Houston FHA Loans

Houston, Texas, is the fourth largest city in the United States with a Census-estimated population of 2.3 million residents. Located in Southeast Texas near the Gulf of Mexico, the seat of Harris County, it is the largest city in the United States by total area. Houston remains one of the best locations to live not only in Texas but in the entire United States, thanks to a thriving economy and a community of people who stand together with a sense of solidarity.

Homes for sale in Houston are bountiful. There are plenty of choices from newly built homes to existing homes when looking to buy a house in Houston. Are you in the market to buy a house or perhaps refinance your existing mortgage? Houston offers plenty of mortgage loan programs that will suit your particular needs.

Houston Office Address: 19500 State Hwy 249, Ste 210, Houston, TX 77070

Top Mortgage Refinance Company in Houston
Top Mortgage Broker in Houston

Houston FHA Loan Limit

HARRIS COUNTY

$498,257

One-Family

$637,950

Two-Family

$771,125

Three-Family

$958,350

Four-Family

FHA Home Loans in Houston

FHA loans are the most common and widely used mortgage program in Houston, from first-time homebuyers to seasoned home buyers. With FHA’s wide range of products, every borrower can be sure that an FHA loan program is suitable for their situation.

We are a Texas mortgage lender offering FHA home loan programs for borrowers with excellent credit and those with not-so-good credit. We offer purchase and refinance loans, from the standard 203(b) to FHA construction loans, 203(k) loans for homes that need rehabilitation, and Home Equity Conversion Mortgages, aka Reverse Mortgages

FHA Loans in Houston Texas

We have a loan program for you and your family. Are you looking to refinance your existing mortgage to lower your rate and cut your term? FHA Rate and Term refinance program can help you with that. Are you refinancing an existing FHA loan? Our FHA streamline program will help refinance your mortgage with ease.

Mortgage Broker vs. Mortgage Lender

A mortgage broker is a middleman between the prospective home buyer and the mortgage lender. They prepare your loan application, qualify you for a loan, gather all the necessary documents about the loan, and can issue a pre-qualification letter. The typical mortgage broker works with several lenders and submits your file to a particular lender for them to give the loan. In short, a mortgage broker doesn’t have the money; they look for the funds to extend a home loan.

A mortgage lender is an institution that makes loans directly to a borrower. A broker doesn’t lend the money; they find a lender. Different lending institutions offer various loan programs and can fund their loans. The Federal Housing Administration or FHA works with the Department of Housing and Urban Development, commonly known as HUD, to create requirements for lenders, thus the term “FHA-approved.”

As direct mortgage lenders, we have access to several loan programs not available in the open market. This is one of the most significant advantages of working with a direct lender. You will have a personalized service catered to your individual needs instead of a cookie-cutter program that most brokers are accustomed to.

FHA Loan Programs

We offer a wide selection of mortgages

  • 203(b) – the country’s most widely used home loan program.
  • 203(k) – combines the cost of rehabilitation with the house’s purchase price.
  • 203(h) – a rehab loan for disaster victims available to those affected by a calamity or natural disaster where the property is located in a federally declared major disaster federally declared major disaster area.
  • Construction Loan – a construction-to-permanent loan program that converts interim financing to a permanent long-term fixed-rate loan.
  • HECM – commonly known as Reverse Mortgage, exclusive to homeowners 62 years and older.
  • Streamline Refinance – used to refinance an existing FHA loan to another FHA loan. Does not need a new appraisal, a new credit report, or both.

Advantages of an FHA Loan

FHA loans are a popular mortgage option in Texas, and they come with several advantages over conventional loans.

Here are some of the benefits of an FHA loan:
  • Easier credit qualifications: FHA loan requirements are less strict than conventional loans, and borrowers can qualify with credit scores as low as 500.
  • Lower down payment requirement: FHA loans require a minimum down payment of just 3.5%, compared to the 5% to 20% required for conventional loans.
  • Assumable loans: FHA loans are assumable, which means that when you sell your home, the buyer can take over your FHA loan and its interest rate. This can be a significant advantage in a rising interest rate environment.
  • Streamlined refinancing: FHA loans are eligible for streamlined refinances, which can help homeowners refinance their mortgages quickly and easily. Streamline refinances require less paperwork and no appraisal, making them a more streamlined process than traditional refinancing.
  • Lenient debt-to-income ratio requirements: Unlike conventional loans, FHA loans are not limited to a 43% debt-to-income ratio. This can make it easier for borrowers with higher debt loads to qualify for an FHA loan.
  • Lower MI rates: FHA loans charge mortgage insurance premiums (MIP) in addition to interest and principal payments, but these rates may be lower than private mortgage insurance (PMI) rates charged for conventional loans.
It should be noted that FHA loans are not always the best option for everyone. FHA loans have higher MIP rates than conventional loans, and the mortgage insurance remains in force for the life of the loan, unlike conventional loans, where PMI terminates automatically when the loan-to-value ratio hits 78%.
However, FHA loans can be a great option for first-time homebuyers or those with lower credit scores who may not qualify for conventional loans. They can also be a good choice for those who need a lower down payment or who want to take advantage of the assumable loan feature.

An FHA loan can make a difference in your home-buying experience. Contact our FHA Loan Specialists now to get started.

FHA Loans Help Make Home Ownership 

Possible For a Wider Range of People.

FHA Loans 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 Loans 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 Loans 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.