Dallas and Ft. Worth FHA Loans

Are you planning to move to Dallas or Ft. Worth? Right now is a great time to buy new homes in the area with an FHA loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have loan programs that are designed to make the home buying process as easy and affordable as possible. Since the FHA home loan program began in 1934, it has helped millions of Americans and their families to become proud new homeowners.

What is an FHA Loan?

The FHA does not actually issue any money for loans. What the FHA does do is insure private mortgages for you. This makes you a very secure and desirable borrower, and one that lenders are willing to pass great benefits onto. One of these great benefits is the low down payment feature. With an FHA loan in Dallas or Ft. Worth, it’s possible to qualify for up to 96.5% financing. This low 3.5% down payment is much more affordable than the 20% down payment you might be expected to pay with a conventional loan.

Additional Benefits

While it is possible to find some conventional loans that require low down payments, they are hard to come by and end up being more expensive overall because you will end up paying higher interest rates and private mortgage insurance (PMI). With an FHA loan, you will be able to take advantage of low interest rates and won’t have to pay any PMI since you will already be insured. The other benefits of going through the FHA include easy approval, flexible repayment plans and streamline refinancing.

How to Qualify

To obtain an FHA loan, you will need to find a lender who participates in the FHA home loan program. This can be any institution as long as they are FHA-approved. Once you have found your lender, you will need to provide credit scores, employment history, bank balances and other financial documents in order to qualify.

Get Pre-approved Today!

Before you start the loan process, it’s a great idea to get pre-qualified for your loan. With our online form you will get to see how much you can qualify for and whether or not you meet the FHA’s requirements. Plus, the form is fast, free, secure and has no obligation. Pre-approval has never been simpler!

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