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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

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FHA Loan Rate

 

 

FHA loans feature low down payments and flexible guidelines to make it easier to qualify! FHA loans are popular with first time homebuyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the home. Please keep in mind that the loan will be based on the purchase price or the appraised value, whatever is the lesser amount.

The advantages of a HUD-FHA insured mortgage product to a homebuyer are many fold. A homebuyer may apply for a HUD-FHA insured mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurance permits lenders to make mortgages for first time homebuyers without risk. 

There are no income limits or credit scoring with an HUD-FHA insured mortgage, so most anyone can qualify as long as they have a reasonable credit history and can afford the monthly mortgage payments. You can also combine FHA mortgage programs with many first time homebuyer grants or down payment assistance programs offered by other agencies. 

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted

Brown Lending can help you buy, refinance or rehabilitate a home. Contact us if you want to find out more about first time homebuyer loans, home improvement financing or reverse mortgages. At Brown Lending, we know that arranging financing can be a bit confusing. That's why we pride ourselves on our outstanding service that can help you take advantage of all of the opportunities government home loans offer. Both existing new homebuyers and existing homeowners can benefit from federal loan programs

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted.

Check with us for more details on the HUD reverse mortgage program. Homeowners 62 years of age and older with paid off mortgages or low mortgage balances can receive periodic payments, borrowed against their equity. Repayment occurs when the house is sold, so older homeowners can use this equity for monthly living expenses, medical expenses and other financial needs.

Let us help take the confusion out of home financing. You can submit your application information to us online or over the telephone, and we will assist you with submitting and processing your application for financing. Our online mortgage service can help you take advantage of the financing programs that best suit your needs.

 

 
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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com


 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."

 

 

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