FHA Qualifications

FHA Loans - Buying a Home using a FHA Loan
The FHA loan program was created to help increase homeownership in Texas. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

  • Minimal Down Payment and Closing Costs.
  • Downpayment less than 3.5% of Sales Price
  • 100% Financing options available*
  • Gift for downpayment and closing costs allowed.
  • No reserves are required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.
  • Easier Credit Qualifying Guidelines such as:
  • Minimum FICO credit score of 580 with 3.5% down and 500 with more money down..
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase  three years after a Foreclosure
  • Easier Debt Ratio & Job Requirement Guidelines such as:
  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.