Best mortgage lenders in texas

What are the advantages of Texas FHA loans?

Texas FHA loans are highly beneficial mainly because they have for the longest time been able to provide proper assistance especially when it comes to the offering of down payments that are much lower compared to other types of loans. However, for you to be able to apply, you need to have a FICO score that is at a minimum of 580. Having this score will help you benefit from the 3.5% down payment. However, if your credit score is lower, you may still be able to qualify. The only problem here is that you will need to make a 10% down payment for you to be able to get the loan.

One of the main reasons as to why Mortgage companies in Texas have been found to be so popular is because of the fact that many of its users tend to benefit from the protections and benefits that are not usually available with the other traditional type of loans. When you get a Texas FHA loans, it is normally insured by the agency itself meaning that the lenders have been found to be more lenient as a result of this. Below are some of the other benefits.

The interest rates are highly competitive

Unlike other loan options, Texas FHA loans have been found to have interest rates that are much lower. This is highly beneficial especially to homeowners who may be unable to afford their housing payments.

It is much easier for one to qualify

Most loans tens to exclude many applicants especially those that have a credit score that is low and credit history that is questionable. This is not the same case when it comes to Texas FHA loans. You should be able to easily access this loan because of the requirements that are much lower making it easy for one to be able to apply.

Lower fees

On top of these types of loans having interest rates that are much lower, they also tend to have lower fees compared to the other types of loans. You will end up paying lower costs on mortgage insurance, closing costs and so much more.

No credit

The FHA will require an applicant to make at least two lines of credit for them to be able to qualify for the Texas FHA loans. If your credit history is not sufficient enough, then you can make use of a substitute form for you to be able to qualify.

Foreclosure and bankruptcy

If you have suffered foreclosure or bankruptcy in the years that have passed, you can still be able to qualify for this loan. The only thing that you need to do is to make sure that you are able to meet all the other requirements that have been set.