All Government Programs
First-Time Buyer, Rural and Veterans Programs
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To improve your credit scores...
Starting with only...
500 Credit Scores!!!
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We will help you.
Contact us to analyze your options.
Don't worry and submit your information
We will help you.
Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
Foreign National Program without:
Residency, Social Security or Income in the US
FHA home loans come with the most attractive interest rates since the loan is insured by the FHA. The qualification requirements are simple and flexible.
Low Credit Score Home Loan Programs: Get Home Loans for Bad Credit at Most Attractive Interest Rates
Have you recently been denied for a mortgage loan over credit scores? Denied over late payments older than 12 months still showing on credit or maybe over debt-to-income ratios? If the answer to these questions is yes, Clear Lending offers Home Loans for Bad Credit in Houston at best interest rates. Furthermore, Clear Lending also offers possible solutions for cases were debt-to-income ratios were slightly higher than needed.
Federal Housing Administration (FHA) home mortgage loan programs are one of the most popular first-time homebuyer loans in the United States to purchase a home. If you are in the market to buy a home, Clear Lending can assist you get FHA mortgage loan at the best interest rates.
FHA is a government agency under the U.S. Department of Housing and Urban Development which insures first time home buyer loans. It is mainly aimed at offering low income home buyers to borrow money for property ownership. As a borrower you would need to pay mortgage insurance to protect the interest of the mortgage lenders in case of default.
FHA home loans come with the most attractive interest rates since the loan is insured by the FHA. The qualification requirements are simple and flexible and we at Clear Lending are committed to helping our clients get the best loan program.
Things You Must Know About the FHA First Time Home Buyer Loan Program:
1. Low Credit Score:
First time home buyer loans are one of the best home loans for low FICO credit scores in Houston because of its minimum credit score requirements. If you have a Credit Score of 580 or higher you would be able to get a mortgage with just 3.5 percent down payment. For borrowers with credit scores between 500 and 579 at least 10 percent down payment is mandatory.
Home buyers under 500 credit scores are generally not eligible for FHA mortgage loans. FHA offers some concessions for applicants without credit history who are categorized under “nontraditional credit history” or “poor credit scores” and who meet other requirements. However such mortgage loan applications are treated on case by case basis and our mortgage experts will educate you on your eligibility with home loans for bad credit in Houston.
2. Down Payment Source:
There are no major restrictions on the source of your down payment. Besides your savings, FHA also allows to use other sources such as grants from a local or state down payment assistance programs or family gifts to facilitate home ownership.
3. Closing Costs:
Here too FHA offers you certain flexibility. Under the FHA loan program a home seller, lender or builder can share the burden of the borrower's closing costs. These include title expenses, origination charges, reserve requirements and other charges. Also you have the opportunity to include the closing costs with your mortgage and request the lender to increase the interest rate on the loan.
4. FHA Approved Lender:
The Federal Housing Administration is an insurer and not a lender. Therefore an applicant in need of an FHA mortgage loan program will need to apply thru approved lenders such as Clear Lending lenders. We maintain a license relationship with the best lenders securing our applicants request to be approved. The mortgage loan interest rate and its closing costs may vary between lenders. At Clear Lending, we will guide you to the best interest rate in Houston and in Texas offering you the absolutely best deal.
5. Banks vs. Mortgage Brokers:
Applying for an FHA First Time Home Buyer Mortgage Loan Program involves a lot of research. Banks and lenders follow varying underwriting standards with closing costs and/or its services also varying. Add to it the fact that you will have to provide new credit record each time working with Mortgage Brokers offers you many advantages. They just require one credit report which helps you retain high Credit Scores (multiple applications reduce Credit Score) and help you get the loan at the best interest rates.
6. Mortgage Insurance:
Two types of mortgage insurance premiums have been made mandatory by the FHA. First you must pay an upfront premium @ 1.75 percent of the loan amount. You must pay this when you get the loan and this can also be financed as a part of the loan amount. Second you must pay an annual premium which has to be paid monthly. This however varies depending on the borrowed amount, term of the loan and initial LTV (loan-to-value ratio)
Annual premiums Payable for FHA Loans:
Chargeable @ 0.7% for 15-year loan with down payment of less than 10%
Chargeable @ 0.45% for 15-year loan with down payment of 10 % or more.
Chargeable @ 0.85% for 30-year loan with down payment of less than 5%
Chargeable @ 0.8% for 30-year loan with down payment of 5% or more.
If you want to purchase your dream home, wait no longer and know the amount you are Pre-Approved for.
At Clear Lending, we are driven to help customers considering purchase a home in need of an FHA Home Loan Program or refinancing an existing FHA loan program. Please simple complete our secure encrypted Pre-Approval Form online and we shall review it and get back to you with the best options.
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. Programs 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.
My wife and I had been trying to purchase a home for over two years and due to some other unforeseen issues we felt that that dream would never come true. I am grateful that we found Joan Gallardo with Clear Lending to make our dream come true. Joan was there every step of the way and two months after closing he is still there for us if we need anything or have any questions about our mortgage. Being first time buyers we were scared and nervous about the entire process but Joan made it as simple as possible and the whole experience was great. He gave us all the information we needed to make the home purchase that fit our needs and we could have not asked for a better mortgage lender. Our family is forever grateful for his hard and professionalism.
FROM GOOGLE: We are first time home owners, thanks to Joan and his team at Clear Lending. I may add his assistant Patricia A. was very pleasant to work with and very attentive. Our house hunting journey was painless, smooth, and actually quick. How quick… in 29 days we went from looking at 10 houses (in one day), we were serious about buying a house. Joan provided potential houses for us in the area we wanted and we did our homework in reviewing and narrowing it down to 10. From looking at different houses to the closing date, I can stay Joan was very much hands on through the whole process. My husband dealt with Joan primarily, but I could see how Joan was there for us. When we had questions at any given time, we could asked, he was always available and responsive. As first time home buyers we had lots of questions and Joan didn’t minimize our questions. Joan is very knowledgeable in his line of work, I can honestly say that. He always kept us informed of what was going on behind the scenes, so we felt at ease. Thanks to Joan, we were able to obtain a good low mortgage rate. Obtain a HOUSE, we are happy and thankful to call our own! My husband actually found Clear Lending online and we couldn’t believe the reviews, it sounded too good to be true. Take it from us, it’s true, we have experienced ourselves. We are thankful to Joan for his dedication, sincerity, knowledge, and guidance. Joan was truly a blessing for us. We would truly recommend Joan and his team at Clear Lending. God bless you Joan. Migdia
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!!!!