Texas FHA Loans
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How do I get loan from the FHA in Texas?
The Federal Housing Administration (FHA) does not originate nor extend mortgage loans but instead insures the loan made by banks and other private institutions, hence, the Mortgage Insurance Premium (MIP). The first thing that every prospective borrower needs to do is consult with an FHA-approved lender. An FHA Home Loan Specialist will do an analysis of the borrower’s credit and ability to pay the loan back. This is a simple pre-qualification process. The Loan Originator can determine how much a borrower could qualify for based on the information and documentation provided by the applicant.
The borrower can take it one step further by opting to get pre-approved. This process will require documentation of income and assets required to move forward with the loan. We can get an automated underwriting approval from either Fannie Mae or Freddie Mac and go over the requirements with the borrower. This will ensure that the borrower actually is approved per FHA guidelines.
To get started with an FHA loan, contact us directly at 800-854-4142 or use the tools on this site.
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.
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.
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Capital Home Mortgage Team
powered by Sun West Mortgage
Company, Inc. NMLS #3277
2300 Highland Village Rd, Ste 2218
Highland Village, TX 75077