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First Time Home Buyer Loan Program in Houstonwith low cash to close requirements, low credit scores starting at 580 scores and debt ratios over 50% make them the program of choice for first time home buyers. We offer low low rates. Apply Online.
Are you in the market to purchase a home in Texas? Is this your first time buying a home? If you answered yes to both questions, Clear Lending, one of the best FHA lenders in Houston, TX offers mortgage loan programs from the Federal Housing Administration, also known as FHA Mortgage Loan Programs, specially designed for first-time home buyers.
The First Time Home Buyer Loan Programs in Houston are amongst the most popular mortgage loan products because of their affordable down payment, by far its less stringent lending standards and above all because of its lowest minimum credit score requirements. The Federal Housing Administration, a government agency within the US Department of Housing and Urban Development, insures FHA mortgage loans. Borrowers who purchase their homes with FHA loans will need to pay mortgage insurance to protect the mortgage lender from a loss if borrowers' loan defaults. Thanks to this insurance, FHA mortgage lenders for low credit scores in Houston, TX provide mortgage home loans still for low credit scores at desirable interest rates, with more flexible qualification requirements, making it easier to access to homeownership.
Secure the purchase of your home with FHA Home Loans for Bad Credit.
Why do borrowers buying a home prefer First Time Home Buyer Loan Programs in Houston over Conventional Loan Programs? Because borrowers purchasing a home with a Clear Lending FHA loan program will always have higher chances to close mortgage loans with the best interest rates in Houston.
FHA mortgage home loans for low credit scores:
1. Less than perfect credit:
FICO scores or Fair Isaac Corporation credit score rating system ranges from 300 to 850, and the higher is the score, the better. FHA mortgage loans offered at Clear Lending allow a borrower to buy a home with low credit scores. Anyone with a credit score of 580 or higher will be able to get a mortgage with only a 3.5 percent down payment. Those borrowers with credit scores between 500 and 579 will need to make down payments of at least 10 percent and will have additional requirements to be considered on a case by case basis.
People with credit scores under 500 are generally ineligible for FHA loans. Notwithstanding borrowers without a credit history, FHA will make specific allowances for applicants who can provide twelve-month worth of alternative credit history from three different accounts, also known as "nontraditional credit history." The Federal Housing Administration allows mortgage credit after analyzing whether alternative credit payment histories reveal applicants' ability and intent to repay loans. Ask us if you qualify. Clear Lending offers FHA loans for bad credit in Houston as well.
2. Sources of Down Payment:
Being one of the best FHA lenders, we offer several options to source funds for the down payment. The vast majority of borrowers use their savings to make their down payment. However, other funds include gifts from family members or grants from a state or local government offering down payment assistance programs. Those borrowers who will need a family gift as their down payment must consult first with their loan officer as all third-party contributions require a particular paper trail to be acceptable. Unfortunately, many applicants who have received gifts before applying for a mortgage loan find out that the Federal Housing Administration guidelines do not accept their gift source.
3. Closing Costs:
The Federal Housing Administration allows home sellers, builders, and lenders to pay some of the borrower's closing costs, such as origination charges, title expenses, escrow reserve requirements, or other charges. Borrowers can ask lenders to charge a higher interest rate on their loan to cover most or all closing costs.
Get today's lowest mortgage rates.
4. Mortgage Lender must be FHA approved:
Because the FHA is not a lender but rather an insurance fund, borrowers need to get their loan through an FHA-approved mortgage lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs - even on the same FHA loan. Clear Lending is an FHA lender for bad credit as well.
5. Banks vs. Mortgage Brokers:
Costs, services, and underwriting standards will vary among banks and lenders. Also, applying with each bank requires a new credit report or credit inquiries. Because applying multiple times at Banks may lower credit scores and Mortgage Brokers offer greater Lender variety with only one credit inquiry, it may be advantageous to work with mortgage brokers. It assures Borrowers who preserve their highest credit scores get lower interest, possibly helping rates.
6. Mortgage Insurance:
FHA loans: The upfront premium is 1.75 percent of the loan amount - $1,750 for a $100,000 loan. The borrower pays the upfront premium when the loan closes, whether financed or paid a lump sum.
The second is the annual premium paid monthly. It varies based on the loan's length, the amount borrowed, the initial loan-to-value ratio, or LTV.
Annual premiums for FHA loans:
The 15-year loan, down payment (or equity) of less than 10 percent: 0.40 percent
The 15-year loan, down payment (or equity) of 10 percent or more: 0.15 percent
The 30-year loan, down payment (or equity) of less than 5 percent: 0.55 percent
The 30-year loan, down payment (or equity) of 5 percent or more: 0.5 percent
7. Maximum Loan Amount:
The FHA maximum loan varies from state to state and by county. In Texas generally the limits are as follows:
Do not wait any longer and find out how much loan you can get Pre-Approved.
If you need a First Time Home Buyer Loan Program in Houston, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online, and we will contact you right away to review the best options for you.
Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Program rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.
Really happy we applied with Clear Lending. From application, to home search to closing it has been an exquisite experience. At every home showing, Joan explained us what to pay attention to and why it was important or not. We truly learnt a lot in our second home buying process. I recommend them very much.
Thank you soooo much Joan, Patricia and Samantha for helping us purchase our first home ever. My wife and I are so thankful there are no words to express the joy we feel each time we open the door of our house. I say to my wife… wait is this our house? Then I remember that yes, we just closed few days ago…. LOL. Jokes aside everything you Joan have done for us ever since day one is beyond any words of appreciation. In our case, we truly feel you have been godsent. I still remember the day my wife and I went to Wells Fargo to be told our chances were very limited due to my taxes’ deductions and so we needed to wait 2 possibly 3 years???? My own bank Wells Fargo, Bank of America, Chase, Capital One and God knows how many places we tried. Each one gave us similar reasons but at the end the message was that we didn’t qualify and zero instructions. Well yes, the instructions were that our taxes didn’t reveal the true picture and health of my business operations. Great and now what? Nothing. And so, I stopped searching. Sometime later after talking to a client about my hopeless attempt to buy a house, he told me about a loan officer who showed up from time to time in the radio station offering home loan programs traditional banks would not offer. And so, I started googling until I found Clear Lending. I asked my colleague and bingo! This was the company. And so, I applied online, got a call back very fast, completed an application over the phone, sent income documents and then I was asked to go with my wife at their office. After one hour or so, I was given precise instructions to become a home owner with a government loan program. All I remember was… “If you follow my advice, we will make it happen”. And a year later, Joan got us the house of our dreams, negotiated best deal to cover most closing costs and closed our loan with a 4.25% interest rate when my own was offering me 4.875%???? I am so thankful I found this guy I still cannot believe the miracle he worked for us. Again, thank you Joan and your team for being a true servant and valuable tool to make possible what for me I was told bank after bank to stop searching as it was not possible. I will always refer you absolutely everyone desiring to buy a house. You are indeed the miracle man!!!!
Great and very professional experience. They stay true to their slogan Grandiosa Experiencia muy profesional trabajo, Gracias
