Benefits of FHA Home Loans
San Antonio FHA home loans can be one of the best investments that first time home buyers can make. These affordable home loans are easier to obtain than traditional conventional loans because the federal government backs these loans. Because the federal government provides some level of insurance protection for lenders (in case the borrower defaults on the loan) the interest rate and other requirements for obtaining this loan tend to be much lower. This means you save potentially thousands of dollars on the lifetime of these loans. Is it the right option for your unique home buying needs? Talk to lenders about FHA mortgages in San Antonio to find out. To obtain FHA mortgages San Antonio, TX home buyers need to meet specific qualifications. Among those qualifications is a good or better credit score. You must also be a first time home buyer, which the government states is anyone that has not had an investment interest in real estate in the last three years. You do not have to have the best credit, though, since these loans present much less risk to lenders. If you have been turned down for a conventional loan (which is one that is not backed by the government) you may still qualify for an FHA loan. In addition, FHA loans do not have a large down payment requirement (this will range from no down payment to 3%.) This is much less than the 20% that conventional lenders require.
- 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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About Texas FHA Mortgages in San Antonio
Many people can benefit from San Antonio FHA home loans. You will have to pay mortgage insurance, but this tends to be more affordable than paying a higher costs due to a higher interest rate. If you are purchasing your first home, want a fixed rate loan, and your home can pass all required FHA inspections (specifically related to safety, pests, and lead risks) then you may benefit from these loans. To obtain FHA mortgages in San Antonio, you do not have to apply through the U.S. Department of Housing and Urban Development or Federal Housing Administration. Rather, you can apply with local lenders. Get a quote now to determine how affordable San Antonio FHA home loans can be for you. Apply for your FHA mortgage in San Antonio online or call us today at 210-446-4578!