San Antonio FHA Loans

Right now is a great time to apply for an FHA loan for anyone planning to relocate to San Antonio, Texas. The Federal Housing Administration (FHA) has been helping make homes affordable for over seventy years through their home loan guaranty program. Over that time, both the FHA and US Department of Housing and Urban Development (HUD) have helped make homeownership a reality for millions of Americans and their families. Here are some of the benefits of FHA loans and what you need to do to qualify.

Benefits

The first major benefit of FHA loans is the low down payment feature. Right now it is possible to qualify for up to 96.5% financing in San Antonio, making your down payment a low 3.5%. Plus, this down payment can come from anywhere, so whether your friend, employer or charitable organization pays this fee, the FHA won’t mind.

Additional Benefits

The overall cost of FHA loans is much more affordable than conventional loans in San Antonio. One of the reasons for this is the competitive interest rates you’ll be able to take advantage of. You also won’t have to pay any costly private mortgage insurance (PMI) because you will already be federally insured. The other benefits of FHA loans include easy approval, streamline refinancing and flexible repayment options.

Eligible Homes

If you are looking to purchase a one to four-unit family home that is below the county’s loan limits, you’ll want to apply for a standard FHA loan. For homes that need a lot of repair work done to them, you can apply for a 203(k) mortgage which rolls the cost of acquisition, repairs and final value into one loan. There is also an Energy Efficiency Mortgage (EEM) for people who want to install things like solar water heaters and grey water systems in their new home.

How to Apply

In order to obtain an FHA loan in San Antonio, you will need to find a bank, savings and loans association or mortgage company that participates in the FHA home loan guaranty program. It’s a good idea to get pre-approved before you start the house hunting process so that you will know if you meet the FHA’s requirements and will know how big of a loan you’ll be able to afford.

Get Pre-qualified Today!

Getting pre-qualified for an FHA San Antonio loan is incredibly easy. Take a minute to fill out our free online form and we’ll have you pre-approved instantly with no obligation.

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