Through the Federal Housing Administration (FHA), you have the ability to purchase a home with a lower down payment and reduced closing costs. Even with less than perfect credit, an FHA loan may bring you one step closer to opening the door to your new home.
- Low down payment – 3.5% of the sale price
- Closing costs can be funded by a gift or grant
- Flexible credit requirements
- No cash reserves
- Non-occupant co-borrowers allowed
FHA loans are an attractive option, especially for first-time homeowners in Fort Worth, as well as all of Texas, because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.
Benefits of FHA Loans
There are many benefits to FHA Loans beyond just a lower down payment.
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan.
Get Pre-Approved for a FHA Loan
If you are a first time home buyer, or simply seeking a lower down payment in Fort Worth, or anywhere in Texas, contact Edward Stubbs - American Nationwide Mortgage Company at (817) 655-3644 for more information, or fill out the form on this page.