{"id":95,"date":"2023-03-15T09:23:46","date_gmt":"2023-03-15T09:23:46","guid":{"rendered":"https:\/\/wikipedy.com\/?p=95"},"modified":"2023-04-22T22:23:14","modified_gmt":"2023-04-22T22:23:14","slug":"how-to-get-an-fha-loan-in-texas","status":"publish","type":"post","link":"https:\/\/wikipedy.com\/how-to-get-an-fha-loan-in-texas\/","title":{"rendered":"How To Get An FHA Loan In Texas"},"content":{"rendered":"\n
A Federal Housing Administration-insured mortgage<\/a> can let you purchase a home with less-than-perfect credit and a down payment of as little as 3.5%. The backing of these loans by the government enables lenders to provide financing to applicants who may not qualify for conventional mortgages. Although the FHA program is popular with first-time homebuyers, you can use this mortgage even if you have previously purchased a home.<\/p>\n\n\n\n The main advantage of FHA loans<\/a> is that they are simple to qualify for. To qualify for this loan, you must have a credit score of at least 580 and a 3.5% down payment. The following are the basic qualification requirements of an FHA loan:<\/p>\n\n\n\n A credit score of 580<\/a> with two open tradelines is the essential qualification required for an FHA loan. If you have a high credit card balance, paying down the balance of your revolving accounts will pull your scores up. Although FHA loans only require a 580 score, it is highly recommended to have a score of 620 and up to get a more desirable interest rate.<\/p>\n\n\n\n Applicants must have a two-year verifiable work history and a stable income to be eligible for an FHA-insured loan. You must present pay stubs and tax records to your lender. These documents demonstrate that you have sufficient income and financial stability to pay your mortgage.<\/p>\n\n\n\n There is no minimum or maximum income requirement for an FHA loan. However, a debt-to-income ratio must be met. Your monthly mortgage payment must be 36% of your gross income. This is known as the front-end DTI ratio. Subsequently, all your debts, including the proposed housing expense, shall not exceed 45% of your gross income as the back-end DTI ratio.<\/p>\n\n\n\n A down payment of 3.5% <\/a>of the purchase price is required on all FHA transactions. However, the down payment may come as a gift from a family member, your employer, or any charitable institution. All borrowers must present their latest bank statements to show proof of funds to close on the loan.<\/p>\n\n\n\n An asset reserve is required depending on the borrower\u2019s situation. A good rule of thumb is to have at least three months’ reserves. One month’s reserve equals one month’s mortgage payment.<\/p>\n\n\n\n You must get pre-approved before shopping for a home. A pre-approval letter shows the seller that your ducks are lined up in a row. The letter will show the maximum loan amount you qualify for, the interest rate on the loan, and the full term allowed. A Federal Housing Administration-insured mortgage can let you purchase a home with less-than-perfect credit and a down payment of as little as 3.5%. The backing of these loans by the government enables lenders to provide financing to applicants who may not qualify for conventional mortgages. Although the FHA program is popular with first-time homebuyers, you […]<\/p>\n","protected":false},"author":1,"featured_media":96,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nEasy Qualification Requirements<\/h2>\n\n\n\n
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Get Pre-Approved Before Shopping For A Home<\/h4>\n\n\n\n
Contact your nearest Texas FHA lender<\/em><\/strong><\/a> to start the path to homeownership!<\/p>\n","protected":false},"excerpt":{"rendered":"