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The Federal Housing Administration (FHA) has a
program designed to make affordable mortgages available.
This program has several important advantages compared to other
mortgages. Here are some key features and
benefits for FHA financing: |
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FHA Texas Mortgage Features |
Program Benefits |
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Low down payment requirement. In most cases this is 3.5% of the sales price. |
Qualify now without waiting to save for a
big down payment. |
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Limited Fees and Costs. |
FHA has limits for fees that lenders may
charge to borrowers. Fees are often lower than on other types on loans. |
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The seller may pay your closing costs up to
6% of the selling price. |
You may not need to pay closing costs out
of your pocket. |
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No cash reserves are required. |
You do not need to prove a certain amount
of bank balance for cash reserves. |
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Very low finance rate with your choice of a fixed rate or variable rate. |
Low monthly payment mortgages compared to
some other types of mortgages. The rate does not increase in future years if you select the fixed rate option. |
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Low mortgage insurance
cost. |
Another factor that reduces your monthly
payment. |
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Mortgage loans up to $271,000 |
FHA home loan size to fit most client needs. |
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620 minimum credit score. |
Reasonably good credit is required but
the required score may be lower than other programs offering a small down payment. |
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NOT just for first time buyers. |
More clients can qualify for a home loan. |
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Texas
Capital Mortgage in Houston
866-433-0500
Affiliate of America's
Premier Mortgage
TMBL # 33198 |
Featuring
FHA low down
payment mortgages in Houston or anywhere in Texas.
