FHA Loans
Low Down Payments & Flexible Credit Options
Your Path to Homeownership Starts Here
At Texas Lending Solutions, we understand that finding the right mortgage is key to making your dream of homeownership a reality. Our FHA loan options are a great way for first time home buyers, lower-income borrowers, and those with less-than-perfect credit scores to fulfill their goal of owning a home.
FHA Loans
An FHA loan is an excellent option if you're looking for a flexible, affordable path to homeownership, especially if you're a first-time buyer. FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores or smaller down payments achieve homeownership.
Benefits of an FHA Loan
- Low Down Payment: You can qualify with as little as 3.5% down, making it easier to buy a home without needing a large upfront payment.
- Flexible Credit Requirements: FHA loans typically accept credit scores as low as 580, making them more accessible for buyers with less-than-perfect credit.
- Competitive Interest Rates: Because these loans are insured by the government, lenders offer lower interest rates compared to conventional loans, reducing your long-term costs.
- Assumable Loan Option: FHA loans can be transferred to a new buyer, which may make your home more attractive when selling.
- Closing Cost Assistance: FHA allows sellers, builders, or lenders to contribute toward closing costs, making it more affordable to finalize your purchase.
FHA Loans - Q&A’s
- What is an FHA Loan?
- An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), designed to help low- to moderate-income borrowers with less-than-perfect credit qualify for home financing.
- What are the benefits of an FHA loan?
- FHA loans offer several benefits, including low down payments, more flexible credit requirements, competitive interest rates, and the option to have your loan assumed by a future buyer.
- Who qualifies for an FHA loan?
- FHA loans are open to both first-time and repeat homebuyers. Generally, you need a credit score of 580 or higher for a 3.5% down payment. Lower credit scores may require a higher down payment.
- How much is the required down payment for an FHA loan?
- You can qualify for an FHA loan with as little as 3.5% down if your credit score is 580 or higher. If your score is between 500-579, you may need to make a 10% down payment.
- Can I use an FHA loan for a second home or investment property?
- FHA loans are intended for primary residences only. You cannot use an FHA loan to purchase a second home or an investment property.
- Are there any mortgage insurance requirements?
- Yes, FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP), which is paid monthly. These insurance costs protect the lender in case of default.
- Can I get assistance with closing costs?
- Yes, FHA allows sellers, lenders, or builders to contribute up to 6% of the sales price towards your closing costs, helping to reduce out-of-pocket expenses at closing.
Why Choose Texas Lending Solutions?
At Texas Lending Solutions, we pride ourselves on offering a seamless mortgage process with expert guidance at every step. Our team of dedicated professionals will work with you to find the best loan option, ensuring you get the keys to your new home with confidence.
Why Choose Texas Lending Solutions?
- Personalized Service: We take the time to understand your unique financial situation, so we can recommend the best mortgage options for your needs.
- Quick and Easy Approvals: Our streamlined process ensures a fast approval, so you can move forward with your home purchase without delays.
- Local Expertise: As a Texas-based lender, we know the local market and can provide insights that national lenders can’t match.
Ready to explore your options? Contact Texas Lending Solutions today to learn more about our conventional loan programs and take the first step toward owning your Texas home.
Building Trust, One Loan at a Time
Shella was nothing short of amazing! Each and every employee at Texas Lending Solutions went above and beyond for the entire loan process! We looked at the home on March 2nd and we closed on March 28th! We hadn’t even been pre-approved or anything. How’s that for a fast turn around? Any questions we had, their staff didn’t hesitate to respond to, or find someone who could. What an awesome home buying experience!
MEAGHAN B.
Dallas
Paul reached out to me when the rates were really low. We had spoken a few years ago when I bought this home with a 30-year mortgage. He found a way I could get a new 20-year mortgage which effectively eliminated 8 years of payments! Paul is a professional who knows his stuff. His team are thoughtful and amazing. I highly suggest using Texas Lending Solutions for your new home or refinancing needs.
JENNIFER H.
Houston
I am a first-time home buyer and was very unsure of how the process of buying a house would be but Jimmy is very knowledgeable and answered any questions I had. He is very kind and understanding which gave me confidence in buying a house. I am so lucky that I was able to work with Jimmy and I highly recommend him thank you so much, Jimmy for giving me a great experience.
MARISELA H
Austin
Ready to Get Started?
Our team of mortgage experts is here to guide you through the pre-approval process and answer any questions you may have. Contact us today to schedule a consultation and take the next step towards owning your dream home.