Interested In A Dallas FHA Loan?
Here’s What You Need to Know
Dallas FHA Loan Limit
What is an FHA Loan?
Because the government backing protects the lenders from the risk of borrowers defaulting on their payments, FHA-approved mortgage lenders are able to issue mortgages with less stringent requirements to hopeful applicants.
Upsides of FHA Loans
If your credit rating is one of the factors that keep you from trying for a mortgage, with the FHA loan you don’t have to trouble yourself too much about that because a credit score of 580 is enough to get approved; some lenders even consider applicants with ratings between the 500 – 579 range, but with a higher down payment, a higher rate and certain restrictions will apply.
Downsides of FHA Loans
Perhaps, the biggest setback of the FHA loan is that it requires you to pay for two mortgage insurance premiums (MIP). The first insurance is paid upfront while the other is charged monthly, on top of your mortgage responsibilities. Furthermore, your insurance obligation will last through the entire term of the loan. Unlike conventional loans, it will not cease after more than 20% of the equity has been repaid. Like everything else, the FHA loan has its share of pros and cons. If you want a better and more thorough insight into the nature and specifications of the program,, reach out to a reliable FHA advisor or lender near you.
Apply for an FHA Loan in Dallas
Like everything else, the FHA loan has both advantages and disadvantages. If you need an in-depth understanding of the nature and requirements of the program, you can contact our FHA consultants at 800-854-4142. You may initiate an online application using this site’s “Prequalify” button.
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.