Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
An FHA loan is a loan used for home purchasers that are not backed by a bank or a private lender. These loans are insured by the Federal Housing Administration otherwise known as the FHA. The FHA loans are backed by approved banks and lenders that can offer homebuyers with less than ideal credit or homebuyers who don’t have larger sums of cash for a down payment, options that fit their financial situation.
There are many choices available when it comes to choosing a loan backed by the Federal Housing Administration (FHA). Some of these available options are:
This loan has a fixed rate that never goes up or down for the term of your mortgage and offers you the ability to pay off your home sooner. This option generally offers better interest rates when compared to a 30 year term.
This loan includes funds for home renovations, energy efficient updates, or overall home repairs that are included when buying your next fixer upper. This loan could also be used for refinancing your home in order to do remodelling projects.
This loan option offers a rate that does not fluctuate for the term of your mortgage for the next 30 years. The FHA 30 year fixed loan offers you the ability to have a lower monthly payment when compared to the 15 year fixed choice.
This specific FHA loan option is designed for those who already have a home with Federal Housing administration backing. The FHA Streamline option can help you obtain an even more affordable rate or more suitable term for your home refinancing needs.
The Federal Housing Administration was created in order to spark the home buying market by making it easier to purchase a home instead of renting one. Along with an easier to qualify process, there are many other benefits to utilizing the FHA loans as well. If down payments are an issue, this home buying choice allows you to put down a smaller amount of money when compared to other conventional mortgage loan options. You can put down as little as 3.5 percent if your credit score qualifies and as little as 10 percent down with a credit score less than 580. With conventional loans, you generally would need a higher than 600 credit score with larger down payment in order to meet the typical loan criteria.
Another cost to consider when looking at this loan option is mortgage insurance premium. The purpose of this is to provide protection to the lender in case the buyer defaults on the loan. This cost can be rolled into your closing costs if you choose or it can rolled into your loan. The payment amount will depend on the length of the home loan, the loan amount and the loan to value ratio.
How do I qualify for an FHA loan? In order to qualify for a loan backed by the Federal Housing Administration, you must meet certain criteria. Some of these conditions are:
There are many pros and cons to getting an FHA loan for your homebuying needs. If an FHA loan is right for you, or you want to find out how much you qualify for, call one of our qualified loan officers today. Let’s get you in the home you deserve!
Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
City of Houston Assistance
Harris County AssistanceBuying your first home? make it your dream home. We’ll work with your budget. From our community to yours, our service to the public has been our commitment. Our integrity, customer service, and professionalism has served our country, our family-values have served our community, let our commitment serve you.
Apply With Us TodayCall us today for a hassle-free consultation. We can help you find the perfect home for you and your family. Let Firehouse Mortgage handle the stress of getting your dream home, so you can enjoy it the way you deserve.
7702 FM 1960 Road E. Suite 300,
Humble, Tx. 77346
© Copyright 2023 Firehouse Mortgage. All Rights Reserved. NMLS #1775668
Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov.
