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