Texas FHA Loans
Close on time, Credit Scores as low as 500
- Attractive Interest Rates
- Flexible Qualifications
- Low Down Payments
FHA Loans in San Antonio, TX
Texas FHA Loans
Close on time, Credit Scores as low as 500
- Attractive Interest Rates
- Flexible Qualifications
- Low Down Payments
A Comprehensive Guide
to San Antonio FHA Loans
Many hopeful homeowners have had their hopes shattered by mortgage companies who would not grant them conventional mortgages because of their financial and credit status. Thankfully, the government was able to come up with a solution that makes homeownership more manageable, especially for first-time homebuyers — the FHA home loan.
A Comprehensive Guide
to San Antonio FHA Loans
Many hopeful homeowners have had their hopes shattered by mortgage companies who would not grant them conventional mortgages because of their financial and credit status. Thankfully, the government was able to come up with a solution that makes homeownership more manageable, especially for first-time homebuyers — the FHA home loan.
FHA Loans, Explained
FHA home loans are mortgages insured by the Federal Housing Administration or FHA – a government agency that sets the standard for home construction and financing in the United States.
When a mortgage is guaranteed or backed by the FHA, it means that the FHA will step in and cover the financial losses of the lender, in part or in full, in the event of a foreclosure. Because of this additional protection provided by the government, FHA mortgages usually have lower interest rates and qualification requirements than traditional home loans.
To be eligible for an FHA loan, a borrower must meet several requirements, including a credit score of 580 to qualify for the 3.5% down payment rate. If your credit score is somewhere between 500 – 579, you may still get approved for an FHA loan, but you’ll have to put up at least 10% for the down payment.
FHA Loans, Explained
FHA home loans are mortgages insured by the Federal Housing Administration or FHA – a government agency that sets the standard for home construction and financing in the United States.
When a mortgage is guaranteed or backed by the FHA, it means that the FHA will step in and cover the financial losses of the lender, in part or in full, in the event of a foreclosure. Because of this additional protection provided by the government, FHA mortgages usually have lower interest rates and qualification requirements than traditional home loans.
To be eligible for an FHA loan, a borrower must meet several requirements, including a credit score of 580 to qualify for the 3.5% down payment rate. If your credit score is somewhere between 500 – 579, you may still get approved for an FHA loan, but you’ll have to put up at least 10% for the down payment.
Different Types of FHA Loans
FHA loans generally come in fixed-rate and adjustable-rate options. Fixed-rate FHA loans maintain the same interest rate for the life of the loan, while adjustable-rate FHA mortgages have fluctuating interest rates.
Aside from these two, however, the FHA program has a selection of home loan products more specific to the buyers’ needs. They are as follows:
FHA 203(b) Loans
This is the most common type of loan insured by the FHA. You can use 203(b) loans to purchase properties between 1-4 units or refinance your home.
FHA 203(k) Loans
This FHA loan is also called the Rehabilitation Mortgage. Homebuyers and existing homeowners alike can use the 203(k) to pay for eligible home repairs and improvements.
EEM Loans
You can use EEM or Energy Efficient Mortgages to finance home improvements that reduce energy use/consumption in your home.
HECMs
Home Equity Conversion Mortgages or reverse mortgages are for homeowners aged 62 and over who wish to use their home’s equity as a means to supplement their income.
FHA Streamline Refinance
FHA Streamline Refinance – This option allows borrowers to refinance an existing FHA loan to a lower rate more quickly. The refinancing process requires little financial documentation and rarely involves a credit check.
FHA Loan Limits in San Antonio, TX
FHA released new limits at the beginning of 2021. The latest FHA loan limits range from $420,680 in low-cost areas to $970,800 in higher-cost regions in the country.
FHA loans allow one to four living-unit properties, and the loan limits vary based on the number of units in the property. The limits for FHA loans in San Antonio, TX, are currently at $449,650 for a single-family unit property to $864,700 for a four-plex.
If you think the FHA loan is the right home option for you, get in touch with our FHA Loan Specialists to get started with the application process.
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.
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
Capital Home Mortgage Team
powered by Sun West Mortgage
Company, Inc. NMLS #3277
2300 Highland Village Rd, Ste 2218
Highland Village, TX 75077
Phone: (800)-854-4142
Quick Links
Capital Home Mortgage Team
powered by Sun West Mortgage
Company, Inc. NMLS #3277
2300 Highland Village Rd, Ste 2218
Highland Village, TX 75077
Phone: (800)-854-4142