Frequently asked questions on FHA loan in Texas
Federal housing authority loans are very popular especially for the first time home buyers in Texas. This is due to their lenient requirements which are very easy to surpass, thus raising the chances of qualifying for the loan. The FHA loan therefore have been able to replace mortgages, as first time home buyers in Texas finds it hard to qualify for the normal mortgages. In addition, FHA loans have more benefits than the normal home loans available. Therefore, in case you have been dreaming to own a house in Texas for the first time, it is about time you start applying for the FHA loan. Below are some of the frequently asked questions on FHA loan in Texas.
Who is well placed to qualify for the FHA loan?
One of the main reason why FHA loans are very popular to many people, is because of their lenient guidelines which you need to surpass. Basically everyone can be able to qualify for the FHA loan provided that they have surpassed the FHA guidelines. For instance, a person who has a credit score of 500 and above, have a good payment of bills for the last two years, and has a good appraisal for the house that they want to buy with the FHA loan, qualify to get the loan. These are very simple guidelines to surpass and therefore, qualifying for a FHA loan is a walk in the park, if you are serious with buying your own home.
Are FHA loans given to only first time home buyers?
Nothing could be further from the truth. Everyone who wants to own a house can get the FHA loan. The thing with first time home buyers and FHA loans is only that the FHA loan is very lenient and therefore first time buyers find it the most appealing to them. However, anyone as long as they have surpassed the FHA loan guidelines, can be given the loan. The good thing with the FHA loan is that, in case you over qualify; you only have to pay a down payment of 3.5 percent.
How long do I have to wait for the FHA loan to be approved?
For a FHA loan to be approved, different lenders use different amount of time. However, it does not take more than two to three days. Nevertheless, in case your lender wants additional documentation so as to validate your approval for the FHA loan, then you may need to wait for much longer. Therefore, whenever you are providing your information, make sure you give the correct and all of it, so as to lessen the number of days you have to wait for your FHA loan to be approved.
