FHA Mortgage Lenders Texas – FHA Home Loans Texas

FHA MORTGAGE TEXAS – FHA LOAN TEXAS

Texas FHA Rent To Own Mortgage Lenders provide the easiest way to buy or FHA mortgage in  Texas. Simply put, an FHA mortgage provides the most obtainable route to homeownership. Thanks to the low FHA Mortgage down payment and easy credit requirements. Find out how to qualify for an FHA Mortgage or  FHA cashout refinance a Texas home, or FHA manual underwrite if you had bad credit. We even have Rent Own Texas FHA Mortgage Lenders that let you pick out your own house until you qualify for an FHA mortgage. And, if you are still not sure if an FHA mortgage will work for you, check our  FHA frequently asked questions so you can decide if an FHA loan will work for you!

FHA MORTGAGES MAKE HOMEOWNERSHIP IN TEXAS AFFORDABLE:

• 3.5% Down- with 100% FHA Mortgage Loan options. 
• Seller Can Pay Up to 6% in closing costs, prepaids, and rate buydowns. 
• Gifts from family or Grants, Texas Downpayment Assistance Programs – OK! 
• No reserves are required with AUS approval – possible with manual underwrite.
• FHA-regulated mortgage closing costs.

TEXAS FHA MORTGAGES ARE MORE FLEXABLE:

• Higher debt ratios up to 56.9% with (AUS) Automated Underwriting System.
• Less than two years on the same job is OK! 
• Self-employed OK!

FHA MORTGAGES ARE EASIER TO QUALIFY:

• FHA minimum 580 score = 3.5% down or 96.5% financing.
• FHA  minimum 500+ credit score = 10% Down
• FHA  purchase 12 months after a Chapter 13 Bankruptcy 
• FHA purchases 24 months after a Chapter 7 Bankruptcy.
• FHA  purchase 3 years after a Foreclosure.  
• No Credit Score Approvals using alternate trade lines.
• FHA Cashout Refinance Up To 80% loan-to-value!
• Rent-to-own Texas FHA Mortgage Lenders!

FHA DEBT TO INCOME RATIO:

FHA mortgage lenders consider two different ratios before determining pre-approval.

1. The first one is the front-end ratio or payment-to-income ratio (PTI), which is your projected monthly FHA mortgage payments to your monthly income. Example 2000 payment / 8000 income = 25%
2. The second ratio includes your 2000  projected mortgage payment + all other payments on your credit report. . Our debt-to-income ratio worksheet(PDF) can help you calculate your dti.

The FHA generally wants your DTI no more than 40/50, but in some cases borrowers can qualify or up to 47/57.

WHAT IS AN FHA MORTGAGE?

An FHA mortgage is a type of government-backed home loan that’s insured by the Federal Housing Administration and issued by an FHA-approved mortgage lender. The FHA does not make loans. Texas FHA mortgage applicants who meet the minimum credit score and payment history qualifications can qualify with a lower down payment than conventional loans. For that reason, the FHA Mortgage is a popular option among first-time homebuyers; however, FHA loans are available to buyers of all kinds. Homebuyers who have undergone bankruptcy or foreclosures could qualify for an FHA loan as well. Texas FHA loan lending limits also vary by county.

RENT TO OWN TEXAS FHA MORTGAGE LENDERS

Our Rent Own Texas FHA Mortgage Lenders allow you to pick out your Texas rent-to-own home. This unique rent-to-own program allows bad credit Texas mortgage applicants first to get pre-approved and then pick out a rent-to-home for sale of their choice.  This rent-to-own program option allows you time to position your credit and finances to qualify for an FHA mortgage. A Texas no-tax return mortgage lender buys you the Texas home of your choice and enters into a structured financing agreement allowing you to complete the home purchase when ready. Check Texas FHA rent-to-own loan limits for your county. And click apply today in the top right corner.

Rent To Own Texas FHA Mortgage Lenders

4C FHA MORTGAGE CHECKLIST

1. Cash Down Payment –Min 580 credit score qualifies for 3.5% down with 100% Texas FHA mortgage options available. Or a 10% down payment is required if your credit score is between 500 – 579.  The seller can pay up to 6% of the closing costs. This must be requested in your purchase contract. Click here for Texas FHA downpayment assistance options. 
2. Credit – 500+ credit score – based on payment history, not credit score, No Credit/Score OK
3. Capacity – Standard 31/43 – Max DTI 46.9-56.9% with AUS approval
4. Collateral – Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes

TEXAS FHA MORTGAGE TOPICS  

TEXAS FHA CREDIT DOWNPAYMENT

FHA MORTGAGE MAX DEBT TO INCOME

FHA max DTI Texas Mortgage Lenders

FHA MORTGAGE LENDERS ARE EASIER 

FHA-Mortgage-Lenders-Texas-

TEXAS FHA APPROVED PROPERTY TYPES:

• Single-family home – Texas FHA Mortgage Lenders
• Townhouse- Texas FHA Mortgage lenders 
• Manufactured home – Texas FHA Mortgage Lenders  
• Multi-Family – Texas FHA Mortgage Lenders 
• Villa – Texas FHA mortgage Lenders 
• Condo- Texas FHA approved Condos – Search Texas FHA Approved Condos.

FHA MORTGAGE ELIGIBILITY

Texas FHA mortgage eligibility

NO TAX RETURN MORTGAGE QUALIFYING

To qualify for FHA without tax returns, you must be a W2 employee, and your commission and bonus income must be less than 25% of your total income, and you should NOT own any rental properties. And, your earnest money deposit should not come from your side business account; otherwise, the lender will request tax returns. If your bonus or overtime exceeds 25% of your total income or if you own investment properties, you will be required to submit tax returns. Texas FHA mortgage lenders make homeownership exciting because, as a W2 employee, you do NOT need to provide your tax returns to qualify for an FHA mortgage. For FHA, self-employed mortgage lenders require 2 years’ tax returns, business and personal. To read more about no-income-fha loans, click here.

FHA QUESTIONS AND ANSWERS

The FHA mortgage lenders’ questions and answers are subject to annual FHA mortgage adjustments and market conditions. However, we have compiled a comprehensive list of common and crucial FHA mortgage questions and answers that Texas mortgage seekers would want to know. Click here to read FHA mortgage questions and answers.

TEXAS FHA MORTGAGE LOCATIONS: