FHA Loans Austin, TX

The home lending professionals at Big Life Austin have been helping first-time homebuyers take advantage of FHA loans that Austin residents have been using to buy homes for many years. A Federal Housing Administration (or FHA) loan is often the best or only home loan option for young couples or people with no substantial prior loan record.

Big Life Austin can help guide you through the process of getting an FHA loan Austin TX families trust to get into their new dream home. A team of trained and experienced industry professionals will partner with you to find the best, cost-efficient solutions to make the home financing process as easy and stress-free as possible.

History of FHA Loans

In 1934, the United States Congress created the Federal Housing Administration in the middle of the Great Depression when the country’s housing industry was in dire trouble. The government reduced the lenders’ risk and made it easier for Americans to qualify for home loans. With the FHA loan Austin TX residents have successfully used to buy homes in central Texas ever since.

FHA loans are still an excellent way for prospective homeowners in Austin to purchase area homes with little cash and poor or no credit history. Banks offer down payments as low as 3.5 percent with competitive interest rates.

Benefits of FHA Loan Austin TX Residents Use to Buy Homes

Residents in the central Texas area with little money flow or no home buying history have a better chance of getting into their dream home with an FHA loan Austin area homebuyers rely on. FHA loans are insured by the federal government, allowing for lower down payments.

The home loan specialists at Big Life Austin help to simplify the complicated and frustrating home buying experience by assisting those applying for an FHA loan in the Austin area. Our talented, knowledgeable associates can work with home buyers to streamline the mortgage process and help get them into a new home quickly.

Additional benefits to acquiring an FHA loan Austin home loan specialist at Big Life Austin can help facilitate include:

●      Closing fees for the seller are limited to 6 percent

●      Underwriting criteria allows for more flexibility

●      Homeowners with lower credit scores are offered competitive interest rates

●      No penalties for prepayment

●      Easy navigation of qualification process

●       Affordable manufactured home options

Contact the home loan experts at Big Life Austin today for complete information on the loans and FHA loan limits Austin TX home buyers rely on to purchase homes in central Texas.

Requirements for FHA Loan Austin TX Home Buyers 

There are a number of base requirements to qualify for an FHA loan Austin homebuyers can take advantage of with the help of the industry professionals at Big Life Austin.

Some requirements under the Federal Housing Authority for FHA loan approval include:

●      Consistent employment history with the borrower having worked for the same job for the previous two years

●      Valid social security number, lawful United States residence, and old enough to sign a mortgage

●      Minimum down payment of 3.5 percent of the total cost, which may be a gift from a family member

●      The borrower is the residence’s primary occupant

●      Property appraised by FHA-approved appraiser

●      A minimum credit score of 580 for maximum financing options

●      The property itself has to meet minimum standards at the time of the appraisal. If standards are not met and repairs are needed, the home buys will need to make needed repairs. The closing is held in escrow until repairs are completed to meet federal standards.

FHA Loans Austin Following Foreclosures, Bankruptcies

Homebuyers looking to acquire an FHA loan Austin industry experts at Big Life Austin can assist with must meet certain criteria to qualify. Those who are attempting to recover from financial and home-owning downfalls have the option of applying for an FHA loan, but there are some guidelines and restrictions, including:

●      Bankruptcy: Homebuyers who have filed for bankruptcy must typically re-establish their credit and be at least two years out of bankruptcy. Extenuating circumstances and a positive record of responsibly managing personal finances can help to expedite and approval process.

●      Foreclosure: Borrowers much typically be three years out of foreclosure to qualify for an FHA loan. Like bankruptcies, exceptions can be made for circumstances beyond the home buyer’s control. An inability to sell the home does not impact the three-year FHA foreclosure guideline.

FHA Loan Limits Austin TX Home Buyers

FHA loan limits Austin TX home buyers rely on can vary based on your area and the conventional loan limits set by Fannie Mae and Freddie Mac. The type and location of the home can also affect FHA loan limits.

Contact the home lending professionals at Big Life Austin for complete information on FHA loan limits, guidelines, and regulations. Our experts can explain the entire process and set expectations for home buyers.