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FHA loans may seem difficult to comprehend at first, but don’t worry – our Houston FHA loan experts are here to help you navigate through the deep waters. An FHA loan is a mortgage made by a private lender – and in this case, the lender is insured against default by the Federal Housing Administration (which is what FHA stands for).
In Houston, the maximum loan amount for a single-family home is as much as $200,000. Our Houston FHA loan experts help you make the most of this budget!
It’s important to ensure that your income is enough so that the total mortgage payment with your FHA loan is less than thirty percent of your total gross income. Total finance payments including the mortgage and such categories as car payments, credit card payments, and any other monthly payments, should be less than roughly forty percent of your total gross income – which means anything aside from your mortgage should altogether equal about ten percent of your total gross income. This may all seem incredibly daunting to calculate, but our Houston FHA loan experts are here to guide you through the process.
If you have a bankruptcy or foreclosure in your records, don’t fret – as long as the bankruptcy is at least two years old and the foreclosure at least three years old, you’re good to go. It’s also important to keep in mind that your most recent credit history should be classified as good. Again, don’t worry – our Houston FHA loan experts are here to help you wade through your financial history.
Unlike other types of loans, FHA loans only require that you put three percent down – and the money doesn’t even have to come out of your own pocket! It can come from a family member, or even from a charitable organization who gives it to you as a gift.
Our Houston FHA loan experts are here to help you get out of paying closing costs, find the most competitive rates, and help you use an FHA loan in order to refinance a home.
An FHA loan may not be the best option for everyone – but either way, our Houston FHA loan experts are here to help you decide whether or not one is right for you, and what your options are in either case. Don’t be intimidated by all the literature on FHA loans – just come to use today, and we’ll help clear the air for you!
For Information Visit Us: http://www.valoanshoustonusa.com
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