Your san antonio FHA Loan Experts.

Start your homebuying journey with numbers you can trust.

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Your San Antonio FHA Loan Experts.

Start your homebuying journey with numbers you can trust.

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Experience is everything

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Danny was instrumental in helping our dream of owning a home come true. We are so grateful for all he’s done to help us.

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I had bad credit and they helped me get my house. I am so grateful for everything! Highly recommend!!!

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He will explore multiple options for you to ensure you will get your dream home at a good rate. Highly recommend!!!

your mortgage made easy

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Verify the details and get to closing quickly with our simple checklist.

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San Antonio FHA
Loans and Limits

2024 San Antonio FHA Home Loan Guide

fha lender in san antonio

Are you looking for an FHA Loan in the San Antonio area but not sure where to begin?

Then look no further – we are your FHA approved experts and FHA financing is our specialty!

Whether you are just searching for more information about Federal Housing Administration (FHA) loans and how they work, looking to buy a new house, or needing to refinance out of an Adjustable Rate Mortgage, our experts are here to guide you in the right direction and answer all your questions.

This special type of mortgage financing that is backed by the federal government that helps millions of people each year have the opportunity to be able to buy a home without all the strict guidelines that you probably hear about these days.

FHA Loans are:

  • Easier to Qualify For
  • Don’t Require a Huge Down Payment
  • Less-Than-Perfect Credit is Acceptable
  • Have Better Interest Rates!

Take advantage now and get a FREE, no hassle quote in under 30 seconds and see what you can qualify for!

🤔 Do you qualify for special financing? Check here ›

FHA Mortgage Lender in San Antonio

FHA loans are by far one of the most popular mortgage loans available in the market today. With the crackdown of federal regulations and the impact of declining home prices, there has never been a better reason to go FHA!

In case you didn’t know, FHA stands for Federal Housing Administration. They are the guys that began the program back in the 1930’s.

These FHA loans are mortgage loans that are made by a qualified FHA loan specialist and have requirements just like the rest of the mortgage programs out there.

Texas FHA Loans are funded by a federally qualified mortgage company, but are insured by the Federal Housing Administration via FHA mortgage insurance (MIP). What this simply means is that while FHA makes the rules on what they will accept and not accept, they are not the ones that lend the money – FHA lenders do.

Texas FHA home loans are so popular because they will allow you to finance your home purchase with having much less than the traditional 20% down.

With FHA, you can buy a home with as little as 3.5% down, which allows for more people to be able to have the opportunity to buy homes.

Although a FHA mortgage is easier to get approved for than a conventional mortgage loan, there are certain FHA loan qualifications that have to be met:

Texas FHA Home Loan Requirements

Even though FHA home loans are the easiest type of loan to qualify for, you need to be able to meet these basic FHA loan requirements and qualifications.

Here are the basic qualification requirements that are needed:

  • 2 years of consistent income. While you do not need to be at the same job for 2 years, we must be able to verify 2 years worth of job history. Gaps in employment can be explained, however those need to be kept at a minimum.
  • Acceptable credit. Mortgage guidelines change daily so while there is no “specific” score that is needed, ideally you should be at least at a 580. Learn more about credit score requirements here.
  • Down payment. At the moment, 3.5% is the down-payment requirement. You can receive this as a gift from family or relatives if you do not have it saved up already.

These basic guidelines scratch the surface of what is needed.

FHA financing is specifically designed for the average American that is really looking to purchase a home, however you can also refinance with FHA as well.

If you are looking to get pre-qualified in order to buy a home, your best chances will be with FHA due to the looser guidelines.

FHA Home Loans

Federal Housing Administration Loans, otherwise known as FHA, is a program that is run by the Department of Housing and Urban Development (HUD), and has helped millions of people realize the dream of home ownership in this ever changing mortgage environment. We are here to help answer all your questions, whether you’ve bought a home before, or are a first time home-buyer and just don’t know where to begin.

The process of buying a home can be confusing to a lot of people, even for first time home buyers and those that have bought a home before – this is why you need to find the best FHA lenders that will lay out everything step-by-step and hold your hand throughout each stage:

  • Pre-Approval. This is the first step you need to take in order to find out if you can buy.
  • Processing. The next step is to collect all your documents and order the appraisal.
  • Underwriting. Verifications are done at this stage to make sure that everything matches up with what is on your loan application.
  • Closing. We will send closing documents to the title company and make sure you get the keys to your home!

FHA loans are not particularly FICO score driven and because of this, it opens up the doors for millions of people with not so perfect credit so that they can be able to buy a home they can call their own. We truly understand that not every situation is “cookie-cutter” and that each individual person is different which is why we take a personalized approach to your mortgage needs.

