Secure a Flexible FHA Loan in Texas
Are you considering financing your new home with a Federal Housing Administration (FHA) loan? Supreme Lending can help.
- Bankruptcy not an automatic disqualification
- Lower interest rates
- Down payment is less
- Lower mortgage points and other closing cost requirements
- Resale can be made more quickly
- Is backed by the U.S. government
- Down payment required
- Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
- Loan Limits are lower than conventional
- MIP required regardless of the Loan-to-Value (LTV)
What are FHA Loans?
As the name suggests, a Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA). The loan is then issued by an FHA-approved lender like Supreme Lending.
FHA loans are perfect for low-to-moderate-income borrowers. They require a lower minimum down payment than other loans, and you can qualify with a lower credit score than needed for conventional loans.
It’s important to remember that when you use an FHA loan, the Federal Housing Administration doesn’t actually lend you money for your mortgage. Instead, you get the loan from Supreme Lending. However, the key advantage here is that the FHA guarantees the loan. This is the reason why you may hear people referring to it as an “insured loan.”
Am I Eligible for a Dallas, Texas FHA Loan?
To qualify for an FHA loan, you must have a credit score of at least 620, a debt-to-income ratio of 50% or less, and your prospective home must meet the FHA’s minimum property requirements.
Texas’ Choice for Stress-Free, Fast Financing
Supreme Lending’s team of experts helps you to understand the FHA loans process. When you choose to finance with us, we handle all the fine print so you can focus on your big move. From our first call until after you close on your home, we are by your side every step of the way.
Lock Down Your Dream Home with an FHA Loan from Supreme Lenders
We offer flexible FHA loans to prospective homebuyers in Dallas, Texas, and beyond. Talk to a team member today to start the Texas FHA loans process!