Texas FHA Loans

If you are thinking about relocating to Texas, right now is the perfect time to apply for an FHA loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have created a home loan program to help make homeownership a simple and affordable process. The FHA has accomplished this by extending great benefits to those who qualify, and in the more than seventy years of operation they have helped millions of American families become first time homeowners.

What is an FHA loan?

An FHA loan is not actually a loan; rather, it is a guaranty on a privately issued mortgage. The FHA basically insures your loan for you, making you a secure and desirable borrower in return. With an FHA guaranty, private lenders are insured in the event of foreclosure and are therefore more willing to pass on huge savings and benefits to you.

Who qualifies?

In order to qualify for an FHA loan you will need to supply credit scores, employment history, debt-to-income ratio and bank balances. The FHA will take a look at all this information to make sure you are not too high of a risk to insure. However, the FHA is much more lenient than conventional loans when it comes to who can qualify. Even if you have a blemish on your credit score it is still possible to be approved for a Texas FHA loan.

Where do I apply?

What lender you choose to go through to obtain your FHA loan is entirely up to you. You have the option of using a bank, savings and loans association or mortgage company. The only requirement is that the lending institution participates in the FHA home loan program and that they are FHA-approved. Before you start house hunting and researching lenders, it’s a good idea to get pre-approved for a loan. With a pre-approval you will know how much you can borrow and whether or not you meet the requirements for the loan.

Get Started Today!

We have a team of FHA home loan specialists who are ready to help you get started on the road to homeownership today. Take a minute to fill out our online form and we’ll have you pre-qualified for free in minutes!

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