Did You Know that You Can Qualify for a USDA Loan Texas?
Today we’re gonna talk about FHA and USDA Loan in Texas for the year, 2019 and Here’s What You Need To Know.
And we’re getting started right now!
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FHA loans & USDA Loans in 2019 what you need to know.
Buying a house with an FHA loan or refinancing to FHA loan could be very very advantageous.
There’s a lot of good points to the FHA loan and I’ll go over just a few of them.
First and foremost, it only requires three and a half percent down payment I know I saw a study almost 3/4 of people think you need 20% down.
But for an FHA loan you only need three and a half percent down.
The FHA loan is a very good loan because I came about, you know, in the ’30s after the crash of ’29, and back in those days people had to put down at least 50% of the property have a balloon payment so it really cornered off how many people can actually buy a house so this allowed more buyers to buy more real estate that’s why we kinda have the robust market we have today.
So again 3.
5% down lower FICO scores you can go as low as 500 FICO some lenders will go down that low from 500 to 579 is 10%down whereas a 580 or above the only 3.
Also since it is FHA is insured, you know since you paid a funding fee and mortgage insurance you know that’s one thing you pay for it allows for very low interest rates so compared to conventional vs FHA your interest rate will be lower because the the risk to the lender is insured with FHA mortgage insurance.
Also FHA loans will allow a higher debt to income limit so I’ve had some FHA loans go as high as 56% so uh you know usually at 43 45 was that was the cut off what a lot of lenders will have an overlay for that.
We go all the way for as long as we can get approval.
So I’ve had a lot of FHA loans that are you know over 50%that would have never gotten approved anywhere else but our company so that’s one thing.
Some of the drawbacks about FHA loans, they do require, you know, there’s some property requirements, you know , they you know, and they’re not as big as as you would think.
They just require have it be livable like you can have have any wood rod or anything of that nature of their owner-occupied only so you do not for fixer-uppers so but there is an FHA program for fixer-uppers called the 203K.
You know we’ll go over that in a different different conversation so but for a normal FHA loan you have a new good property requirements it’s good for you as the buyer because you can have a lower FICO lower down payment things like that.
FHA loans allow for all gift funds I’ve had some FHA loans where my client got a grant from the city and they paid like a hundred dollars they’re actually paid nothing at closing because we funded the appraisal and they paid nothing.
So you know FHA loans allow some some very creative financing options if you want to learn about your FHA loan scenarios you know give me a call or go to usdaloaninfotexas.com
Put in your info and I’ll get back in contact with you and as always you want to learn more about mortgages at the home buying process.
If the elevator tries to bring you down, gocrazy.
Punch a higher floor.
This is Dan on your inside team at Growella.
It's Monday, July 9, 2018.
It's today's The Mortgage Minute-and-a-Half.
People be like put me in work work work workwork work.
And employers obliged.
Friday, on the ninth anniversary of the endof last decade's recession, the Bureau of Labor Statistics reports that two-hundredthirteen thousand people entered the U.
workforce last month and that's a positivesignal even though not everyone re-entering the force has found an actual job.
Just the act of looking for jobs suggestsconfidence among U.
workers, and confidence leads to consumption which drives the domesticeconomy forward.
The jobs report also showed U.
worker hourlywage growth to be on the downswing, a data point which gave mortgage rates a quick Fridayreprieve.
Slowing wages reduce the pressure of economicinflation and when the pressures of inflation drop, mortgage rates often do, too.
So, take a look at today's live rates andget yourself a quote.
Rates are holding near the lowest in six weeks.
Today's mortgage rates are in the dirt dirtdirt dirt dirt dirt.
Interest rates for FHA loans, VA loans, conforming,USDA, and jumbo -- everything's up to kick off the week.
The rates you get from a lender are customizedand more than a dozen factors go into your quote.
Whether you go fixed or ARM, full fee or zerocost, even your choice of lenders affects the rate you get so talk to two or more lendersand find your preferred combination of rates, fees, and service.
No matter how far you push the envelope, it'llstill be stationary.
And no matter how matter how many times youhear you need twenty percent down to buy a home, it's still going to be not true.
You don't need twenty percent down to buya home.
And that fact makes a data point from EllieMae a little more concerning.
The mortgage software firm asked more thanthree thousand renters: "What's stopping you from buying a home" and the overwhelming answerwas "I haven't saved enough for a down payment".
Of all things, saving for a down payment shouldnot be the thing that stops you from buying.
After all, there are seven government-backedmortgage programs that let you make down payments of less than five percent -- some don't evenrequire a down payment at all.
HomeReady, HomePossible, HomePath, FHA loans,USDA loans, VA loan, Conventional 97.
Then, there are local government programsthat give money to buyers for buying in particular areas.
And it's there, if you want it.
So, don't get hung up on the twenty percentdown thing if you want to buy a place.
Lenders don't care so much what you put down.
They just want to know you can make your monthlypayments.
So, talk to a lender and find out what's possible.
You can't know until you ask.
Growella does timely and relevant mortgagenews three times weekly and you can visit the site at Growella dot com for more excellentmortgage and real estate news.
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What's blue and not heavy at all.