El Paso FHA Home Mortgages
FHA home loans are invaluable to El Paso, TX home buyers. This type of loan opens up the dream of home ownership to much of the middle class and allows many families to accumulate wealth and equity providing a stable foundation. If you are buying a home for the first time in El Paso, an FHA loan might be the right choice for you. Loan requirements are often less burdensome with an FHA loan, as the loan is underwritten by the federal government, ensuring that lenders are repaid even if the homeowner defaults. This allows lenders to take risks with middle class home buyers or those with less than perfect credit.
It is important to take a few steps before applying for an El Paso FHA home loan to improve your chances of qualifying. While qualifications for an FHA loan are generally lower than a conventional mortgage, not everyone who applies is approved and those with foreclosures or defaults are unlikely to be approved. Generally a credit score of 650 and above is required for approval for an FHA loan, individuals with negative items on their credit report may require a higher score to balance out historically negative actions.
- Simple Qualifying
- Only a 3.5% Down Payment Required
- 100% Allowed with Approved Gift Fund Source
- Seller Paid Closing Costs to 6%
- More Flexible Underwriting Criteria
- Higher Debt to Income Ratios Allowed
- Lower Minimum Credit Scores
- No Prepayment Penalties
- Streamline Refinance Available
- Manufactured Housing OK (Subject to Restrictions)
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More Information About El Paso FHA Loans
An FHA loan only requires a down payment of 3.5%, which is the biggest benefit to borrowers, however lenders prefer to see this funding already set aside in a savings or money market account. Borrowing a down payment can be a red flag to lenders. Call today to speak to one of our El Paso FHA home loans consultant to help you with these recommendations and more. Call today and get the comfort of dealing with a local trusted mortgage lender right here in El Paso. Let Yvette Acevedo and her team make your home ownership dreams come true.