Is work moving you to a new location or is your lease coming to an end? Are you ready to take on the financial responsibility of becoming a homeowner? Shopping for a new home is exciting and before you start looking, find out which loan you are going to use. Using an FHA loan in Texas is a great alternative for you if you are trying to build your credit score or need a little financial assistance. Before you start shopping, find out what your future home requirements are to qualify for an FHA loan in Texas.
What are the Requirements to Qualify for an FHA Loan in Texas?
Requirements are made not to take away any possible homes from you but to keep you safe. The requirements are straightforward: the home must be safe, secure, and stable. The loan will not be approved for an extension of a home, only for a single piece of real estate. As a first-time buyer, you may not know what possible issues to look for, which is why some standards are set. The requirements also protect you from any sellers who refuse to fix a hazardous problem. There are some minor issues that will still pass (such as a leaky faucet) but will be brought to your attention.
The Exterior Requirements
The exterior of the home is the structure, roof, electric box, driveway, porches, yard, HVAC units, and anything else that is on the outside of your dream home. First, the roof must be in good condition. Have you heard the expression, “As long as we have a roof over our heads?” A roof protects your house from moisture and any kind of intruders (bugs or people). Additionally, all exterior walls must have no damage. The drainage must not puddle around the home but move away to avoid problems like flooding and water damage. The home and property must be hazardous-free, meaning no large amount of pollution or radioactive materials. Overall, the construction must be completely secure.
The Interior Requirements
The interior of your future home is just as important as the exterior. The overall sanitation is an absolute must. Without that there is a risk of a bug infestation or a mold problem that can harm your future home or you. There must be separate utilities that you can pay and maintain. You may share common services such as laundry facilities. There must be enough bedrooms and bathrooms with showers or bathtubs for you and anyone living in your home. There must be enough room for cooking, eating, and sleeping for every resident. Finally, the attic must have exposure to air and the crawl space must be free of any remains.
Buying a house with an FHA loan in Texas is a great way to buy your dream home. The FHA loan will not only help you financially purchase your home, but it will guide in buying a safe home. The FHA loan requirements are again very simple: your future home must be safe, secure, and structurally stable. Horizon FHA Loans can help you get pre-approved this week. Go to their website and fill out their quick form and see what you can receive.