Insured by the federal housing administration, FHA loans are a great option for first-time buyers. FHA loans are flexible with credit, income, and down payment requirements, higher debt-to-income ratios, making them more accessible than conventional loans.
BENEFITS OF FHA LOANS
EASIER TO QUALIFY
FHA provides mortgage programs with lower requirements. This makes it easier for most borrowers to qualify, even those with questionable credit history and low credit scores.
COMPETITIVE INTEREST RATES
FHA loans offer low interest rates to help homeowners afford their monthly housing payments. This is a great benefit when compared to the negative features of subprime mortgages.
BANKRUPTCY / FORECLOSURE
Having a bankruptcy or foreclosure in the past few years doesn't mean you can't qualify for an FHA loan. Re-establishing good credit and a solid payment history can help satisfy FHA requirements.
FIRST TIME HOMEBUYERS
We define “first-time home buyer” as any person or family who has not owned, or had an ownership interest in, a home within the past three (3) years. “Ownership interest” is defined as any person who is living in the home as his/her primary residence and who is listed on the Deed of Trust. For married couples, both spouses hold an ownership interest, even if only one is listed on the Deed of Trust. Being a first-time homebuyer allows you to take advantage of our Mortgage Credit Certificate program.
DOWN PAYMENT ASSISTANCE
If you qualify for our programs, we will provide you with a mortgage loan and funding to use for your down payment. You can choose to receive the assistance as a grant (which does not have to be repaid) or a deferred forgivable second lien loan (which only has to be repaid if you sell or refinance within three years). If you’re eligible, you can essentially receive free money to help you buy a home. To qualify, you must have a credit score of 620 and meet certain income requirements.
Copyright © 2023 Bartling Lending Partners - All Rights Reserved
Texas Mortgage Banker Disclosure: Pursuant to the requirements of section 157.007 of the Texas Mortgage Banker Act, chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550..
Best Mortgage Broker in TX, FL, CA, WI