According to the recent studies, it has been proven that at least 47% of the first time home buyers in Texas used the FHA loans. Of course there are some good reasons why this mortgage plan has been gaining popularity in the recent past. Are you a low income earner? This shouldn’t stress or annoy you since the FHA loans are customized exactly to fit in your financial needs. In fact the Fha loan limits texas can be used by the same buyer more than once. The conventional loans did not give much attention to the low income earners and therefore were not flexible enough to accommodate such buyers when it comes to the calculation of income- debt ratios. For this reason the FHA loans have been a relief to many low income earners as they can approve the mortgage loans with low down payment and even with a poor credit score of at least 500. In fact, they whole difference can be seen and heard.
With a credit score of 500, the borrower will be needed to give a 10% down payment value, however if the borrower has a credit score of 580, the rate will be lowered to 3.5% borrowers however need to be out form a poor credit score before applying for an FHA loan simply because they lead to increased interests, the MIPs will also be high as well. For the borrowers who have a score that ranges from 500-579 are therefore strongly advised to ensure they have improved on their credit score before considering to have a mortgage program. Who then should qualify for the FHA loan? Well, these mortgage programs are available not only for the first time buyers in Texas but for any other borrower who is seeking to have a home. Owing to the simplified structure and leniency of the FHA loans, they are far much better compared to the conventional loans and for this reason, it’s easier to qualify for these loans. All the borrowers who have a low down payment and credit score are also eligible candidates for these kind of loans. In fact. The FHA loan Texas allows the gift fund program on the down payment value. In this case a relative or close family friend can opt to pay for you the down payment. The low down payment rate of 3.5% sums up the good side of the FHA loans Texas. The minimum you can pay for the conventional loan is 5%, while the maximum could go as high as 20%. With the FHA loans, once you get an approval from the FHA lenders, you will get the low down payment rates and of Couse it can be gift funded.
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