FHA Mortgage

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

  • A low down payment.
  • Closing costs can be paid by the seller.
  • Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans
  • FHA limits the amount lenders can charge for some closing cost fees
  • Loans are assumable to qualified buyers.
  • Credit Scores down to 580
  • 203k FHA loans allow you to buy a home and finance the repairs that are needed.

For more Information on FHA Loans, Checkout:

FHA 203k Mortgage- Finance Repairs or Improvements

FHA Loans With Credit Scores Under 640 In Texas.  And down to 580