FHA Loans for Firefighters

 

For people who want to buy a house – for the first time or with less than a 20% down payment – it may be possible if you take advantage of an FHA insured loan. A Federal Housing Administration (FHA) loan is a mortgage with insurance that is backed by the Department of Housing and Urban Development (HUD). It is not a government loan – the lender still makes the loan with their funds. However, FHA insures the loan for the lender for offering the loan with such a low down payment. The insurance is provided only to lenders approved by HUD through a fixed set of regulations and guidelines. TexasLending.com is FHA approved by the U.S. Department of Housing and Urban Development to offer these types of loans for you.

 

 

FHA Loans are good a fit for you if:

 

  • You are seeking a low down payment. You can put as little as 3.5% of the purchase price down if you meet the minimum credit score.

  • You are buying your first home.

  • You have a less than ideal debt-to-income ratio.

  • Your family is growing and you need a bigger home to accommodate you.

  • You have a less than ideal credit score, have declared bankruptcy, or may require a co-signer.

  • Keep in mind that FHA loans require your desired home to be approved by an appraiser who is FHA certified. There is also an upfront mortgage insurance premium paid to the government, which is typically 1.75% of the initial loan amount. TexasLending.com will typically finance this upfront into your loan if you wish.

  • FHA home loans may be an option for families at all income levels who need the program options provided by FHA. FHA-backed loans have opened doors for millions of people to own their own homes.

  • FHA loan limits will differ by county but in all counties the FHA loan amounts go up to at least $271,050.

  • In higher median income counties the FHA maximum can be even higher. Please check the attached link to find the maximum FHA loan in your county. https://entp.hud.gov/idapp/html/hicostlook.cfm

  • FHA loans may also be used for home cosmetic home renovations depending on the work you need to have completed on your home. Check with Texaslending.com for guidelines for the FHA 203K loan.

  • FHA loans are also possible on multifamily homes like a duplex, tri-plex or four-plex. These loans will typically require more assets to qualify for the loan.

  • You might be surprised that you can buy a house much sooner than you expected. Submit a form on this page or call us to speak with one our mortgage specialists to see if you qualify. You may be surprised at the news you receive.