Are you in the market to buy a home but just don’t have (or don’t want to) put 20% down?
Do you maybe have less-than-perfect credit and are just looking around for answers and a way to qualify with less hassles?
Is it your first time buying a home and have tons of questions and just don’t really know where to start?
Whether you are looking to simply learn more about how much you can get approved for a new home or needing to refinance out of your high interest rate loan, you have come to the right place – FHALoanHouston.com.
We understand how important it is to make your home affordable, give you more than enough options when buying or refinancing, as well as being your tour guide through the maze of FHA financing which is why we are the leading experts in Houston on the FHA loan program.
FHA Loans are:
What is an FHA Loan?
An FHA loan is a type of mortgage loan that is insured against default by the Federal Housing Administration (otherwise known as FHA).
Back in the 1930′s during The Great Depression, the FHA loan was created by the government to stimulate the housing market make buying a home affordable again.
Since then, FHA loans have been the cornerstone of the American Dream by allowing lower down payments, better fixed rates, and easier qualifying standards.
Houston FHA insured mortgages are actually one of the best types of mortgage loans available in today’s real estate market because they allow more people to have an opportunity to buy.
Here’s a video that explains FHA mortgages in 2020 and how they work:
The “FHA Myth”
Many people believe that the FHA (Federal Housing Administration) is a company that lends the money, however FHA is a government organization that insures the loan while FHA approved lenders like us are the ones that lend the money.
If a loan defaults, FHA will step in and pay and because of this, mortgage lenders are more willing to lend.
They simply set all the basic rules when determining what they are willing to insure, and as such, there is always a lot of confusion when it comes to FHA guidelines.
While the FHA sets the basic minimum FHA guidelines of what types of loans they are willing to insure, FHA lenders will sometimes put in place an added layer of security which is called an “overlay”. This simply means that even though FHA has their minimum guideline, lenders will add their own in addition to it.
Why do they do this?
Because of what happened a few years ago during the mortgage crisis, lenders basically want to cover themselves in case of a default, so they take any extra measures to insure that the borrower is within their risk threshold as well as keeping their default rates low, because this effects more than you may think.
Let’s take a look at an example:
At the end of the day, it’s all a balancing act.
While there are some lenders that are extremely strict, there are also others that will give you a loan as long as you have a heartbeat.
Our approach is that we look for ways to approve your loan in every way imaginable, and if we can’t, we’ll put together a game-plan to help you eventually get to where you need to be.
As your local Houston FHA Lender, we just want to make sure that your situation makes sense and your mortgage needs are met.
Whether you’re trying to determine if you qualify or if you’re interested in finding out what kind of documentation you’ll need to ultimately get started on your loan, we can provide you the information you’re looking for.
Additionally we’re more than happy to take your phone calls so feel free to contact us.
When it comes to FHA financing, here a few ways you can put FHA to work for you.
FHA Home Loans
With a down payment of only 3.5%, FHA loans offer a great solution for several first time home buyers in Houston. By selecting an Houston Approved FHA Lender, you can rest assured that your expectations can be met when purchasing a home, as we understand how stressful it can be.
Houston FHA Loans offer many advantages, and as such, we make the process of purchasing a new home in the state of Texas simple and stress-free by offering you a streamlined process from start to finish!
Please feel free to check the FHA Mortgage Loan Limits in Houston as well as what’s needed to start when applying for your FHA purchase loan.
FHA Streamline Refinance
Another great way to use FHA to lower your mortgage payment is to refinance your home with FHA.
FHA refinances are also very popular among home-owners who were initially placed in a high interest rate sub-prime loan, but since rates have dropped, several borrowers are flocking FHA to lock in a lower rate, regardless of the type of home loan that they have.
We provide you the latest in financial tools that will enable you to make smart and money saving choices by providing you up-to-date interest rates and loan breakdowns so you can learn about your options, including an FHA Streamline refinance.
Benefits of an FHA Loan
When it comes to FHA financing, we are your Houston FHA Home Loan experts providing FHA loans in Houston and all throughout Texas.
We offer highly competitive 30 and 15 Year FHA interest rates and incredibly competitive closing costs when it comes to your home loan in Houston – hands down.
How do we do this?
Our experienced FHA loan experts:
- Work directly with FHA-Endorsed Banks;
- Have longstanding investor relationships that provide a wide variety of FHA financing options;
- Use streamlined, paperless loan processes with e-Sign technology;
- Efficiently combine in-house processing, underwriting, closing and funding under the same roof to ensure maximum accuracy and reliability.
You can also read some more of our reviews and see what other happy clients are saying.
We encourage everyone to check out their options, even if they have challenged credit. We look forward to answering all your questions and are here for you every step of the way.
Take a few seconds and check your FHA eligibility below – it is 100% FREE and takes less than 30 seconds.