Houston | Austin | Dallas | San Antonio
Ask an Expert: (713) 338-2084

FHA Loans

THE POWER OF FHA LOANS

Backed by the power of the federal government, FHA Home Loans are a great option for people with less-than-perfect credit and who don’t have enough money to meet the five percent minimum down payment on a conventional loan.

They are also a great option for the savvy homeowner who wants to get more house for their dollar.

The Advantages of an FHA Loan

The Federal Housing Administration (FHA) has been providing mortgage insurance and financial guarantees on loans made through its program since 1934. The purpose of the program is to encourage responsible homeownership. This makes FHA Home Loans advantageous in several ways:
  • 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

eligibility requirements

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.

In order to qualify

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

mort-fha1

Latest Blog Posts

Mortgage Rates in Texas

Texas Mortgage Rates
30 Year Fixed loading...
15 Year Fixed loading...
5/1 ARM loading...
Mortgage rates are always changing, however we pride ourselves on being the best at keeping up with trends and knowing when your "right time" is.

Find Us on a Map

1st Alliance Mortgage LLC
NMLS: 1407

2200 North Loop West Suite,
Suite 114
Houston, TX 77018


Phone: (713) 338-2084
Fax: (832) 494-1538