Austin FHA Loan
What is an FHA loan?
An FHA loan is a government loan that is guaranteed by the Federal Housing Administration (FHA). They provide mortgage insurance on loans made by FHA-approved lenders nationwide. The FHA insures over 34 million properties and is currently the largest insurer of mortgages worldwide.
Why consider an FHA loan?
There are numerous benefits of an FHA loan, including:
- Low down payments for FHA
- Competitive mortgage rates
- Less than perfect credit scores accepted
- Easier qualification than for some other loan products
What Austin FHA loan programs are offered?
FHA Purchase and Refinance
Although FHA loan limits vary by county, they have been increased nationwide. With this program, borrowers finance the majority of the purchase price and put 3.5% down.
- There are no income limits to qualify for this FHA program
- Debt ratios are allowed to be higher than most conventional mortgages
- Lower FICO scores are acceptable through the FHA Purchase/Refinance program
- FICO Credit 620 Minimum for FHA Purchase Loans
- FICO Credit 640 Minimum for FHA Cash-Out Refinance Loans
FHA 203k Streamline Purchase/Refinance
Under the FHA 203k program, qualified borrowers can finance up to $35,000 for repair or replacement improvements, including:
- Handicap access improvements
- Exterior/Interior paint
- Minor remodeling
- HVAC units
FHA $100 Down
Austin, TX and nationwide borrowers can qualify for down payments as low as $100. In order to be eligible for the FHA $100 Down program, the borrower must:
- Establish a HUD-owned home to purchase
- Meet the eligibility requirements for an FHA Loan
- Offer no less than full price for the property
- Establish that use of the home is your primary residence (owner-occupied)
Do I qualify for an FHA loan?
To find out if you qualify for one of the three programs listed above, or for more information about them, contact a loan expert by using the contact form to the right or call (800) 234-0907.