Thinking about purchasing a property in the Lone Star State but have little money to put down?
FHA loans offer consumers an outlet to finance homes without the 5% down payment requirement associated with many Fannie Mae and Freddie Mac mortgage products. With an FHA loan, borrowers can put down as little as 3.5% and underwriting guidelines may be slightly less conservative than with some other mortgage products. FHA loans offer other benefits such as the ability to use gift funds towards the down payment and there are no prepayment penalties.
There are loan limits for FHA loans so if you are looking for a more expensive property, you may be out of luck. In Collin County, where we are located, the current FHA limit* is $271,050 for single family homes, $347,000 for duplexes, $419,425 for tri-plexes, and $521,250 for 4-unit homes. There are a few areas such as Caldwell, Hays, Bastrop, Travis, and Williamson Counties where the limits are slightly higher.
To learn more about FHA mortgages and our other Texas home loans, call us at 972-591-3097 for more information.
Comments are closed.