FHA LOANS ARE AN ATTRACTIVE SOLUTION FOR FIRST-TIME HOME BUYERS LOOKING TO PURCHASE A HOME WITH MINIMAL DOWN PAYMENT.
WHAT IS AN FHA LOAN?
WHAT ARE THE REQUIREMENTS FOR FHA LOANS IN TEXAS?
- A credit score of at least 580 with a 3.5% down payment or a credit score of 520 with a 10% down payment.
- A Debt-to-Income ratio of 43% or less.
- The home being purchased must be your primary residence for at least one year.
FHA LOAN PROGRAM ADVANTAGES:
- 3.5% down payment with credit scores as low as 580
- 10% down payment with credit scores as low as 520
- It may be used in conjunction with Down Payment Assistance Programs
- The new maximum FHA loan limit of $472,030.00
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
FHA loans are federally insured, which may require a smaller down payment and may offer a lower interest rate than a comparable conventional loan. This might be the right loan for you if you are a first-time homebuyer or if you have limited cash for a down payment and closing costs.
