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.
When you're looking for a home,it's a major investment and financing is an important piece of it.
This is JJ Johannes with IAHomes and today we're going to talk to Dan Hillersmortgage professional at First Federal Credit Union.
Dan Hillers,First Federal Credit Union.
I'm a mortgage loan expert here.
I've been in the lending industry for 15 years.
Got into mortgage lending.
I was a personal banker and then had theopportunity come up to where I could do some mortgage lending and thought it wasreally interesting.
So got into helping people find their first home and, and loved doing it.
So just continued on from there.
You get to help people finance the probably biggest purchase of their life.
So you're in it from start to finish with them and you can really see the joy on their face when they get there,when they get their house and they really love,you know, closing,moving in and it is stressful, but you try to take the stress out of itfor them and, and make it an enjoyable experience.
I would say the two things people want to know,probably the most on the mortgage side of things are how much is it going to cost me, how much am going to have to bring in atclosing and what's my payment going to be,so those are the two biggest questions that I get on my side of things right from the get go on.
When someone's asking about getting qualified or getting prequalified.
We like to get on answering those questions right away for them and we can do a prequalification.
It doesn't take long at all.
We can jump on our computer,give them a prequalification within 20 minutes and tell them kind of what they're looking at bringing in and what their payment's going to be on the loan so that way we can get.
They get the information fast so that they can make a decision on whether they want to put a purchase or put an offer on the house or not.
A lot of people don't know that we are afull service mortgage company so we can.
We can do FHA,we can do VA, we can do USDA,we can do conventional, any type of loan on that side we can handle.
That's popular question as far as how much money people need when they go to buy a house.
It used to be,you had to have 20 percent down on it back in the day.
Now you can do it as little as or no percent or no money down on.
It just depends on kind of what your credit score is and what you're looking at doing big picture with the loan itself,but there are options where you can go a little bit lower on the down payment side of things.
On the location side,we have four locations.
We have one in Hiawatha on north center point road, one on first avenue here in Cedar Rapids425 First Ave and then our new one out here on Westdale Parkway and then we also have one in Spencer, Iowa up in the mall and Spencer.
The new feature that we have here at the Westdate location is our e-teller machine, so you can stop on in and you can walk up and don't have to wait in line.
If there is no one at the machine hit itand you can to a live person and do your transaction right through the machine.
That person may be here at Westdale.
They may be here,they may be at Hiawatha or Spencer, but you can have a conversation with them just like you would and do a transaction just like you would with a teller.
We give that personal touch to it to where you stop in.
We get to know you as a,as a member, not necessarily as a customer member number so we can really have that personal relationship with you.
If you need something, we're more than willing to help you out trying to get everything taken care of.
for you financially because it is your finances we're dealing with.
We're dealing with your money every day,so we need to make sure that we do it in a professional manner and still in a personal manner that we can converse with our members.