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FHA Home Loans

Great for First Time Home Buyers

FHA Home Loans

Great for First Time Home Buyers

Texas FHA Home Loans

Texas FHA mortgages are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers; rather, it provides protection through mortgage insurance (MIP) against losses as the result of homeowners defaulting on their mortgage loan. It’s this protection that makes it possible for mortgage lenders to provide insured Texas FHA home loans.

Available to all Texas residents, FHA loan programs are primarily designed to help low- and moderate-income families who do not meet requirements for conventional loans that adhere to more strict underwriting guidelines. However, there are cases in which borrowers who are eligible for conventional financing would still choose a FHA home loan over a conventional mortgage.

Texas FHA home loan programs are particularly beneficial to those buyers with less available cash. The rates on Texas FHA loans are generally market rates, while down payment requirements are lower than most conventional loans. The FHA mortgage program has been helping people become homeowners since 1934 and is easier to qualify for an FHA loan in many cases.

Buying your first home? FHA loans are a great option for first time home buyers—and if this is your first home purchase, then a Texas FHA home loan is probably your best option due to the low down payment and easier credit standards. Your down payment can be as low as 3.5% of the purchase price, and closing costs and fees can be covered by the seller. Call Lone Star Financing today or fill out the quick contact at the bottom of the page to speak with a Texas FHA loan consultant and get a free good faith estimate.

TX FHA Home Loan Benefits

  • Simple Qualifying
  • Only 3.5% Down Payment Required
  • 100% Allowed with Approved Gift Fund Source
  • Seller Paid Closing Costs to 6%
  • More Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Minimum Credit Scores
  • No Prepayment Penalties
  • Streamline Refinance Available
  • Manufactured Housing OK (Subject to Restrictions)
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Texas FHA Home Loans

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Information About Texas FHA Loans

FHA is an abbreviation for The Federal Housing Administration. Congress created the FHA in 1934 to make it easier for home buyers to get mortgages. They do this by insuring mortgages for single family and multifamily homes. FHA mortgage insurance provides lenders with protection against a loss if a FHA homeowner defaults on a loan. Loans must meet requirements established by the FHA to qualify for this insurance. FHA and HUD have insured more than 34 million homes since 1934, and are the largest insurer of mortgages in the world. Lone Star Financing is a FHA Mortgage Lender located in Texas.

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