Loan Program
FHA Loan in Texas
A government-backed loan many first-time buyers look at.
What is an FHA loan?
An FHA loan is insured by the Federal Housing Administration. Buyers with a smaller down payment or a shorter credit history often look at one. Who's eligible depends on you and the home.
Who looks at an FHA loan
- First-time homebuyers
- Buyers with a smaller down payment
- Buyers still building credit
Where an FHA loan can help
- Lower down payment options
- May be open to buyers still building credit
- Government-backed insurance
The steps, in order
A first conversation, then a review of your goals and finances, then comparing loans. After that come a secure application, your documents, underwriting, and final approval and closing. No approval is implied before underwriting.
- 1.A first conversation
- 2.A review of your goals and finances
- 3.Comparing loans
- 4.A secure application
- 5.Your documents
- 6.Underwriting
- 7.Final approval and closing
What to weigh with an FHA loan
- An upfront and a yearly mortgage insurance premium usually apply
- The home must meet FHA condition standards
What a lender reviews for an FHA loan
- Credit history and score
- Debt-to-income ratio
- Steady income
- Plans to live in the home
Property rules for an FHA loan
- • FHA condition standards for the home
- • The appraisal
Documents for an FHA loan
- Proof of income and work
- Bank and asset statements
- ID
The down payment on an FHA loan
Mortgage insurance on an FHA loan
Questions to ask Bert about an FHA loan
- Does my situation fit this kind of loan?
- What documents will I need?
- What costs should I plan for besides the down payment?
- How would FHA mortgage insurance premiums apply to me?
Talk it through with Bert
Program availability and eligibility vary. Ask Bert whether this loan fits your situation.
Schedule a CallImportant
This is educational information, not a commitment to lend or a guarantee of eligibility. Eligibility, pricing, rates, and terms depend on the borrower and transaction. A licensed mortgage professional must review your complete scenario.