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 Featuring
FHA low down
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TEXAS FHA MORTGAGE - QUESTIONS AND ANSWERS Who is the FHA? The Federal Housing Administration is a government agency that has insured over 35 million home mortgages. Does the FHA loan mortgage funds directly? No, they only guarantee the loan against default. The loan is done by a private lender, like us for example! How much do I need to put down? Usually 3.5% of the selling price, or more if you wish. Do I need to pay closing costs in addition to the down payment? FHA rules may allow the seller to pay up to 6% of the selling price for your closing costs. Is the seller usually agreeable to paying closing costs? It is very common for the seller to pay some or all of the closing costs. This depends on what you can negotiate for terms. Should I get pre-qualified for a mortgage? Yes, you will usually need to present a pre-qualified letter when you make an offer for a home. This can also help you to know the maximum loan size you qualify for. Do you do pre-qualification letters? Yes, we do that without cost or obligation. How good does credit need to be for a FHA mortgage? Credit needs to be reasonably good. For the last 12 months nothing should show on your credit file as 30+ days late. What if I don’t have any credit? FHA is a great program for first time buyers or those with no credit. In place of a traditional credit report we may be able to use references for things like car insurance payments, cell phone, utilities, or rental history What is the FHA interest rate? This moves up and down with the market. Generally FHA rates are very competitive. Please call us for current rates. Would I have a fixed or adjustable rate? We have both available. In most cases we suggest a fixed rate. This avoids the possibility of your mortgage payment increasing because of a future higher interest rate. Can I get a FHA mortgage for an investment property? No, this program is only for a home that would be for your primary residence. What is the maximum loan size? It is usually $271,000. Does a FHA mortgage require mortgage insurance? FHA charges a fee for their guarantee. This generally costs less than PMI insurance for a conventional mortgage. Do you do manufactured or mobile homes? Not at this time. How long does it take to get a FHA mortgage? It usually takes 3 to 5 weeks from the time you have a contract and appraisal. What area do you do loans for? We do home mortgages anywhere in Texas. Why should I get a FHA mortgage from Texas Capital Mortgage? We are experienced with the FHA program. Our goal is to give you the lowest rate with superior service. What if I have more questions? Call us toll free at 1-866-443-0500. |
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