Texas FHA
Owning A House Has Never Been This Easy
Texas FHA loan is considered the easiest mortgage and definitely most compassionate loan to be eligible for. What they offer is a low and affordable down payment and are available to any home buyers that have less than perfect credit. For others they thought Texas FHA is a government agency, but actually they are not. They are an approved and accepted FHA lender specializing in FHA Home Loans all through Texas. They start off the process, process, underwrite and also fund FHA loans in just one roof. This will make the process and transaction more efficient and faster.
Loan Requirements
Just like in any Magnolia Texas ortgage companies, particularly Magnolia Texas mortgage lenders, there are loan requirements borrowers need to meet: Closing cost, debt to income ratio, savings requirement, credit scores, income qualifications, loan limits and documents you need.
Mortgage lenders Magnolia TX, should qualify borrowers first before they can actually approve a loan. This is for their protection and assurance that the borrower can pay their dues on time. Even top mortgage lenders in Magnolia, like Goldwater Bank, set their requirements, hence failure to complete requirements may disqualify a borrower for home loans.
Mortgage companies in the Woodland Texas will ensure that all requirements are met before granting loans.
How To Qualify To FHA Loans Magnolia TX?
To qualify for FHA loans, borrowers should meet specific eligibility requirements: Borrower should need to have an acceptable credit profile, at least has available down payment of 3.5% and borrower’s capability to repay his or her mortgage.
Credit wise, FHA loans approval is easier than other loan programs available. A borrower can still apply even his or her FICO score is below 580 but should not be lower than 500, provided that he or she has at least 10% money to put down.
The Benefits Of FHA loans
If qualified and eligible, FHA mortgage is the most attractive option for borrowers. Other than it offers lower down payment and limited and reduced closing costs, FHA loans give great benefits to home buyer. Below are just few of the benefits.
Easy to qualify, the loan is guaranteed by the government hence making the borrower highly attractive to FHA lenders Magnolia Texas, borrowers are not required to pay high lump sum for down payment, FHA mortgage gas knowable monthly payments plus interest rates that are fixed and the mortgage is insured by the government.
Every borrower scenario differs hence it is necessary that borrowers seek assistance from a lender that will understand their situation and can assist them finding the right mortgage loan suitable to their requirements.
texasFHA.org is always available to help house buyers in any circumstances they are in. Hence giving them a call at 281-860-2533 is recommended to ensure that their situation will be reviewed and they will be informed of the benefits FHA mortgage can provide them, including the difference of such loan to jumbo loan Magnolia TX.
The FHA Loan process
It is usual that house buyers thought that the process of FHA loans is harder and daunting, actually it is the other way around. Since texasFHA.org is an approved lender for FHA and they have designated FHA specialists to assist, the process is simplified for the house buyer’s convenience. They can typically close accounts in just little as 30 days or even lesser. They do not outsource, as they do everything in-house.
Pre Qualify
First step is pre qualification. This is where the specialist will assess borrower’s situation, see whether he or she is qualified for the particular loan, including the home he or she is qualified to loan.
Documents
After the pre qualification stage, and the specialist see that the borrower is qualified, the specialist will collect all the documents required.
Finding A Home
The next step is finding the home to purchase. It is recommended that when borrower transacts or negotiates for the price of the house, he or she has the preapproved letter with him or her. This will make the transaction and negotiation faster.
Appraisal
The chosen house will be appraised after by a third party appraiser to determine the value of the house. Once appraiser completed the work, the file will be passed to underwriting.
Clear To Close
Now that the appraisal has been completed, TexasFHA.org will then complete the review of the borrower’s income and credit including verifying borrower’s assets, and will provide a clear to close status. This will initiate the place, time and date for the borrower to sign all required documents.
Transfer
After discussing important details with the title company and sign all documents, the property will then be transferred to the borrower and will receive the key to their new house.
The process is as easy as that. With the right help from TexasFHA.org, FHA house loan is so easy to achieve.
Contact Us
Goldwater Bank, N.A. - Mortgage Division - Magnolia Branch
32310 Tamina Rd., Magnolia, TX 77354
281-860-2533
External Links :
Magnolia Texas Mortgage Company
Magnolia Texas Mortgage Lenders