El Paso FHA Loans For First-time Homebuyers
El Paso FHA Loan Limit
A Short Overview of the FHA Loan
The FHA home loan, however, is not without prerequisites. Although when compared to conventional loans, the requirements are more lenient, making it a favorite among newbies. After all, there are not many loan options for people who don’t have established financial and credit histories.
Benefits of the FHA Loan for First-time Homebuyers in El Paso
On Down Payment
This is where the FHA home loan holds a significant advantage over the conventional loan. When you apply for a traditional mortgage, you’re likely to shell out 10 – 20% of the total purchase price of the property for a down payment. With the FHA loan, you’ll only need 3.5%, which is less than a quarter of the usual 20% rate.
Moreover, the fund for the down payment and the closing costs don’t have to be from your pocket. Relatives, friends, the lender, and the seller can contribute to the deposit and closing expenses if they wish to do so. There are also available down payment assistance programs and grants exclusive to first-time homeowners.
On Credit Score
Conventional mortgages commonly require a qualifying FICO score of 680, which is quite lofty for many people and even more so for those who are still in the process of building their credit portfolio.
As plenty of first-time homebuyers are yet to establish their borrowing reputation, many of them are not approved due to poor credit scores. The FHA loan has a relatively lower qualifying FICO score, which is 580.
On Source of Income and Employment
Should You Go for It?
The FHA loan is an excellent place to start, not just for first-time homebuyers but also for anybody who has encountered difficulties with other mortgage options due to funding and credit-related reasons.
Many households in El Paso have benefitted from the FHA loan; maybe you will too!
Check your chances of getting granted a loan by pre-qualifying with an FHA-approved lender near you.
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.
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 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.