FHA HOME LOANS
ONLY 3.5% Down - Great for First Time Home Buyers
FHA HOME LOANS
Great for First Time Home Buyers
Texas FHA Mortgage Lender
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.
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)
Your Texas FHA home loan specialist!
More 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. 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. FHA loans offer a lot of benefits to first time home buyers as FHA mortgages offer lower credit qualifications and as little as 3.5% down payment. Lone Star Financing specializes in FHA loans in Texas and has knowledgable loan officer’s that can structure a FHA loan that meets your specific needs.
Why Choose Lone Star Financing? As a local Texas mortgage company, we have the flexibility to underwrite your FHA loan using common sense underwriting. Unlike many Texas FHA mortgage companies that focus primary on rate and high pressure sales, we educate you on the best home loan program for your individual needs, structure your mortgage according to your finances, and offer the lowest possible rates available. Thank you for choosing Lone Star Financing as your FHA mortgage lender in Texas—we look forward to earning your business Apply online or call today for same day home loans approvals!
Speak to a Loan Officer
Have Questions? Let's Talk
We Serve All of Texas!
No matter what part of Texas you live in, Lone Star Financing has the resources to serve you. Specializing in New Home Loans; FHA and VA mortgages; and Mortgage Refinance. Find your city below and discover how we’ve helped your neighbors finance their homes!