FHA – Federal Housing Authority

By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.

Advantages:

  • Bankruptcy is not an automatic disqualification
  • Lower interest rates
  • Down payment is less
  • Lower mortgage points and other closing cost requirements
  • Lower incomes can also apply
  • Resale can be made more quickly
  • Is backed by the U.S. government

 

Features:

  • Down payment required
  • Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
  • Loan Limits are lower than Conventional
  • MIP required regardless of the Loan-to-Value (LTV)

 

 

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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.

Discover How an FHA Loan in Texas From Supreme Lending Can Help

Looking for help securing a home loan? If a lower credit score is keeping you from securing a traditional loan, FHA loans are an ideal solution. Designed to help moderate- to lower-income families buy homes, FHA loans are backed by the Federal Housing Administration. Let Supreme Lending give you the support and answers you need to land the home you want.

fha loan

Find Your Dream Home With an FHA Loan From Supreme Lending

There are five types of FHA loans in Texas to help families looking to buy a home. Besides the standard FHA loan for a home, there are:

  1. Home Equity Conversion Mortgages (HECM). This reverse mortgage program assists seniors over the age of 62 with converting their home equity into cash, while allowing them to retain the title to their home.
  2. Section 245(a) Loans. This program offers two types of loans. The first, Graduated Payment Mortgages (GPM), is for borrowers who expect their incomes to increase. It starts with a lower monthly mortgage payment that will increase. The second type of Section 245(a) loan, a Growing Equity Mortgage (GEM), offers scheduled increases in the monthly principal payments. 
  3. FHA 203(k) Improvement Loans. An FHA 203(k) Improvement Loan allows borrowers to include the costs of repairs and renovations in their mortgage.
  4. FHA Energy Efficient Mortgages. This type of mortgage allows upgrades that can lower your utility bill to be included in the mortgage.
fha loan texas

Frequently Asked Questions About FHA Loans

Applying for a mortgage can be a complicated and scary process. We want to make the FHA loan process simple for you, so we have answered some common questions about FHA loans in Texas below.

What Are the Benefits of an FHA Loan?

An FHA loan in Texas offers many benefits, especially for lower-income families and first-time homebuyers, including:

  • Bankruptcy won’t stop qualification
  • Smaller down payments
  • Lower interest rates
  • Less restrictive income limits
  • Lower credit score requirements
  • U.S. government backing
What Are the FHA Loan Requirements in Texas?

The FHA loan requirements in Texas and other states are more stringent than for traditional mortgages. One requirement that is unique to FHA loans is mortgage insurance to protect the lender in case you default on the loan. Other requirements for an FHA loan include:

  • Appraisal by an FHA-approved appraiser.
  • Use of the home as your primary residence.
  • Move-in within 60 days of closing.
What Steps Are Involved in Applying for FHA Loans?

We understand how frustrating it can be to feel like you are filling out a never-ending pile of paperwork. We have simplified the FHA loan process down to six easy steps.

  1. Application
  2. Setup
  3. Processing
  4. Underwriting
  5. Closing
  6. Post-closing

You can read more about our home loan process and discover how easy the path to homeownership can be through an FHA loan in Texas.

Let Supreme Lending Help You Secure an FHA Loan

The experienced team at Supreme Lending has spent years building trust with lenders and financial institutions across Texas. That experience and trust allow us to offer our customers lower interest rates, faster turnaround times and more options. Apply for an FHA loan today and find out how Supreme Lending can help you. If you have questions about FHA loan limits in Texas or other questions surrounding FHA loans, please contact our team today.

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