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FHA loans have been helping people become homeowners since 1934.
FHA loans are one of the most popular mortgage loans available today especially for first time homebuyers.
The Federal Housing Administration (FHA) - which is part of Department of Housing and Urban Development (HUD) - insures the loan, so your lender can offer you a better deal.
FHA loans are issued by a private lender and insured by the FHA. The U.S. government, through the FHA, provides a guarantee to lenders.
FHA Loans are popular especially among first time home buyers because they allow down payments of 3.5%
FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
Homeowners with existing FHA mortgages may be eligible for an FHA Streamline Refinance.
This program provides an opportunity to get better mortgage terms then their current FHA mortgage.
The FHA Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. "Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction.
With an FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term, which is a higher percentage than a conventional loan.
Getting approved for a mortgage is simple
Contact your Austin, Texas area FHA home loan specialist at 210-656-1134
| No. of Units | FHA Mortgage Limits |
|---|---|
| 1 - One-Family | $294,515 |
| 2 - Two-Family | $377,075 |
| 3 - Three-Family | $455,800 |
| 4 - Four-Family | $566,425 |
FHA Loan limits vary here in Texas dependent on what county that the property is in. The range for Texas is $294,515 - $386,400. Here is a link to check your county.
FHA loans can be finance or amortized for the following terms:
Properties that are Eligable for FHA Home Loans are Single Family Homes, Duplexs, Tri-Plexes, Four-Plex, Warrantable Condo/PUD/Townhouses.
Properties that are Ineligible for FHA Home Loans are Non-warrantable Condo/PUD/Townhouses, Timeshare, Mixed Use, Mobile Home, Cooperative, Condo/PUD Hotel, Commercial Property, Working Farms, Properties that have been assumed and Life Estates.
Federal Housing Administration (FHA)-backed loans are a very poupular loan because they allow a small down payment and attractive interest rates and attract alot of first time homebuyers. But the amount of mortgage insurance is usually costly as compared with VA Home Loans, USDA loans and FHA mortgage insurance premiums (MIP).
FHA loans still require an (UPMIP) Upfront Mortgage Insurance Premium (currently at 1.75% of the base loan amount) and have changed the Annual MIP Premium effective for case numbers assigned on or after January 26, 2015 in the Mortgagee Letter 2015-01
If you currently have and FHA loan and paying MIP every month, it may be time to see what other options may be avaliable to possibly refinance and remove the MIP and lower your monthly payment. Please give us a call or get a Free Quote here online.
Getting approved for a mortgage is simple
Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Austin, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.
Contact your Austin, Texas area FHA home loan specialist at 210-656-1134.