Our mission is to help you do what it takes so you can have a place to call home here in the San Antonio area!

Looking for the best rates on July 16, 2024? Start here ›

If you are looking into buying a home with FHA or have never bought a home before the process may seem complicated, but here at Canopy Mortgage, LLC, we can help with an FHA Loan in San Antonio and surrounding areas!

How Much Can You Afford?

What you can afford and how much you qualify for depends on your income, credit rating, current monthly expenses, down payment and the interest rate. It’s best to speak with us, an FHA-approved lender, to help you find out how much you can afford for homes in Bexar County. They can also pre-approve your loan there by making it easier for you to then shop for your new home. There are also some online tools you can use, and some tools that your real estate agent can help you with.

You should remember that pre-qualification (an informal estimate of how much you might borrow) is just to give you a preliminary idea of what you can afford, and to identify any major problems that you will want to fix. It’s not a guarantee that you will be approved for a loan-but you will want to get pre-qualified to avoid any surprises.

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Applying for Your FHA loan

We can help you complete a loan application and have you sign a several forms authorizing the lender to verify (check on) your employment, income and savings. Using that information, we will order an FHA case number, an identification number specifically for your loan application.

FHA Appraisal

After you’ve found a home that you like, we will also order an appraisal to find the value of the property and its condition. Lenders in Texas will also review the this to determine if the value of the property supports the sales price and to see if any property repairs are required. The lender then makes a decision on your application.

Signing Closing Papers

When all the requirements are met, you’re finally ready to go to “closing” to sign a few papers so you can take ownership of your home.

Make sure you read over everything and to bring valid government issued ID’s as well as any funds that are needed to close. We will let you know ahead of time what is needed so you can have a stress free experience!

FHA Loan Requirements

Understanding the requirements for FHA is very important. While FHA qualifications can vary from lender to lender, these are the basic ones:

  • Must have consistent employment history to be able to verify for at least 2 years. It doesn’t have to be with the same employer.
  • Must have a valid Social Security Number, provide proof that you have permanent residency status, or show that you are a lawful permanent resident alien living in the United States.
  • The down payment requirement for FHA is 3.5% of the purchase price. This can be given to you as a gift from a family member if needed (and documented), but the minimum investment you must have on the transaction in 3.5%.
  • Can only be used for homes that you are going to be living in; investment homes and secondary residences won’t work.
  • Your home must be appraised by an FHA-approved appraiser.
  • Usually you must be at least 2 years out of bankruptcy and have shown the ability to re-establish yourself with your responsibilities in terms of credit. Some exceptions can be made due to extenuating circumstances beyond your control, but just keep in mind that is on a case-by-case basis and other factors will be looked at.
  • If you have had a foreclosure, 3 years is the waiting period usually. Since FHA is more lenient, exceptions can be made if there were extenuating circumstances, but the FHA lender must look at your entire loan file and make a determination.
🤔 Do you qualify for special financing? Check here ›

San Antonio FHA Lender Guidelines

One of the most important things is to know what your debt-to-income ratio is:

  • Front end ratio. This includes your mortgage payment, mortgage insurance, property taxes, and homeowner’s insurance. When you add all these up, they must be less than 31% of your gross income. This isn’t set in stone and we have seen many more borrowers get approved beyond this number, so that is why it’s best to get in touch with us.
  • Back end ratio. This number is your mortgage added to the rest of your monthly debt. Take all your minimum payments for credit cards, card payments, student loans, etc, and after you add this to your mortgage, this number must be less than 43% of your gross income. Again, this isn’t the end-all-be-all and you can go higher, but it will depend on other compensating factors.

FHA Loan Limits in San Antonio 2024

The limits in Texas are determined by the maximum loan amount that a lender is willing to insure. The FHA has a maximum loan limit for single-family homes in most of the U.S. usually around 420,680, but it can increase depending on the county.
 
