December 2017 - Horizon FHA Loans LLC
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Does your Dream Home Qualify for an FHA Loan in Texas?

qualify for an FHA loan in texas

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.

What is the Difference Between FHA and VA Loans in Texas?

FHA VA Loans Texas

Are you one of those people who has your dream home completely planned, all the way down to the white picket fence, but finances are holding you back from finding it? In the state of Texas, there are a variety of loans that individuals can apply for, so even those without large savings can buy a home. Horizon FHA Loans offers both FHA and VA loans in Texas. For individuals who lack a good credit score, the FHA loan may be the best option. For veterans, a great option is the VA loan. Assistance is available for those who need it, so shop around for the ideal loan for you.

What is a VA Loan?

The VA loan is one of the many benefits a service member receives by protecting our country. It is there to help service members and their families who are required to move frequently because it offers a quicker process and strict guidelines. The homes for purchase cannot have any serious issues, and depending on the shape of the home, the inspector can deny a home purchase for extremely worn carpets. This can keep veterans safe, but may ruin any fixer-upper plans they might have.

Choosing a VA loan can help an individual save a large amount and provide a safe place to live. The VA loan gives you the option of having absolutely no down payment. When choosing the VA loan, the service member’s family will have lower monthly payments versus using private mortgage insurances. This loan also offers competitive lower interest rates. The homeowner has two ways to refinance his already low-interest rates. Streamline refinancing is the most popular choice; it will allow the owner to refinance his mortgage for even lower interest rates and more savings. The second option is cash-out refinancing, in which the homeowner can take advantage of the equity of his home and use the extra cash for whatever he needs.

What is an FHA Loan?

The FHA Loan is a wonderful option for those who are coming out a rough place financially. It is also very easy to qualify for but is truly worth more for those between a FICO number of 580 and 700. Once your credit becomes higher, it will have more costly disadvantages than savings. Through the FHA loan, your down payment is 3.5% and can be paid by gift fund sources. The seller is required to pay 6% of the closing cost, making it easier to purchase your dream home.

The loan is designed with more flexible underwritings because most of its customers are building their credit. The downfall of the loan’s guidelines is that it has a cap-off on the mortgage loans it will give. In 2017 for a single-family home, a buyer has a maximum of $417,000 available. Depending on where you are looking is what they base the amount granted. The FHA loan does allow for the purchase of a fixer-upper, but only for primary homes.

If you are either a veteran or someone needing assistance, Horizon FHA Loans offers both FHA and VA loans in Texas. The VA loan has many advantages for all those who have served our country. The FHA loan is a great opportunity for families who are working forward to a brighter future. If you are looking for a home in Texas, check out these loans if you fit the criteria.