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Texas FHA loan 



Texas FHA loans  

Any loan intended for submission for FHA insurance has a number of features that distinguish it from a conventional loan.  The most significant of these features are:

 1.  Less stringent quality standards.  FHA will allow re-establishment of a credit within two years after a discharge of bankruptcy, when any judgments have been fully paid, any tax liens have been repaid, or a repayment plan has been established by the IRS, and within three years after a foreclosure has been resolved.

2.  Low down payment.  The 3% cash down payment is generally less than for a similar conventional loan.

3.  No secondary financing is allowed for the down payment. With all Texas FHA Loans the minimum down payment for the loan must be paid in cash.  The borrower is not allowed to resort to secondary financing from the seller or from any lender to make up any part of the down payment.  The FHA permits the use of either a non-repayable gift money, credit from a portion of rents from payable rent/purchase contracts between a buyer and seller, or some home repairs made by the purchaser (sweat equity) to be used to satisfy the 3% down payment costs.

4. Sometimes closing costs may be used to assist covering the down payment.  While a borrower may not finance any of the closing costs along with the sales price, FHA permits the use of some closing cost to satisfy the 3% down payment requirement.

5.  FHA mortgage insurance is required for the loan regardless of the amount of the down payment.

6.  No prevent penalties are allowed.  FHA loan may be paid off in full at any time with no additional charges.  A lender is allowed to require that any such payment be made on a regular installment due date.

7.  The property must be owner occupied.  The FHA used to insure investor properties but they have virtually eliminated all such programs. Two-to-four unit properties qualify if they are owner occupied.

Other Texas FHA loans characteristics

The typical FHA loan has a 30-year term.  However, FHA offers long terms as short as 15 years.  They also offer adjustable loans and home repair loans.  The rate is fully negotiable between the borrower and lender.  They still tend to be lower than college loan rates because the lenders risk is lessened by the FHA mortgage insurance.

 The lender is required to obtain an appraisal of the property from an FHA approved appraiser.  The appraisal will note any health and safety deficiencies and necessary repairs needed on a validation conditions form.  The lender is required to provide the buyer with a homebuyer summary of all the deficiencies noted by the appraiser.  All problems with health and safety conditions, as well as necessary repairs, must be completed before the FHA will issue insurance on the property.

Income qualifications and a maximum loan amounts 

There is no minimum income requirement for an FHA loan.  Borrowers of the show two years of steady employment and demonstrate that they have consistently paid their bills on time.  The FHA has a ratio of 29% and 41%.  This means that a payment for a home loan may not exceed 29% of the borrower's gross monthly income and all installment debt, including the home loan payment, may not exceed 41%.

The FHA does set maximum mortgage loan amounts.  These amounts, which vary by state as well as location within a state, are adjusted yearly. Texas FHA loans do however have maximum limits you can find the current limits here.


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