Here is a really simple chart that can help you find out all the FHA loan limits in the Texas area:
CountyCityOne-FamilyTwo-FamilyThree-FamilyFour-Family
ANDERSON COUNTYPALESTINE, TX$420,680$538,650$651,050$809,150
ANDREWS COUNTYANDREWS, TX$420,680$538,650$651,050$809,150
ANGELINA COUNTYLUFKIN, TX$420,680$538,650$651,050$809,150
ARANSAS COUNTYROCKPORT, TX$420,680$538,650$651,050$809,150
ARCHER COUNTYWICHITA FALLS, TX$420,680$538,650$651,050$809,150
ARMSTRONG COUNTYAMARILLO, TX$420,680$538,650$651,050$809,150
ATASCOSA COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
AUSTIN COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
BAILEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
BANDERA COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
BASTROP COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
BAYLOR COUNTYNON-METRO$420,680$538,650$651,050$809,150
BEE COUNTYBEEVILLE, TX$420,680$538,650$651,050$809,150
BELL COUNTYKILLEEN-TEMPLE, TX$420,680$538,650$651,050$809,150
BEXAR COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
BLANCO COUNTYNON-METRO$420,680$538,650$651,050$809,150
BORDEN COUNTYNON-METRO$420,680$538,650$651,050$809,150
BOSQUE COUNTYNON-METRO$420,680$538,650$651,050$809,150
BOWIE COUNTYTEXARKANA, TX-AR$420,680$538,650$651,050$809,150
BRAZORIA COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
BRAZOS COUNTYCOLLEGE STATION-BRYAN, TX$420,680$538,650$651,050$809,150
BREWSTER COUNTYNON-METRO$420,680$538,650$651,050$809,150
BRISCOE COUNTYNON-METRO$420,680$538,650$651,050$809,150
BROOKS COUNTYNON-METRO$420,680$538,650$651,050$809,150
BROWN COUNTYBROWNWOOD, TX$420,680$538,650$651,050$809,150
BURLESON COUNTYCOLLEGE STATION-BRYAN, TX$420,680$538,650$651,050$809,150
BURNET COUNTYNON-METRO$420,680$538,650$651,050$809,150
CALDWELL COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
CALHOUN COUNTYPORT LAVACA, TX$420,680$538,650$651,050$809,150
CALLAHAN COUNTYABILENE, TX$420,680$538,650$651,050$809,150
CAMERON COUNTYBROWNSVILLE-HARLINGEN, TX$420,680$538,650$651,050$809,150
CAMP COUNTYMOUNT PLEASANT, TX$420,680$538,650$651,050$809,150
CARSON COUNTYAMARILLO, TX$420,680$538,650$651,050$809,150
CASS COUNTYNON-METRO$420,680$538,650$651,050$809,150
CASTRO COUNTYNON-METRO$420,680$538,650$651,050$809,150
CHAMBERS COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
CHEROKEE COUNTYJACKSONVILLE, TX$420,680$538,650$651,050$809,150
CHILDRESS COUNTYNON-METRO$420,680$538,650$651,050$809,150
CLAY COUNTYWICHITA FALLS, TX$420,680$538,650$651,050$809,150
COCHRAN COUNTYNON-METRO$420,680$538,650$651,050$809,150
COKE COUNTYNON-METRO$420,680$538,650$651,050$809,150
COLEMAN COUNTYNON-METRO$420,680$538,650$651,050$809,150
COLLIN COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
COLLINGSWORTH COUNTYNON-METRO$420,680$538,650$651,050$809,150
COLORADO COUNTYNON-METRO$420,680$538,650$651,050$809,150
COMAL COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
COMANCHE COUNTYNON-METRO$420,680$538,650$651,050$809,150
CONCHO COUNTYNON-METRO$420,680$538,650$651,050$809,150
COOKE COUNTYGAINESVILLE, TX$420,680$538,650$651,050$809,150
CORYELL COUNTYKILLEEN-TEMPLE, TX$420,680$538,650$651,050$809,150
MCCULLOCH COUNTYNON-METRO$420,680$538,650$651,050$809,150
MENARD COUNTYNON-METRO$420,680$538,650$651,050$809,150
MILAM COUNTYNON-METRO$420,680$538,650$651,050$809,150
PARMER COUNTYNON-METRO$420,680$538,650$651,050$809,150
PECOS COUNTYNON-METRO$420,680$538,650$651,050$809,150
SWISHER COUNTYNON-METRO$420,680$538,650$651,050$809,150
TERRELL COUNTYNON-METRO$420,680$538,650$651,050$809,150
THROCKMORTON COUNTYNON-METRO$420,680$538,650$651,050$809,150
WILLIAMSON COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
BASTROP COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
BELL COUNTYKILLEEN-TEMPLE, TX$420,680$538,650$651,050$809,150
