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

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FHA Lender

FHA 203(k) Home Loan

The Federal Housing Administration’s section 203(k) insurance allows buyers to get financing for both the price of the house and the repairs needed and the cost of rehabilitation in a single loan. Instead of going through the complicated process of buying the house, then securing another financing for the repairs or modernization, the FHA 203k program combines both in a single, long-term, fixed rate that covers both the acquisition and rehabilitation costs.

The idea of purchasing a rundown, dilapidated house to fix it up appeals to a large number of people. People seem to be fascinated with improving or fixing houses, including the idea of flipping houses for a living. Television shows, such as Flip or Flop, glamorize the hard work and the challenges faced when upgrading a home.

FHA 203(k) Home Loan

The Federal Housing Administration’s section 203(k) insurance allows buyers to get financing for both the price of the house and the repairs needed and the cost of rehabilitation in a single loan. Instead of going through the complicated process of buying the house, then securing another financing for the repairs or modernization, the FHA 203k program combines both in a single, long-term, fixed rate that covers both the acquisition and rehabilitation costs.

The idea of purchasing a rundown, dilapidated house to fix it up appeals to a large number of people. People seem to be fascinated with improving or fixing houses, including the idea of flipping houses for a living. Television shows, such as Flip or Flop, glamorize the hard work and the challenges faced when upgrading a home.

It is a good idea to consider the possibility of renovating a home; however, the fact of the matter is that it’s not a quick and easy job that will generate a significant profit in a very short space of time. There are many elements to take into account when deciding which home to purchase, such as the state of the real estate market in the residential suburb as well as the extent and affordability of the improvements.

FHA Loan Benefits and Advantages

Compared to conventional loans, FHA carries a lower interest rate. Since HUD insures the loan against future default, it is offered a lower rate.

Minimum requirement for an FHA loan is only 3.5% compared to 5% on conventional loans. The borrower can also get a “gift” from family members to be used as a down payment on the house.

Required minimum credit score for an FHA loan is lower compared to the conventional counterpart. TexasFHA.org will extend an FHA loan to borrowers with middle FICO scores as low as 580. 

FHA loans can go as high as 57% debt-to-income (DTI) ratio with an automated underwriting system approval. Conventional loans can only go as high as 45% DTI. What does this mean? This allows the home buyer to purchase a higher sales price home. Lots of times, the higher DTI decides if a borrower qualifies for a home loan or not. 

For additional information and details about the FHA 203(k) home loan program, please fill out the “Apply Online” form and our FHA 203k Specialist will get back to you or call us at 800-854-4142.

It is a good idea to consider the possibility of renovating a home; however, the fact of the matter is that it’s not a quick and easy job that will generate a significant profit in a very short space of time. There are many elements to take into account when deciding which home to purchase, such as the state of the real estate market in the residential suburb as well as the extent and affordability of the improvements.

For additional information and details about the FHA 203(k) home loan program, please fill out the “Apply Online” form and our FHA 203k Specialist will get back to you or call us at 800-854-4142.

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