Texas FHA Loans

Close on time, Credit Scores as low as 500

Texas FHA Loans

Close on time, Credit Scores as low as 500

TexasFHA.org

Let us Help You

get a better mortgage rate

FHA Lender

FHA Loans In Corpus Christi, TX​

If you’ve been searching for affordable mortgage options in Corpus Christi, then there’s a good chance that you’ve repeatedly come across Corpus Christi FHA loans. But what is it, exactly? The FHA mortgage is widely known as the first-time home buyer’s loan of choice, but despite the name it has made for itself in the mortgage industry, few people know what it is all about and what it entails.

FHA Loans In Corpus Christi, TX​

If you’ve been searching for affordable mortgage options in Corpus Christi, then there’s a good chance that you’ve repeatedly come across Corpus Christi FHA loans. But what is it, exactly? The FHA mortgage is widely known as the first-time home buyer’s loan of choice, but despite the name it has made for itself in the mortgage industry, few people know what it is all about and what it entails.

Overview to The FHA Home Loan Program

The first thing that you have to know about the FHA home loan is that it is a government-insured mortgage program that runs under the sponsorship of the FHA and the U.S Department of Housing and Urban Development. It was created to boost the housing market across the United States by providing more accessible mortgage opportunities to the average American family.

Advantages and Disadvantages of The Mortgage

The loan became popular among people with lower financial means, as it requires no minimum income from its applicants; only proof of stable employment for at least two years with the same company. Moreover, the FHA has a lower qualifying credit score than conventional loans. Where conventional loans require a FICO score of 680, the FHA accommodates applicants with as little as 500. Another upside of the FHA home loan is its 3.5% down payment rate for borrowers with credit scores of 580 or more, far more budget-friendly than the 20% demand of many conventional mortgages. Many American households may find it hard to come up with a $60,000 deposit for a $300,000-home under traditional loan options. They’ll only need to shell out $10,500 for the same property with the FHA loan. Despite its many desirable features, however, the FHA loan comes with downsides that require more pondering on the borrower’s part. Because of its very low down payment and other financial solvency issues, the FHA loan comes with two mortgage insurance premiums: an upfront MIP and an annual MIP, divided into 12 monthly payments. As the name suggests, the first insurance has to be paid outright, while the other is billed every month until the entirety of the loan is repaid. However, apart from the insurance, there are not many very notable downsides to the loan.

Weighing Your Options

The FHA loan is an ideal alternative for El Paso residents whose financial situations and credit ratings disqualify them from being considered for a conventional mortgage. It is, however, not the only federally insured loan in existence.

The USDA loan and the VA loan are other viable and affordable government-backed housing programs, although these two are exclusive to specific demographics.

The VA loan only qualifies veterans, military service personnel, and spouses. On the other hand, the USDA loan abides by a strict income limit and is only available in select areas. Ultimately, whether the loan is right for you or not is something that only you can decide. Weigh the advantages and disadvantages of the program, and see how it fares with your goals and finances. Like most essential things in life, this decision shouldn’t be rushed or taken lightly.

FHA Loan in Texas

An FHA Loan Specialist Ready To Help You

Our FHA Loan Specialists are always available to help you and answer any questions.  You may contact a dedicated FHA Loan Specialist through our website or by calling us directly. You may also chat with us to get a quick answer to your questions.

FHA Loan in Texas

We Make The FHA Loan Process Quick & Easy

Lenders often times will steer their clients away from an FHA loan due to their inexperience with the program.  FHA Loans are a great source of funding for our clients.  We share our knowledge and experience with FHA loans, making it easier for borrowers.

FHA Loan in Texas

FHA Approved Lender

The Federal Housing Administration requires lenders offering FHA loans to go through an extensive approval process. We are FHA-approved and designated as a “Full Eagle” FHA mortgage lender offering FHA-insured home loans in Texas.

FHA Loans Help Make Home Ownership 

Possible For a Wider Range of People.

Connect With Us

Address

2300 Highland Village Rd., Ste 2218
Highland Village, TX 75077

Phone

800-854-4142

Email Address

info@texasfha.org

business hours

Monday - Friday: 9:00 am to 6:00 pm Saturday: 9:00 am to 12:00 pm

Connect With Us

Address

2300 Highland Village Rd., Ste 2218
Highland Village, TX 75077

Phone

800-854-4142

Email Address

info@texasfha.org

business hours

Monday - Friday: 9:00 am to 6:00 pm Saturday: 9:00 am to 12:00 pm