BOWIE COUNTYTEXARKANA, TX-AR$420,680$538,650$651,050$809,150
BROOKS COUNTYNON-METRO$420,680$538,650$651,050$809,150
BROWN COUNTYBROWNWOOD, TX$420,680$538,650$651,050$809,150
CALLAHAN COUNTYABILENE, TX$420,680$538,650$651,050$809,150
COKE COUNTYNON-METRO$420,680$538,650$651,050$809,150
CULBERSON COUNTYNON-METRO$420,680$538,650$651,050$809,150
DEAF SMITH COUNTYHEREFORD, TX$420,680$538,650$651,050$809,150
DIMMIT COUNTYNON-METRO$420,680$538,650$651,050$809,150
DONLEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
GAINES COUNTYNON-METRO$420,680$538,650$651,050$809,150
HARDIN COUNTYBEAUMONT-PORT ARTHUR, TX$420,680$538,650$651,050$809,150
HARRISON COUNTYLONGVIEW, TX$420,680$538,650$651,050$809,150
HENDERSON COUNTYATHENS, TX$420,680$538,650$651,050$809,150
JACK COUNTYNON-METRO$420,680$538,650$651,050$809,150
JEFF DAVIS COUNTYNON-METRO$420,680$538,650$651,050$809,150
JEFFERSON COUNTYBEAUMONT-PORT ARTHUR, TX$420,680$538,650$651,050$809,150
JONES COUNTYABILENE, TX$420,680$538,650$651,050$809,150
LAVACA COUNTYNON-METRO$420,680$538,650$651,050$809,150
MIDLAND COUNTYMIDLAND, TX$420,680$538,650$651,050$809,150
MONTGOMERY COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
NUECES COUNTYCORPUS CHRISTI, TX$420,680$538,650$651,050$809,150
REAL COUNTYNON-METRO$420,680$538,650$651,050$809,150
REEVES COUNTYPECOS, TX$420,680$538,650$651,050$809,150
ROBERTSON COUNTYCOLLEGE STATION-BRYAN, TX$420,680$538,650$651,050$809,150
SAN JACINTO COUNTYNON-METRO$420,680$538,650$651,050$809,150
TAYLOR COUNTYABILENE, TX$420,680$538,650$651,050$809,150
TITUS COUNTYMOUNT PLEASANT, TX$420,680$538,650$651,050$809,150
WHEELER COUNTYNON-METRO$420,680$538,650$651,050$809,150
BAILEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
BEXAR COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
BRAZOS COUNTYCOLLEGE STATION-BRYAN, TX$420,680$538,650$651,050$809,150
BRISCOE COUNTYNON-METRO$420,680$538,650$651,050$809,150
BURNET COUNTYNON-METRO$420,680$538,650$651,050$809,150
COMAL COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
COMANCHE COUNTYNON-METRO$420,680$538,650$651,050$809,150
CROCKETT COUNTYNON-METRO$420,680$538,650$651,050$809,150
DICKENS COUNTYNON-METRO$420,680$538,650$651,050$809,150
DUVAL COUNTYALICE, TX$420,680$538,650$651,050$809,150
ECTOR COUNTYODESSA, TX$420,680$538,650$651,050$809,150
EDWARDS COUNTYNON-METRO$420,680$538,650$651,050$809,150
EL PASO COUNTYEL PASO, TX$420,680$538,650$651,050$809,150
FORT BEND COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
FRANKLIN COUNTYNON-METRO$420,680$538,650$651,050$809,150
GARZA COUNTYNON-METRO$420,680$538,650$651,050$809,150
GRIMES COUNTYNON-METRO$420,680$538,650$651,050$809,150
HARRIS COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
HAYS COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
HOUSTON COUNTYNON-METRO$420,680$538,650$651,050$809,150
IRION COUNTYSAN ANGELO, TX$420,680$538,650$651,050$809,150
JACKSON COUNTYNON-METRO$420,680$538,650$651,050$809,150
JOHNSON COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
KINNEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
LLANO COUNTYNON-METRO$420,680$538,650$651,050$809,150
MCLENNAN COUNTYWACO, TX$420,680$538,650$651,050$809,150
MARION COUNTYNON-METRO$420,680$538,650$651,050$809,150
MASON COUNTYNON-METRO$420,680$538,650$651,050$809,150
MAVERICK COUNTYEAGLE PASS, TX$420,680$538,650$651,050$809,150
MORRIS COUNTYNON-METRO$420,680$538,650$651,050$809,150
MOTLEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
OCHILTREE COUNTYNON-METRO$420,680$538,650$651,050$809,150
ORANGE COUNTYBEAUMONT-PORT ARTHUR, TX$420,680$538,650$651,050$809,150
PANOLA COUNTYNON-METRO$420,680$538,650$651,050$809,150
ROBERTS COUNTYPAMPA, TX$420,680$538,650$651,050$809,150
SHELBY COUNTYNON-METRO$420,680$538,650$651,050$809,150
