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 FHA Refinance Loan Programs

If you are looking to invest in your property and enjoy the benefits year after year, refinancing with an FHA loan will be an investment worth your while. A lender issues a loan insured by the Federal Housing Administration, reducing the risk of loss. This program was instated due to many foreclosures and defaults in the 1930s. The FHA home loan program had stimulated the housing market, making sure homeownership was easily achieved.

FHA FHA Refinance Loan Programs

If you are looking to invest in your property and enjoy the benefits year after year, refinancing with an FHA loan will be an investment worth your while. A lender issues a loan insured by the Federal Housing Administration, reducing the risk of loss. This program was instated due to many foreclosures and defaults in the 1930s. The FHA home loan program had stimulated the housing market, making sure homeownership was easily achieved.

Types of Refinance Loan

There are two types of FHA refinancing loan programs. They are (a) the standard rate-to-rate refinance, and (b) the streamline refinance.
When refinancing to an FHA loan, there are several things you will need for your application.

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. 

Types of Refinance Loan

There are two types of FHA refinancing loan programs. They are (a) the standard rate-to-rate refinance, and (b) the streamline refinance.
When refinancing to an FHA loan, there are several things you will need for your application.

Your last 2 years of residence;

Full 30 days paycheck stubs.

Employment information in the last two years;

Two(2) months of the bank statements

Income tax returns for the last years along with w2s, 1099s, etc.;

Having all of these documentation handy will speed up the application process and will help achieve better results at a much faster pace.

If you are looking to refinance your mortgage but have minimal equity, the most appealing option to most borrowers is the rate and term refi. It will lower the current rate you are paying now and result in a lower monthly payment. You can change the terms of your loan without losing your hard earned equity.

FHA refinance allows loan-to-value of up to 97.75%. Compared to conventional loan that only allows a maximum of 97% loan-to-value, FHA is a better option.

When looking to refinance your home, look at all the options available to you. As FHA Loan Specialists, we are able to provide you with options. It is important that you find one that will fit your needs appropriately. By choosing either an FHA Streamline for an existing FHA loan or to go with a regular FHA rate and term option, you will be able to reduce your payment and build equity faster.

When applying, make sure you have all the required documentation handy. This will ensure that your application goes through with flying colors and close in a timely manner. Consult any of our FHA Loan Specialists to refinance your home. We will guide you every step of the way. Call us at 800-854-4142 for more information.

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