FHA Loans

When purchasing a home in Corpus Christi, San Antonio, Austin or anywhere else in Texas there are many hurdles that can get in your way. One of the biggest hurdles that I’ve seen is a potential home owner’s ability to generate enough money for a down payment. If a high down payment has stopped you from owning a home in the past, I have a solution that has worked for many home buyers.
 
The solution is an FHA loan. An FHA loan is a government sponsored home loan program created by the Federal Housing Administration with the idea of making a home ownership a reality for more people. Conventional home loan programs typically have down payments of 20%, however with an FHA loan that down payment is just 3.5%. When you compare the difference of what you would have to generate for a down payment for an average priced home in Corpus Christi, San Antonio, Austin you can clearly see what a difference it can be:
 
City
Average Home Price May 2013
Down Payment Of 20%
Down Payment Of
3.5%
Corpus Christi
$108,300
$21,660
$3,790.50
San Antonio
$159,900
$31,980
$5,596.50
Austin
$285,000
$57,000
$9,975
 
As you can see the amounts the down payment for the FHA Loan is several thousand of dollars less.
 
Another huge advantage of an FHA loan is that financial requirements are not as strict as what you’d have with conventional loan. You will still need to have decent credit, but are not required to have perfect credit to qualify.
 
The rates with FHA loan tend to be a bit higher compared to conventional loans; however in many cases the mortgage payments that you’d pay with a FHA are lower then what you’d pay in rent for a similar home using a different loan program. This is a great program for anyone, but FHA Loans are especially popular with first time home buyers who may not have had the time to save enough for a 20% down payment and are still building their credit.
 
If you are wondering if a FHA is the right option for you to purchase a home let me help. Just use my Purchase Assistant tool and let me know a little about your situation and I’ll get back to you with a free rate quote so you can see how much of a home you can purchase with a FHA loan.

 

 

 


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