TOM GREEN COUNTYSAN ANGELO, TX$420,680$538,650$651,050$809,150
TYLER COUNTYNON-METRO$420,680$538,650$651,050$809,150
UPTON COUNTYNON-METRO$420,680$538,650$651,050$809,150
VAL VERDE COUNTYDEL RIO, TX$420,680$538,650$651,050$809,150
WALKER COUNTYHUNTSVILLE, TX$420,680$538,650$651,050$809,150
WILSON COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
WOOD COUNTYNON-METRO$420,680$538,650$651,050$809,150
ANDERSON COUNTYPALESTINE, TX$420,680$538,650$651,050$809,150
ANGELINA COUNTYLUFKIN, TX$420,680$538,650$651,050$809,150
ARCHER COUNTYWICHITA FALLS, TX$420,680$538,650$651,050$809,150
AUSTIN COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
BOSQUE COUNTYNON-METRO$420,680$538,650$651,050$809,150
CALHOUN COUNTYPORT LAVACA, TX$420,680$538,650$651,050$809,150
CASTRO COUNTYNON-METRO$420,680$538,650$651,050$809,150
CLAY COUNTYWICHITA FALLS, TX$420,680$538,650$651,050$809,150
COCHRAN COUNTYNON-METRO$420,680$538,650$651,050$809,150
COLORADO COUNTYNON-METRO$420,680$538,650$651,050$809,150
CORYELL COUNTYKILLEEN-TEMPLE, TX$420,680$538,650$651,050$809,150
GALVESTON COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
GLASSCOCK COUNTYNON-METRO$420,680$538,650$651,050$809,150
GRAY COUNTYPAMPA, TX$420,680$538,650$651,050$809,150
GUADALUPE COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
HALE COUNTYPLAINVIEW, TX$420,680$538,650$651,050$809,150
HALL COUNTYNON-METRO$420,680$538,650$651,050$809,150
HOWARD COUNTYBIG SPRING, TX$420,680$538,650$651,050$809,150
KENDALL COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
KNOX COUNTYNON-METRO$420,680$538,650$651,050$809,150
LA SALLE COUNTYNON-METRO$420,680$538,650$651,050$809,150
MILLS COUNTYNON-METRO$420,680$538,650$651,050$809,150
MITCHELL COUNTYNON-METRO$420,680$538,650$651,050$809,150
MOORE COUNTYDUMAS, TX$420,680$538,650$651,050$809,150
NOLAN COUNTYSWEETWATER, TX$420,680$538,650$651,050$809,150
PARKER COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
REAGAN COUNTYNON-METRO$420,680$538,650$651,050$809,150
SAN AUGUSTINE COUNTYNON-METRO$420,680$538,650$651,050$809,150
SAN SABA COUNTYNON-METRO$420,680$538,650$651,050$809,150
TARRANT COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
TERRY COUNTYNON-METRO$420,680$538,650$651,050$809,150
TRINITY COUNTYNON-METRO$420,680$538,650$651,050$809,150
WICHITA COUNTYWICHITA FALLS, TX$420,680$538,650$651,050$809,150
ARMSTRONG COUNTYAMARILLO, TX$420,680$538,650$651,050$809,150
BREWSTER COUNTYNON-METRO$420,680$538,650$651,050$809,150
CHAMBERS COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
COOKE COUNTYGAINESVILLE, TX$420,680$538,650$651,050$809,150
CROSBY COUNTYLUBBOCK, TX$420,680$538,650$651,050$809,150
ERATH COUNTYSTEPHENVILLE, TX$420,680$538,650$651,050$809,150
FRIO COUNTYPEARSALL, TX$420,680$538,650$651,050$809,150
GONZALES COUNTYNON-METRO$420,680$538,650$651,050$809,150
HARDEMAN COUNTYNON-METRO$420,680$538,650$651,050$809,150
HUTCHINSON COUNTYBORGER, TX$420,680$538,650$651,050$809,150
KARNES COUNTYNON-METRO$420,680$538,650$651,050$809,150
LIBERTY COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
LIMESTONE COUNTYNON-METRO$420,680$538,650$651,050$809,150
LIVE OAK COUNTYNON-METRO$420,680$538,650$651,050$809,150
LOVING COUNTYPECOS, TX$420,680$538,650$651,050$809,150
LUBBOCK COUNTYLUBBOCK, TX$420,680$538,650$651,050$809,150
MADISON COUNTYNON-METRO$420,680$538,650$651,050$809,150
MARTIN COUNTYMIDLAND, TX$420,680$538,650$651,050$809,150
MATAGORDA COUNTYBAY CITY, TX$420,680$538,650$651,050$809,150
MEDINA COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
MONTAGUE COUNTYNON-METRO$420,680$538,650$651,050$809,150
NACOGDOCHES COUNTYNACOGDOCHES, TX$420,680$538,650$651,050$809,150
RUNNELS COUNTYNON-METRO$420,680$538,650$651,050$809,150
SOMERVELL COUNTYNON-METRO$420,680$538,650$651,050$809,150
STEPHENS COUNTYNON-METRO$420,680$538,650$651,050$809,150
