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KEY POINTERS TO KNOW OF FHA MORTGAGE

What is FHA Mortgage?

In today’s world, many cannot simply think of settling down by owning a house. In there comes the FHA to rescue. Federal Housing Administration or FHA is a branch of the Department of Housing and Urban Development of United States. These are usually government based mortgages and are fully insured by the Federal Housing Administration. In case of financial crisis, the FHA Mortgage Texas borrowers pay the insurance of the mortgages to the borrower which in turn protects the lender from any loss if the borrowers get defaulted on the loan. For the first-time home buyers, the FHA Mortgage is very popular and demanding.

Eligibility criteria for FHA Mortgage

  1. The main eligibility criteria for the FHA Mortgage is the credit score and the down payments.
  2. Only a down payment of 3.5 % and a minimum FICO score of 580 is required to qualify for the FHA Mortgage.
  3. A valid Social Security number is required for the borrower.
  4. The borrower should be a lawful resident of the US and should also attaint the required age to sign the mortgage papers.
  5. The borrower should have a minimum of two years’ work relationship with the same employer.
  6. The new FHA Mortgage Austin loans are available only for the primary residence.
  7. Minimum of two years the borrower should not be bankrupt.

 

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Tips for Choosing the Right Mortgage Company

FHA Mortgage Texas

You should make sure that if you are going to be taking out a home loan that you are choosing the right company to help you like FHA mortgage San Antonio. You should ensure that you know some of the best tips for picking the right company for your needs, so make sure to do your research. Here are just some of the best tips to think about before getting your loan.

 

Tips to Follow

 

When it comes to a FHA mortgage Texas you should make sure that you know what you should be doing. First, you need to make sure that you can get pre-qualified, which will help you when you start to do the application for the loan. This will help you to determine how much you can afford as well. You also need to compare the interest rates that are being offered by FHA mortgage Austin to find the best one for all of your needs.

 

When it comes to getting a home loan there are plenty of options and things that you need to consider. Make sure that you are comparing the various interest rates that the companies like FHA mortgage Houston have to offer you. Not only that, but make sure to be pre-qualified and know how much you can afford.