Perfect for 1st Time Home Buyers
* Simple Qualifying
* Small Down Payment – Only Down 3.5%
* 100% Financing (w/Approved Gift Fund)
* Seller Paid Closing Costs up to 6%
* In-house Flexible Underwriting
* Higher Debt-to-Income Ratios OK
* Lower Credit Scores OK
* 600 credit scores OK with 3.5% Down
* Streamline Option (Rate and Term)
* No Appraisal / No Income
* Full Doc Loans
* Rate and Term / CashOut
* Closing Costs can be rolled into loan
FHA loans offer down payments as low as 3.5%. This can include gift funds (you can ask your loan officer more about how gift funds work.) which can include the use of gift funds.
* Metro Loan Amount: 1 unit $308,200, 2 unit $394,550, 3 unit $476,900, 4 unit $592,700
* Non-Metro Loan Amount: 1 unit $275,650, 2 unit $352,925, 3 unit $426,600, 4 unit $530,125
* Terms: Up to 30 Years
* Purchase financing: up to 96.5% LTV
* Refinance financing: up to 97% LTV
FHA Loan Guidelines for Borrowers
The FHA (Federal Housing Administration) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes.
- FICO® score at least 580 = 3.5% down payment.
- FICO® score between 500 and 579 = 10% down payment.
- MIP (Mortgage Insurance Premium ) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower’s primary residence.
- Borrower must have steady income and proof of employment.
Read More on FHA loans.
Minimum FICO Credit Score
Minimum Down Payment
Maximum Loan To Value
Maximum Debt To Income
Except Ons To 55%
Years Since Bankcruptcy
Years Since Foreclosure
Years Since Short Sale
Special Qualification Requirements
More About FHA Loans
Before you apply for your FHA loan, there are a few things you need to know about 2022 loan requirements.
FHA Loan Limits
Texas loan limits for FHA loans range from $331,760 to $765,600.
FHA Loan amounts in Texas are based on the home prices. The value of the home you wish to buy must be less than 115% of the median home price in the county where the property is located.
To qualify your home will have to receive and FHA appraisal to ensure the property value is worth the amount of funds you are borrowing.
Learn more about Texas FHA Loans
To qualify for an FHA loan, you’ll need to meet the following requirements.
* Stable employment/income
* The home will be your primary residence
* No foreclosures (last 3 years)
* 50% or lower DTI ratio
* Minimum 3.5% down payment
* Money to cover the upfront mortgage insurance premium (UPMIP).
* Money to cover closing costs, which could be anywhere from 2 – 6% of the purchase price.
Read More on FHA Loans.
Lone Star Financing -Why Us?
Headquartered in Grapevine, Texas, Lone Star Financing specializes in new home purchases and refinance. We specialize in Texas FHA loans and our loan officers have the experience to structure your loan for your individual lending needs. As a direct lender, we offer a full line of home loan products (Conventional, FHA, VA and USDA Loans). Lone Star Financing is an approved FHA lender in Texas. Apply online in minutes and we look forward to earning your business!