STONEWALL COUNTYNON-METRO$420,680$538,650$651,050$809,150
UPSHUR COUNTYLONGVIEW, TX$420,680$538,650$651,050$809,150
UVALDE COUNTYUVALDE, TX$420,680$538,650$651,050$809,150
VAN ZANDT COUNTYNON-METRO$420,680$538,650$651,050$809,150
WARD COUNTYNON-METRO$420,680$538,650$651,050$809,150
YOAKUM COUNTYNON-METRO$420,680$538,650$651,050$809,150
YOUNG COUNTYNON-METRO$420,680$538,650$651,050$809,150
ZAVALA COUNTYNON-METRO$420,680$538,650$651,050$809,150
CAMP COUNTYMOUNT PLEASANT, TX$420,680$538,650$651,050$809,150
CASS COUNTYNON-METRO$420,680$538,650$651,050$809,150
CHILDRESS COUNTYNON-METRO$420,680$538,650$651,050$809,150
COLLIN COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
CRANE COUNTYNON-METRO$420,680$538,650$651,050$809,150
DELTA COUNTYNON-METRO$420,680$538,650$651,050$809,150
FANNIN COUNTYBONHAM, TX$420,680$538,650$651,050$809,150
FISHER COUNTYNON-METRO$420,680$538,650$651,050$809,150
GILLESPIE COUNTYFREDERICKSBURG, TX$420,680$538,650$651,050$809,150
GRAYSON COUNTYSHERMAN-DENISON, TX$420,680$538,650$651,050$809,150
HAMILTON COUNTYNON-METRO$420,680$538,650$651,050$809,150
HANSFORD COUNTYNON-METRO$420,680$538,650$651,050$809,150
HARTLEY COUNTYNON-METRO$420,680$538,650$651,050$809,150
HOCKLEY COUNTYLEVELLAND, TX$420,680$538,650$651,050$809,150
HOOD COUNTYGRANBURY, TX$420,680$538,650$651,050$809,150
HUDSPETH COUNTYEL PASO, TX$420,680$538,650$651,050$809,150
HUNT COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
KENEDY COUNTYKINGSVILLE, TX$420,680$538,650$651,050$809,150
KENT COUNTYNON-METRO$420,680$538,650$651,050$809,150
KLEBERG COUNTYKINGSVILLE, TX$420,680$538,650$651,050$809,150
LAMAR COUNTYPARIS, TX$420,680$538,650$651,050$809,150
LAMPASAS COUNTYKILLEEN-TEMPLE, TX$420,680$538,650$651,050$809,150
LYNN COUNTYLUBBOCK, TX$420,680$538,650$651,050$809,150
MCMULLEN COUNTYNON-METRO$420,680$538,650$651,050$809,150
NAVARRO COUNTYCORSICANA, TX$420,680$538,650$651,050$809,150
PALO PINTO COUNTYMINERAL WELLS, TX$420,680$538,650$651,050$809,150
POLK COUNTYNON-METRO$420,680$538,650$651,050$809,150
PRESIDIO COUNTYNON-METRO$420,680$538,650$651,050$809,150
RANDALL COUNTYAMARILLO, TX$420,680$538,650$651,050$809,150
RED RIVER COUNTYNON-METRO$420,680$538,650$651,050$809,150
SABINE COUNTYNON-METRO$420,680$538,650$651,050$809,150
SHACKELFORD COUNTYNON-METRO$420,680$538,650$651,050$809,150
STARR COUNTYRIO GRANDE CITY-ROMA, TX$420,680$538,650$651,050$809,150
STERLING COUNTYSAN ANGELO, TX$420,680$538,650$651,050$809,150
TRAVIS COUNTYAUSTIN-ROUND ROCK-GEORGETOWN, TX$483,000$618,300$747,400$928,850
WALLER COUNTYHOUSTON-THE WOODLANDS-SUGAR LAND, TX$420,680$538,650$651,050$809,150
WILBARGER COUNTYVERNON, TX$420,680$538,650$651,050$809,150
WISE COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
BANDERA COUNTYSAN ANTONIO-NEW BRAUNFELS, TX$449,650$575,600$695,800$864,700
BAYLOR COUNTYNON-METRO$420,680$538,650$651,050$809,150
BORDEN COUNTYNON-METRO$420,680$538,650$651,050$809,150
BURLESON COUNTYCOLLEGE STATION-BRYAN, TX$420,680$538,650$651,050$809,150
CAMERON COUNTYBROWNSVILLE-HARLINGEN, TX$420,680$538,650$651,050$809,150
CARSON COUNTYAMARILLO, TX$420,680$538,650$651,050$809,150
DALLAM COUNTYNON-METRO$420,680$538,650$651,050$809,150
DEWITT COUNTYNON-METRO$420,680$538,650$651,050$809,150
FAYETTE COUNTYNON-METRO$420,680$538,650$651,050$809,150
HEMPHILL COUNTYNON-METRO$420,680$538,650$651,050$809,150
HILL COUNTYNON-METRO$420,680$538,650$651,050$809,150
JIM WELLS COUNTYALICE, TX$420,680$538,650$651,050$809,150
NEWTON COUNTYNON-METRO$420,680$538,650$651,050$809,150
RAINS COUNTYNON-METRO$420,680$538,650$651,050$809,150
ROCKWALL COUNTYDALLAS-FORT WORTH-ARLINGTON, TX$450,800$577,100$697,600$866,950
SCHLEICHER COUNTYNON-METRO$420,680$538,650$651,050$809,150
SCURRY COUNTYSNYDER, TX$420,680$538,650$651,050$809,150
WINKLER COUNTYNON-METRO$420,680$538,650$651,050$809,150

