Austin FHA Loan

FHA Lender AustinFHA Mortgage FAQs

 

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
  • 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

 

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
  • Appliance
  • Weatherization
  • Exterior/Interior paint
  • Minor remodeling
  • HVAC units
  • Gutters
  • Roofing

 
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)