New Caney FHA Loans
New Caney is an unincorporated community in Montgomery County, Texas. Founded in 1862 under the name Presswood, named after the pioneers Austin and Sarah Waters Presswood, it is located on the Southern Pacific line at the junction of FM 1485 and State Highway Loop 494, about 15 miles southeast of Conroe.
Are you in the market for a new home or looking to refinance your mortgage for a lower rate or shorter term? TexasFHA.org is a registered mortgage broker in New Caney, Texas. We offer FHA loans for purchase from 203(b) to rehab home loans, also known as, the FHA 203(k). Need a construction loan? We got you covered on FHA construction one-time close program. Our FHA streamline products are tough to beat. As your absolute mortgage broker, we have access to all loan programs available in the market. From low-interest rates to low fees and closing costs, TexasFHA.org is your one-stop shop mortgage broker.
Mortgage Broker vs. Lender
A mortgage lender or a banker is an institution that offers a mortgage or home financing directly to the borrower. If a borrower wants to find out multiple offers from different lenders, the borrower must apply for various loans from separate lending entities.
A mortgage broker acts as an intermediary between the borrower and the lenders. The broker gathers all the pertinent information related to a home loan, qualifies the borrower accordingly, and comparison shops different lenders to get the best product specific to the borrower’s needs. Mortgage brokers have access to all types of mortgages which the borrower would otherwise not have access to if they go with a lender.
As a mortgage broker, TexasFHA.org can offer buyers an extensive product selection. It is one of the most significant benefits of working with a mortgage broker; they take over the job of shopping for a home loan. Instead of a borrower shopping multiple lenders, the broker does all the leg work for the borrower, ultimately coming up with the best offer for the borrower’s situation.
Ultimately, the decision to use a broker vs. a banker boils down to the experience of the Loan Officer or Originator handling the loan. If a borrower calls both a broker and a banker, compare the product offers, rates, fees, etc., they will be able to judge accurately which route to take.
FHA Home Purchase Loan
If you are shopping for a home in New Caney, Kingwood, Humble and surrounding areas, it’s worth considering an FHA loan. The FHA home loan program offers a multitude of benefits as compared to conventional loans.
The requirements of FHA loans are more permissive, credit qualification is lenient, and the down payment is low as compared to other loan programs, particularly conventional home loans.
Advantages of FHA Loans
- Low Down Payment – FHA only requires 3.5% down payment;
- Low Credit Score Requirement – a middle FICO score of only 580 is needed to qualify for 3.5% down payment. Borrowers with lower FICO scores may still be eligible but will need a minimum of 10% down, and certain restrictions will apply;
- Low-Interest Rates – the interest rate on FHA loans are at least a quarter of a percentage point (.250) lower than conventional loans;
- Limited Closing Costs – FHA limits and restricts the closing costs that may be charged to a borrower;
- Higher Sellers Concessions – FHA allows the seller to pay up to 6% towards the borrower’s closing costs and prepaid items. A conventional loan only allows a 3% sellers concessions;
- Assumable Loan – FHA loans are assumable. When it’s time to sell a house, buyers can take over the seller’s existing FHA loan instead of taking out a new mortgage. If the seller’s interest rate is much lower than the current rate, the borrower has the option to assume the seller’s note, credit qualifying.
Buying a home in New Caney should be an exciting and memorable one. FHA loans can make that home buying experience smooth and easy for every home buyer. Contact our FHA Loan Specialists now to get started or use the tools on this site.
Texas FHA - New Caney, TX
20842 US Highway 59 South, Ste E New Caney, TX 77357 | 1-866-522-6814
NMLS # 1706711
14355 Torrey Chase Blvd #B
Houston, TX 77014