FHA First-Time Homebuyer

If you are an FHA First Time Home Buyer and looking to apply with the FHA mortgage program, we can help hold your hand throughout the entire process of getting approved.

If you are a first time home buyer, the time has never been better to explore financing through FHA program. With sub prime loans gone in the market, many first time buyers are left with questions about what is the best option for them.

First time home buyers represent a large share of the lending market and they receive a lot of attention. Many do not have established credit histories or a lot of money to put down for a down payment (because they are usually fresh out of college or still early in their careers).

Credit Score to Qualify for FHA Mortgage Loan

credit score

  • Credit score – One of the primary market benefits of an FHA loan has always been that credit scores were not a factor. A borrower with great credit scores could definitely have their loan approved more easily, but someone with some credit problems could still get approved – provided they had a well documented common sense explanation for their credit problems and could show that the problem had been resolved. In spite of not relying on credit scores, FHA foreclosure rates went down while conventional mortgage foreclosure numbers went up in spite of their almost excessive reliance on credit scores. The FHA underwriter will evaluate the entire credit profile to determine the borrower’s likelihood of repayment. Past credit issues may be overlooked if new credit has been re-established. Also, other compensating factors may apply. Generally a credit score of 580 is needed for automated approval and a few banks will underwrite a file with scores as low as 540. One of the best things about FHA loans is that you don’t need “perfect credit” to get approved. All credit types are welcome.
Credit not that great? Click here to check your scores ›
  • Bankruptcy okay – Chapter 7 bankruptcies are allowed if discharged over 2 years ago (or 1 year with extenuating circumstances). Chapter 13 bankruptcies are allowed with a minimum of 1 year of on time plan repayment and trustee approval.
  • Little or No Money Needed – FHA loans allow the seller to pay up to 6% of the sales price toward the closing costs. In addition, Congress has for the time being eliminated Down Payment Assistance programs. There is a movement in the legislature to reinstate these community programs. You can however receive a gift from a family member for the down payment. Give your loan officer a call to find up to date guidelines concerning down payment assistance.
  • Housing History – FHA does not require a rental or other housing history if it is not available.
  • Non-occupying co-borrower allowed – FHA allows a non-occupying relative to co-sign the mortgage. The non-occupant’s income and assets can be used for qualification purposes. This is generally used for parents to help their children buy a home. The name for this is the “kiddy condo loan”
  • Property types – 1-4 unit, condos, town homes, modular homes, and manufactured homes.
  • No cash reserves required – Unlike most conventional loans, FHA does not require you to have cash reserves on 1-2 unit properties. A borrowers profile is graded on an FHA score card. The FHA score card takes into consideration income, assets, job tenure, debt to income ratio’s and credit scores. Having reserves can help strengthen the overall credit profile.

