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We can go down to a credit score of 500! An FHA loan in Texas is a mortgage insured by the Federal Housing Administration. Designed to help first-time buyers, an FHA loan Texas mortgage can be secured with a 3.5% downpayment, however, some buyers may qualify for down payment assistance.
FHA streamline is an FHA refinancing program designed to help people with existing FHA mortgages. Refinancing will not require a formal appraisal, income verification, assets and lender credits cover closing costs. The end benefits will take the form of lower mortgage interest rates and/or monthly mortgage insurance premiums.
FHA refinancing is different to FHA Streamline in that an appraisal will be required. One of the most common reasons for this loan type is to take off an existing ex-spouse of the current mortgage loan but the borrower isn't currently on an FHA loan Texas mortgage.
We can go down to a 500 credit score! VA loans are guaranteed by the Veterans Administration. One of the leading benefits of using a VA loan stems from the fact that the loan doesn’t require a down payment.
If you are an eligible veteran and already have a VA guaranteed mortgage, you might be able to use VA Streamline in order to refinance to a much lower rate. Using an interest rate reduction refinance loan, (IRRRL) veterans looking to lower monthly interest payments will often not be required to undergo a credit check. An appraisal, however, is required for veterans who wish to take cash out of the equity in their home.
The VA’s guidelines are set up to guarantee 25% of your VA home loan up to loan amount of $424,100 with no down payment. Any amount above $424,100 would be considered as a “VA Jumbo loan” and the VA requires you, the veteran, to put down 25% of the amount over $424,100.
A conventional mortgage is perfect for someone looking to put down as little as 3% down up to a maximum loan limit of $424,100 and with a credit score of at least a 620.
A Texas Jumbo Loan, by its nature, enables you to obtain a higher loan than the conforming high-balance loan limits. Signature Lending Services can help you secure a jumbo loan according to your requirements. The concept of jumbo loans came around when Fannie Mae and Freddie Mac placed ceilings on the amount of money they are willing to lend.
Signature Lender Signature lending has teamed up with several builders that will help pay your closing costs and provide additional upgrades.
In 2017, the VA limit in Texas is $424,100. In some areas, median home prices have risen above these limits. In many cases, home buyers can find a suitable property without exceeding the limits. But that’s not always possible. And this is where the VA Jumbo loan comes into the picture. By making a down payment, eligible borrowers are often able to qualify for a VA-guaranteed mortgage loan that exceeds loan limits.
FHA loans are loans provided by mortgage lenders which are guaranteed by the FHA itself. This means that mortgage lenders are protected in the event that borrowers default on their loan repayments. What is more, borrowers with FICO credit scores as low as a 500 will still usually qualify for FHA financing.
Are you considering using an FHA loan Texas option to finance your next property purchase? If so, let us help by making the qualification process as easy to understand and as streamlined as possible.
When looking at FHA loan Texas financing for a new property purchase in Texas, it’s imperative to know exactly what options are available to you. If you are an eligible veteran, for example, it will often be in your interest to seek a VA loan guaranteed by the United States Veterans Administration.
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The team at Signature Lending were wonderful, outstanding, helpful and a very respectful mortgage company. My experience with a prior lender was terrible and I am glad I chose Signature Lending to help me on my purchase.
Mark has been very detailed, hardworking and knowledgeable throughout this whole process. My husband and I are expecting so we are very anxious to make sure our first home purchase is a positive experience. We appreciate Mark and his staff’s superb effort and we have the fullest amount of faith in Signature Lending Services.