One of the most accessible home purchase schemes in the Lone Star state is FHA mortgage Texas. It is accessible to both first-time and second-time borrowers at the lowest down payment rates in the market, at 3.5%. You will also remit an Upfront Monthly Insurance Premium of just 1% of the total amount which you can roll onto the rest of the balance to avoid upfront payments.
Another great advantage that comes with FHA mortgage TX that we at Fhahomeloangroup.com facilitate is a flexible interest rate plan. You can choose from two options, as follows:
The Permanent Rate Plan
This is the most popular plan because millions of applicants usually go for it. It has these distinct features:
- It runs for the longest loan tenure period which is 30 years.
- The interest rate remains the same throughout the amortization period of 30 years.
The reason why you should apply with us for the permanent-rate plan of FHA mortgage Texas is that it comes at a low rate and thus forestalls any adverse changes in the market in the future.
The ARM Plan
You can also go for the 15-year amortization scheme that comes officially by the name of Adjustable Rate Mortgage (ARM).
- You can restructure the interest rate to suit the reigning low rates in the market. This is possible via a Streamline Refinance sub-program of FHA mortgage TX.
- You can also extend the amortization period to 30 years through a refinance.
Pre-qualification requirements
- A credit score of at least 620 points. Some lenders of FHA mortgage Texas can accept a score of 580 at a higher down payment than the usual of 3.5%.
- An employment record going back to the past two years.
- Stable income during the past two years.
- You have no other outstanding liens or debts that can increase your debts.
- You have no late payment of debts in the past one month.
How to Apply for FHA mortgage TX
- 1. Submit your request and pass the few pre-qualification stages.
- 2. Find a lender with a competitive interest rate.
- 3. Gain approval from the Housing Department (HUD).
- 4. Settle closing cots.
If you come from Austin, where the lending limit for a single-family home is $271050 or Comal County where the limit goes to $332500, you can be sure that FHA mortgage Texas is your best scheme.
We will take you through every step of the way from pre-qualification to the settling of closing costs, 6% of which can come from the seller.
Let our FHA experts assist you. Call [888] 202-4479