FHA Streamline Refinance

fha refinance san antonio

Programs such as the FHA Streamline Refinance program have helped millions of people save money on their mortgage and all without even requiring an appraisal! For those that have been hit by falling neighborhood home values, this tends to be a very good fit and allows you an opportunity to save some money each and every month with very little risk.

There are only a few requirements to obtaining an FHA Streamline loan, they are:

  • You must have been in your current FHA loan for a period of at least one year
  • Your current FHA loan must be current at the time of closing the new FHA loan
  • The new FHA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
  • If current FHA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM
 

That whole process generally takes no more than 30 days. One nice advantage of refinancing is that you are allowed to skip one month of your mortgage payment after you close. Depending on when in the month your mortgage closes you can possibly not make the current mortgage payment and skip the following month as well. You can use this money to payoff another bill, fix up your home, or even go on vacation.

If you are looking to refinance and want the best rate and terms, and want an easy process with more favorable guidelines, an FHA refinance loan is probably the best choice for you.

FHA Loan FAQ

Here is a list of the most common FHA loan FAQ that we get regarding FHA home loan financing. If you have any more questions, we’re just a phone call away!

How Can FHA Help Me Buy a Home?

An FHA insured mortgage offers many benefits and protections that only come with FHA:

  • Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
  • Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
  • Low Down Payment: FHA loans have a low 3% down payment and that money can come from a family member.
  • FHA can Help You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.
  • FHA fixed interest rate mortgages cost less. FHA loans have competitive interest rates because the Federal government insures the loan. A fixed interest rate FHA loan will have a low interest rate compared to a sub-prime loan and the FHA loan will have fixed payments of principal and interest compared to an adjustable rate or variable interest rate mortgage or a mortgage with optional or variable payments.
  • You don’t have to have perfect credit to get an FHA fixed rate mortgage. Even if you have had credit problems, such as a bankruptcy, you may still qualify for an FHA mortgage. Should you encounter hard times after refinancing your home, FHA has programs to help you keep you in your home and avoid foreclosure.

Do I Have to be a First Time Home-Buyer to Qualify?

Absolutely not. Anyone is eligible for an FHA loan as long as the loan is on a primary residence. Even if you have had FHA loans in the past, you are still eligible for FHA financing.

How Can I Improve my Credit Score?

There are many ways to go about improving your credit score.

First you want to obtain a copy of your credit report. Often there are old on incorrect items on a credit report. Secondly you will want to look at balances on different accounts. The credit bureaus like to see the amount owed on a debt at 60% of the max limit or less. Keep in mind by law debts have to fall off 7 years after they are placed on the credit report. You also want to limit the amount of times that your credit is pulled by creditors. Luckily, mortgage companies and automobile dealership inquiries are treated a little differently, so they do not impact your credit as much as some others like credit card inquiries. The other option to improve your credit is to remove the negative and incorrect items from your report. This is most successful when working with a credit repair company. These programs generally take between 45-90 days, and can have a significant impact on your credit score.

Are FHA Rates Higher than Conventional Rates?

No, in fact, they are often lower than similar conventional loans. Because the Federal government insures your loan, lenders are able to offer very competitive rates. FHA also doesn’t increase your rate based on your down payment, so you get the same rate whether you put 3% down, or 20% down. This is not the case with conventional financing.

🤔 Do you qualify for special financing? Check here ›

Does FHA allow for seller paid closing costs?

FHA will allow the seller to pay up to 6% of the purchase price toward the buyer’s closing costs. This is called a seller’s concession. Most conventional loans only allow a 3% concession.

Can I Get Down Payment Assistance?

At this time the only a gift can come from a relative. A new law was passed by Congress H.R. 3221, privately funded down-payment assistance (DPA) is eliminated as of October 1, 2008. Yes: There is an initiative the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694), a bi-partisan bill introduced by Congressmen Green, Miller and Shays and Congresswoman Waters in July, would overrule this move and reinstate DPA indefinitely. As of this moment it has not passed and the elimination of programs such as Nehemiah which would allow for a gift funds from the seller up to 6% towards your down payment and/or closing costs have taken place. These funds could have been used for first time and repeat home buyers. HUD does provide funding to state and local governments for this purpose. To find out what programs you may qualify for, please contact your city, county or state government. You may wish to visit the following web site to find local housing programs in your state or local area.

The Next Step

Hopefully, you learned everything there is to know about FHA loans.

I’m always here to help, so if after reading this entire FHA loan guide you still have more questions or would like to get a quote, just get started today!