who have high debt to income ratios. Click here to read more about Texas FHA Mortgage Lenders  debt to income ratios. 

Under the new Texas FHA Mortgage Lenders  guidelines that are outlined in the FHA Guide 4001. Texas FHA Mortgage Lenders  underwriting and loan approval criteria. FHA bad credit mortgage and No Credit mortgage applicants can qualify to purchase or refinance an Texas FHA Mortgage Lenders with credit score as low as 500 FICO with a maximum of 31% DTI front end debt to income ratios, which is called the housing ratios, and the maximum debt to income ratio is 43% DTI on the back end debt to income ratio.

Texas FHA Mortgage Lenders WITH NON-OCCUPANT CO BORROWERS

One advantage you will not find with a conventional loan is that with an Texas FHA Mortgage Lenders the main borrower has little or no income documentation, FHA permits the borrower to add a non-occupant co-borrower for income qualification purposes.  The non-occupant co-borrower needs to be related.

SELLER CONCESSIONS AND GIFT FUNDS FOR DOWN PAYMENT

The Texas FHA Mortgage Lenders program allows the home buyer to get 100% gift funds to be used for the down payment and closing costs.  The Gift funds must be properly documented and needs to come from a relative of the home buyer. The gift letter needs to be signed by the donor stating that the funds is only a gift does not have to be paid back to the donor. Click here to learn more about FHA gift funds and documenting the gift for an Texas FHA Mortgage Lenders. 

SELLER PAID CLOSING COST-

With an FHA loan the seller can pay up to 6% of the buyers closing cost and prepaid. Click here to read more about seller paid closing cost.