FHA Loan Texas
Best FHA Mortgage Lender in Houston
Texas Premier Mortgage understands how important it is to provide the best financing options to our community, which is why we are the #1 FHA Lender in Houston and the surrounding areas on the FHA loan program We offer excellent customer service, 5 star communication and ZERO LENDER FEES! Thank you for visiting our site – please review the information below and we look forward to speaking with you!
What is an FHA Loan?
FHA mortgage loans are insured against default by the Federal Housing Administration. The FHA loan was created during the Great Depression, to stimulate the housing market and make purchasing a home affordable again. The Federal Housing Administration does not lend money, they insure the loan, protecting the lender from default, through mortgage insurance called-MIP, resulting in lender’s offering flexible qualification requirements and lower interest rates.
Who Qualifies for a FHA Loan?
Borrower’s that find it difficult to get approved for a conventional loan, oftentimes, can get approval for an FHA mortgage. With a down payment as low as 3.5% and as little as a 600 FICO credit score this allows you to get into a home with not having a huge down payment or getting denied for having less than perfect credit , this is very appealing for many first-time home buyers or for new homeowners not wanting to put a large down payment!
Benefits of an FHA Loan:
Texas Premier Mortgage charges NO LENDER FEES, saving you thousands of dollars upfront. We are local and strive to give you the lowest rates upfront – 0!! When it comes to the down payment, you have a few options to consider if you don’t have the funds in your account. A gift from a family member is a great option that many clients take advantage of. There are also opportunities to have your closing costs paid for by the seller up to 6%. We will help you and your realtor submit the best offer for your situation and finances. Our goal is to have the best rates and best fees. If your debt seems to be a problem we also have the ability to go up on some of our debt ratios. We will analyze and review your income and debts to ensure your loan gets approved in advance of any offers or unforeseen obstacles. As a whole FHA offer low down payment options compared to other loan products and as low as a 600 credit score. Call us today to review the benefits of using a local fha expert!
What Makes Texas Premier Mortgage Different?
We are a local and our priority is getting you the best rates and best fees in the Houston area. Unlike big banks, we treat every transaction as if we were taking care of a member of our own family! Solid pre-approvals so you can search for your dream home with confidence! Updates to all parties throughout the loan process, so you never have to wonder where you stand. We are available 7 days a week, weekends and evenings included! We strive to exceed your expectation and truly appreciate helping our local residents. We put a huge emphasis on customer service and communication! We are your #1 FHA Mortgage Lender!
Frequently Asked Questions About FHA Loans in Texas
How do I pre-qualify for an FHA Loan?
If you can answer yes to the following questions, you may be an excellent candidate for an FHA home loan with Texas Premier Mortgage:
- Have you maintained at least two years of steady employment?
- Has your income remained stable or increased over the past two years?
- Is your credit in good standing with no more than two 30-day late payments during the past two years?
Every situation is unique, so we encourage you to contact us for a free pre-approval review.
How do I determine the amount of my down payment for an FHA Loan?
Most FHA borrowers qualify with a 3.5% down payment, depending on their credit profile and loan qualifications. We will review your finances and help structure the purchase to minimize your out-of-pocket costs whenever possible.
What is MIP?
MIP stands for Mortgage Insurance Premium. FHA loans require mortgage insurance, which protects the lender in the event of default. FHA loans include an upfront mortgage insurance premium along with a monthly mortgage insurance payment that is included with your mortgage payment.
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It was designed to help make homeownership more affordable by offering flexible credit guidelines, lower down payment requirements, and competitive interest rates.
Who qualifies for an FHA loan?
FHA loans are designed for borrowers with steady income and acceptable credit. Many buyers who may not qualify for conventional financing can qualify for an FHA mortgage with as little as a 3.5% down payment and flexible underwriting guidelines.
What credit score do I need for an FHA loan?
Many FHA borrowers can qualify with credit scores starting around 600, depending on the overall loan profile. Higher credit scores may provide additional financing options and improved loan terms.
Are FHA loans only for first-time homebuyers?
No. FHA loans are available to both first-time and repeat homebuyers. As long as you meet FHA occupancy and qualification requirements, you may be eligible regardless of whether you’ve owned a home before.
Can I use gift funds for my FHA down payment?
Yes. FHA guidelines allow eligible family members and approved donors to provide gift funds for your down payment and, in many cases, your closing costs.
Can the seller help pay my closing costs?
Yes. FHA guidelines allow sellers to contribute toward eligible closing costs. This can significantly reduce the amount of money you need to bring to closing.
What documents are needed to get pre-approved?
Most borrowers should be prepared to provide:
- Driver’s License
- Recent pay stubs
- W-2s
- Bank statements
- Tax returns (when applicable)
- Information regarding current debts and assets
Providing complete documentation early helps speed up the approval process.
How long does it take to close an FHA loan?
Most FHA loans can close in approximately 21 days, although every transaction is different. Appraisal timing, title work, underwriting conditions, and document collection all affect the final closing timeline.
Can I buy a condo with an FHA loan?
Yes. FHA financing can be used to purchase approved condominium projects. If the community is not FHA-approved, we’ll review other financing options that may be available.
Are FHA interest rates competitive?
Yes. FHA loans frequently offer highly competitive interest rates, especially for borrowers with average credit scores or smaller down payments. We’ll compare multiple loan options to help you choose the best financing solution.
Why should I choose Texas Premier Mortgage for my FHA loan?
Texas Premier Mortgage offers:
- ZERO lender fees
- Competitive wholesale interest rates
- Fast pre-approvals
- Local Texas mortgage experts
- Award-winning customer service
- Seven-day-a-week availability
- Constant communication throughout the loan process
- Access to multiple wholesale lenders for more loan options
Our mission is to provide the lowest rates, lowest fees, and the highest level of customer service from application through closing.
How do I get pre-approved today?
Getting started is easy. Complete our Quick Quote located on this page or call us directly. We’ll review your goals, answer your questions, compare loan options, and provide a strong pre-approval so you can shop for your new home with confidence.
Texas Premier Mortgage
