We offer ZERO Lender Fees saving you thousands with the lowest rates! Looking for a low down payment? FHA could be for you! With 3.5% down payment we can help you get into your next home.
Credit – Most Texas FHA lenders will require that you have at least a 620 credit score. However, Texas Premier Mortgage will go down to a 580 credit score if you have compensating factors, and if you can place a larger down payment.
Down Payment – The standard down payment requirements for a FHA loan is 3.5% of the purchase price. So on a $100,000 loan, the down payment would need to be $3,500. If your credit score is below a 580, you may need to place as much as 10% down in order to qualify. Something worth noting, is that FHA loans are eligible to be used with many down payment assistance programs. We can help you see if you qualify for down payment assistance.
Loan Limits – The maximum loan limit is dependent on your county but, most counties here in Texas are $331,200 that allows for plenty of room to finance your next home!
Employment – FHA loans require that you prove 2 years of consistent employment. You will need to provide at 2 years tax returns, and most lenders want to see your 2 most recent bank statements as well.
Property – The FHA has property requirements, which includes what are known as “minimum property standards”. The home you want to purchase must undergo an appraisal and meet these guidelines, which relate to the condition of the home. The appraisal must also verify the value of the property.
These are the standard requirements for a FHA loan. When you apply, if you are approved, you will be provided a checklist of requirements known as “loan conditions”, which will outline what you must provide in order for the loan to close.
Call us today for more information on your next FHA Loan.