FHA Loans Brokers Austin TX Have the Best Loan Programs

Individuals in Texas who are planning to purchase a new home but can only afford a small down payment because of their poor credit score will not have to worry anymore. Even if you are in that same category, you can still buy your dream home with an FHA loan. The Federal Housing Administration was established to better the housing standards and offer a sufficient financing system with mortgage insurance. Many FHA loan brokers in Texas provide FHA loans and list the FHA loan options available since they are connected with many lenders and banks.

We will educate you about the Texas FHA loan requirements, detail what is required to qualify and help you to pre-qualify.

The Texas FHA home programs are advantageous to new borrowers with poor credit scores and little cash savings. Although, the FHA rates are market rates FHA loans brokers Austin Texas can help everyone not just first-time buyers to qualify for a home loan.

Texas FHA Down Payment Requirements

The FHA is not typical home loans but it insures a loan and in case the homebuyer defaults, the lender is paid by the insurance fund. Every state has the same requirements for the down payment on an FHA loan. An FHA loan requires 3.5% of the total purchase price as a minimum. However, a 10% down payment may be required if the score of your credit report is less than 580. If you do not have the required down payment, do not worry loan brokers Austin TX will help you secure the loans.

Best FHA Loan Brokers

The teams of R&J Mortgage Brokers have provided dozens of FHA loans each month. They specialize in Texas FHA loans. They have the freedom to use common sense underwriting when underwriting your loan because is a direct FHA lender. They inform you about the finest financing program for your unique circumstances, in contrast to many other mortgage businesses that just care about rates and high-pressure sales tactics. They provide all home loans Austin TX in a few days or fewer as a direct FHA loan broker, and they provide low rates, low costs, and in-house underwriting.

How Big of A FHA Loan They Can Offer You?

Even though, the FHA loan brokers Austin TX try their best to get you the loan you deserve for your dream home. Nevertheless, they cannot help you any further once you reach the specific loan limit that is designed for single-family homes. Furthermore, your monthly costs should not go over 29% of your maximum monthly income for a FHA loan. Furthermore, the loan broker will also examine your monthly cost including your income, PITI, and long-term debt such as car loans, and credit cards that must not exceed 41% of your total monthly income. This information will help loan brokers find the ideal FHA loan for you that will not cost you a fortune.

Let the R&J mortgage & loan brokers Austin find the best FHA lender in your area. They will not pull your credit report and they can connect you with the best lenders if you are not happy with the current loan options so you can make your own decisions.

R&J Mortgage Brokers 11615 Angus Rd 1st Fl Ste 224, Austin, TX 78759, United States  +17373590774 https://rjcmortgage.com/austin-tx-branch/