The Advantages of an FHA Loan
- • There is no private mortgage insurance needed when you put down less than 20 percent on an FHA loan, making your monthly loan payment smaller.
- • You can qualify for a Houston FHA loan with less-than-perfect credit.
- • Your down payment can be smaller than with a conventional mortgage loan — as low as 3.5 percent.
- • There are fixed and adjustable rate options available.
These loans are available for single-family homes, townhouses and condominiums, land, and and even attached
There are two considerations buyers need to keep in mind when determining whether they can use an FHA Home Loan: their personal eligibility and FHA restrictions.
The FHA lets you buy most type of property but has some restrictions.
As with a conventional mortgage, these qualifications work together to produce a total picture of your financial health.
- •A credit score of at least 640 — to avoid having to make a 10 percent down payment.
- •A debt-to-income ratio of less than 43 percent.
- •A solid work history.
We are FHA Loan experts who can help you to determine if this program is right for you and we’re standing by to help you get into the home of your dreams.
Call us today at (832) 319-6920
Using an FHA Loan to purchase a distressed property is an adventure, particularly as Houston moves out of the housing crisis doldrums and back into solid territory.
Bidding wars on foreclosures are not unheard of as investors fight to get real
If you are up for the challenge, you need to work closely with agents and lenders who understand the process from opening bid to final closing, as there is more paperwork with this type of real estate transaction.
However, the rewards of purchasing a distressed property for your personal residence can be great. You have the opportunity to get your home at a discount and live in a better neighborhood than you would otherwise be able to afford.