Facts to Know About the FHA Mortgages

If you are thinking about what type of home loan you should be taking out, then considering a FHA mortgage Texas is a good option. However, before you do this there is some information that you should know about so that you can be prepared. Here is everything that you need to know about this type of home loan that you can get.

Top Facts to Know

When it comes to getting a FHA mortgage Austin you don’t need to have an amazing credit score like other loans require. There are plenty of facts that you should know, such as:

  • Down payment dependent on your credit score – If you have a good credit score, which is over 580, then you will get a lower down payment than those who have a credit score under that limit.

  • Minimum amount of down payment is 3.5% – The minimum for a down payment that is required is 3.5% and this is something that you get if you have a higher credit score than 580.

  • Potential coverage of all closing costs – They allow for the lender, builder and the seller to potentially cover some of the closing costs. Some of the things that are covered includes credit report, appraisal and even the titled related expenses.

  • Lender needs to be approved by FHA – When it comes to getting this type of loan you would need to choose from a lender that is already on the FHA mortgage Austin approval list.

  • Cash can be borrowed for repairs to the home – There is also a special loan type that you can get, which has a limit of $35,000 for any repairs to your home. It covers a few different repairs, such as air conditioning and heating systems, patios and decks, plumbing, flooring and kitchen and bathroom remodels.

  • Limits of loan are adjusted every year – This means that every year the FHA updates and changes their ceiling or the highest amount of loans that they will insure. This depends on the specific living costs for various areas.

You should make sure that you are aware of all of these facts so that you can choose the right home loan for you and your family.

It is important that you know the facts about the type of FHA mortgage Texas that you are trying to get. You should know how much you would be required to give as a down payment and whether or not your closing costs will be covered. You also need to choose a lender that is approved by this program before you can purchase your home. They also offer loans for repairs for specific areas and they adjust the loan limits on a yearly basis to ensure that they insuring the right amount for the area.

About Author:
FHA Mortgage Guru offers home loan with loan down payment and is available to homebuyers with less than perfect credit score. For More info: https://fhamortgageguru.com/

FHA Mortgage Guru : YouTube Link

FHA Mortgage Guru: Google Map  Link