How do I qualify for an FHA贷款 in Texas?

There are many mortgage options available for Texas residents hoping to purchase homes for the first time, even if they earn low to moderate incomes or have less than perfect credit scores.

什么是联邦房屋管理局贷款?

A Federal Housing Administration (FHA) loan is a type of federally backed mortgage that is issued by an approved lender and insured by the FHA. 美国的一部分.S. Department of Housing and Urban Development, this government agency provides insurance for mortgages owned by private lenders. 用这种贷款, borrowers are required to pay a mortgage insurance premium (MIP) each month as collateral. FHA贷款s are ideal for borrowers who may have lower credit scores, and are often preferred by consumers interested in buying their first homes. 

Applicants should have credit scores of at least 580 to qualify for an FHA贷款. Down payments can come from grants for down-payment assistance, 朋友或家人, 储蓄, 或其他收入来源. 

我怎样才有资格申请联邦房屋管理局贷款?

德州联邦住房管理局抵押贷款 lending limits can fluctuate based on local housing prices and the type of housing a person wishes to purchase. FHA-approved banks and financial institutions will look over applicants’ qualifications and evaluate their ability to repay the loan. Consumers hoping to get an FHA贷款 in the state must meet the 以下需求:

• Debt-to-income ratio must be 50 percent or less based on the borrower’s overall credit profile
• The borrower must be able to pay at least 3.5 percent of the property’s sales price as a down payment
• The property must be the borrower’s primary residence
• The borrower must show income and proof of employment
• Buyers must purchase mortgage insurance and make premium payments to the FHA, which requires two types of mortgage insurance: the first is paid up front at closing and rolled into the final loan amount (UFMIP), and the second is collected monthly as part of the loan payment (MIP)

有限公司203(k)抵押贷款 

An FHA有限公司203(k)按揭贷款 can be used to purchase, renovate, repair, or upgrade a property. This type of FHA贷款 gives homeowners immediate access to cash to put toward improvements and updates or get their homes ready to sell through a 单一的抵押贷款.

The Section 203(k) program was created by the FHA to improve and repair single-family homes, giving homeowners an accessible way to purchase property and improve their neighborhoods. As a type of FHA贷款, many of the same FHA standards apply to a 203(k) mortgage. 

买家通常必须遵循冗长的规则, expensive process when obtaining funding for a home that needs significant repairs or upgrades. These loans typically have high interest rates that must be paid in full within a brief time frame. 然而, a Section 203(k) loan is a long-term loan with an adjustable or fixed rate that can be used for both the purchase of a home and its renovations. This type of loan also gives lenders some security by allowing them to insure the loan. Certain lenders may require additional fees to be paid by the homeowner or buyer, such as supplemental origination fees and appraisal fees. 

A Section 203(k) loan can cover minor repairs that are more than $5,000. It can also fund the repair of a residential part of a structure that is used for non-residential reasons, or the conversion of a dwelling to a one- to four-unit property. 

Section 203(k) loans will cover the following: 

• 消除任何健康或安全隐患
• 进行结构维修 
• Installing new floors or floor treatments
• Adding or upgrading roofing, gutters, or downspouts
• 增加绿色或节能功能
• Improving accessibility features for a person living with disabilities
• 景观

美高梅MGM娱乐 

FHA-backed loans are ideal for Texas homebuyers and homeowners who may have lower credit scores or are unable to make large down payments. These loans can be used to purchase property, pay for repairs, install home upgrades, and more. Still have questions about securing an FHA贷款? 我们可以帮忙. 我们的一位敬业的 按揭贷款主任 今天!