Austin FHA Loans

Right now is a great time to apply for FHA loans in Austin, Texas. If you are relocating to Austin and are looking to save money on the home buying process, the Federal Housing Administration (FHA) will be able to help you through its home loan guaranty program. The FHA loan program has been around for over seventy years, over which time it has made homeownership a reality for millions of Americans. Today these benefits are greater than ever.

Easy Approval

Getting approved for an FHA loan is much easier than for conventional loans. When you apply for a new mortgage, you’ll be required to provide financial information such as employment history, bank balances, credit checks and debt-to-income ratio. However, the FHA is quite lenient, so even if you have less than perfect credit you should still look into applying for a new loan.

Low Down Payment

Right now conventional loans in Austin require around 20% for a down payment. This gets very expensive very fast – especially for first time home buyers looking for a new family home. With an FHA loan, you are only responsible for a low 3.5% down payment. Plus, the money for this down payment can come from any source. This means that even if you can’t afford the down payment, you still have the option of having a friend, employer or charitable organization provide it for you.

Lower Overall Cost

In addition to the lower upfront costs of FHA loans, you will also find the mortgage much more affordable overall. This is because with an FHA guaranty, you’ll be able to take advantage of really competitive interest rates. You also won’t have to pay for private monthly mortgage insurance (PMI) since you will already be insured by the government.

Getting Started

In order to procure an FHA loan in Austin, you will need to find a lending institution that participates in the FHA home loan guaranty program. Before you start researching lenders, it’s a good idea to get pre-approved for the loan first. This way you’ll know if you meet all the requirements for an Austin FHA loan.

Get started today by filling out our online form. Pre-approval is free, fast, secure and has no obligation.

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