- Your FHA Lender for new home loans in Texas - Low Rates, Low Fees & Fast Closings
Texas FHA Loans
FHA loans are a great option for 1st time home buyers, but you don’t have to be a 1st time buyer to qualify. Here are a few things to know about FHA Loans in Texas:
New Home Purchase
* Simple Qualifying
* Small Down Payment – Only Down 3.5%
* 100% Financing (w/Approved Gift Fund)
* Closing Costs – Seller paid (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
Mortgage Refinance
* 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 offers as low as 3.5% down payment – this can include 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 Guidelines (2022)
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.
Learn more about FHA loans from FHA.com/reguirements.
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30 Year FHA
Stable monthly payment with less money down
Minimum FICO Credit Score
620
Minimum Down Payment
3.5%
Maximum Loan To Value
96.5%*
Maximum Debt To Income
50%*
Except Ons To 55%
Mortgage Insurance
Yes
Years Since Bankcruptcy
2
Years Since Foreclosure
3
Years Since Short Sale
3
Special Qualification Requirements
NONE
FHA Loans - Things to Know
Things to know about FHA Loans in Texas - Benefits and 2022 loan requirements.
FHA Home Loan Limits (2022)
Texas loan limits for FHA loans range from $420,680 to $970,800.
Texas FHA loan limits are based on the current home prices. Every year the FHA establishes the loan limits and they can vary by county. 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.
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!
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Lone Star Financing - FHA Home Loans
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