Dallas FHA Loans
Purchase and Refinance FHA Loans
Dallas FHA Loans
How can the FHA assist me with my mortgage?
The FHA can assist you with your mortgage in several different ways:
- Because FHA mortgages are insured by the Federal Housing Administration, FHA loan terms can often make mortgage qualification easier.
- FHA Loans do not require a large down payment. In fact, the low 3.5% down payment can be paid in the form of a gift gift by a family member, a charitable organization or an employer.*
- While many associate a low down payment with a high interest rate, FHA loans have competitive interest rates because they are insured by the Federal government.
- Lastly, the FHA has been protecting home owners since 1934 and will continue to help present and future homebuyers.
Can I get more than one FHA loan at a time?
The FHA will not insure more than one mortgage for any borrower unless the existing FHA loan is paid off. Also, the FHA will grant mortgage insurance more than once if the homebuyer’s needs and resources meet one of the exceptions listed below:
- If the borrower must relocate to another area that is not within a reasonable commuting distance from their current residence
- If the borrower’s family grows and the existing house is no longer suitable for the borrower and their legal dependents
- If the borrower is vacating a jointly-owned property, such as in the instance of a divorce
- If the borrower is a non-occupying co-borrower, he/she may purchase their own residential property with an FHA-insured mortgage
What basic requirements must be met in order to receive Dallas FHA home financing?
In order to be eligible for an FHA-insured mortgage, borrowers must be able to provide a valid social security number, have lawful residency in the United States and be of legal age to sign on a mortgage in your particular state. Team Candy Powered by New American Funding is an approved FHA lender, and your Team Candy loan officer will confirm that your income, assets, and liabilities are met.
Where can I find the FHA loan limit for my specific area?
FHA loan limits can easily be accessed by visiting the FHA Mortgage Limits website.
If have any additional questions regarding FHA-insured mortgages, please contact a Dallas mortgage expert by filling out the form on the right or calling (512) 524-8077.
*Statement based on loan amount of $175,000, 360-month loan term, 4.5% Dallas mortgage rate and 4.5972% Annual Percentage Rate.