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FHA loans have been around since 1933 and require as little as 3.5% down and more flexible underwriting making them easier to qualify for than Conventional loan programs.
3.5% down for purchases and 97% LTV for refinances. Available with adjustable or fixed rates with 15 and 30 year terms. FHA loans have two types of mortgage insurance; Up Front Mortgage Insurance (1.75% of the loan amount financed into the loan) and Monthly Mortgage Insurance (.85% of the loan amount divided by 12) paid monthly and included in your monthly payment.
Low down payment requirement and more flexible guidelines make FHA loans easier to qualify for. 100% of your down payment may come from a gift.
First time home buyers or buyers with limited funds for a down payment. Also good for borrowers who have had some past credit problems or do not have a 620 credit score.
A minimum credit score of 500 (no score programs available). You should have generally good credit in the preceding 12-24 months.
FHA is a a government backed insurance program. Since 1933 the Federal Housing Administration through the Department of Housing and Urban Development has insured FHA Loans. With more flexible underwriting guidelines, more people may qualify for this type loan.
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"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A
RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A
COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE
LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT
FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S
WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS
AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF
CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS
CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A
WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND
MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE
PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND,
PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
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