Houston FHA Loan

FHA Mortgage Houston

 

Speak with a Houston FHA loan expert! Call (800) 308-8503 or (281) 305-9375. There is NO COST to get pre-qualified. No application fees; consultation is always complimentary.

FHA Loan Houston – Frequently Asked Questions (FAQ)

What is the Federal Housing Administration (FHA)?

The Federal Housing Administration (FHA) is now an agency within Housing & Urban Development Department (HUD). Established in 1934, FHA was created to enable more Americans to become homeowners. More than 26 million Americans have purchased their home with FHA mortgages.
 

Do I qualify for a Houston FHA loan?

Any person who is creditworthy and can afford to pay their mortgage and downpayment can obtain a Houston FHA Mortgage. FHA loans are only for primary residences. Houston Mortgage FHA loans are available for the greater Houston area and qualified borrowers in most states.

You do not need perfect credit or a large income to qualify for a Houston FHA loan. Houston FHA loans have smaller down payment requirements than Houston conventional loans. To learn more about FHA mortgages and speak with a Houston FHA expert, use the contact form to the right or call (800) 308-8503 or (281) 305-9375.

 

What is the limit for FHA loans in Houston, Texas?

The FHA loan limit for Houston, TX is $271,050, though FHA loan limits are determined by county. Click here to verify FHA loan limits in your county. Please note: maximum loan limits for multi-unit properties are higher than maximum loan limits for single units.

FHA determines maximum loan limits for counties based on the conforming loan limit and home price averages in each area of the United States. Periodically, FHA loan limits change. To learn more about FHA mortgages and speak with a Houston FHA expert, use the contact form to the right or call (800) 308-8503 or (281) 305-9375.

 

What are the steps to qualify for a Houston FHA loan?

Completing a loan application is the first step. On average, clients need only 11 minutes to complete the application. You do not need to enter bank account numbers or debts – just provide a rough idea of what you have. Expert FHA Houston loan officers are available to complete the application with you. To speak with a Houston FHA lender, use the contact form to the right or call (800) 308-8503 or (281) 305-9375. On average, inquiries are responded to in less than 5 minutes.

 

What income requirements are there for an FHA loan in Houston?

FHA loans have no minimum income requirement. However, you must be able to show steady income history and creditworthiness.

 

What income sources can be used to qualify for a Houston FHA mortgage?

You can obtain a Houston FHA loan with the following income sources:

  • Seasonal pay
  • Child support
  • Retirement pension payments
  • Unemployment compensation
  • VA benefits
  • Military pay
  • Social Security income

  • Alimony
  • Rent paid by family
  • Part-time pay
  • Overtime
  • Bonus pay
  • Special savings plans (church or community association)
Income consistency is more important than income source when it comes to qualifying for a Houston FHA loan.

 

Can I obtain a Houston FHA loan and carry debt?

Yes, short-term debts that can be paid off within 10 months are not considered debts when obtaining an FHA loan. Additionally, regular expenses such as childcare expenses are not considered debt. If you have questions about your debt-to-income ratio, connect with a mortgage lender now: (800) 308-8503 or (281) 305-9375. Consultation is always complimentary!

 

What down payment is required for an FHA loan?

The downpayment requirement for a Houston FHA loan is 3.5% of the purchase price of the property.*

 

What money can I use for the downpayment and closing costs?

For a Houston FHA loan, you can use your own money, cash gifts and money from a private savings club.

 

Is it possible to qualify for a Houston FHA loan without credit history?

Yes, there are other ways to prove your creditworthiness. Call now: (800) 308-8503 or (281) 305-9375. Consultation is always complimentary!

 

Is it possible to roll closing costs into my Houston FHA loan?

No, your cannot roll closings costs into a Houston FHA loan. However, it is possible to use closings costs to help satisfy the down payment requirement. To speak with a Houston FHA lender, call now (800) 308-8503 or (281) 305-9375.

 

To connect with a Houston mortgage rates expert, use the contact form to the right or call (800) 308-8503 or (281) 305-9375.
 

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Copyright © 2017 PrimeLending, A PlainsCapital Company. PRIMELENDING NMLS ID: 13649. All rights reserved. 810 Hester's Crossing, Suite 150 | Round Rock, Texas 78681. The material provided in this mortgage website is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the website cannot be reproduced for any use without prior written consent. The material does not represent the opinions of PrimeLending, A PlainsCapital Company.

All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company. Equal Housing Lender.

In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act. * These summaries are based on a $125,000 loan amount, on a loan term of 360 months, with an interest rate of 4.00% and an annual percentage rate of 4.13%