mortgage insurance information

Houston What is an FHA loan?

This is a mortgage provided by a private lender when the lender is insured against default by the Federal Housing Administration.

What is the limit for an FHA mortgage?

In Harris County the maximum loan amount for a single family home is $ 200,160 in September 2006.

What are the income requirements?

You should earn enough so that the entire mortgage payment of less than 30% of total gross income. Total funding, including the mortgage payments and things like car payments, credit cards and other monthly obligations to 41% or less.

What happens if I have a bankruptcy or foreclosure?

A bankruptcy to 2 years old and a foreclosure 3 or more years? Your recent credit should be mostly good.

How much is down?

FHA loans are often only 3% down and the money may be made by a family member or charitable organization as a gift. Most other types of loans do not allow.

Must I conclude costs in addition to my deposit?

It is often possible to finance closing costs.

Are the prices good?

Yes, FHA loans have very reasonable prices.

Can a FHA loans are for refinancing a home?

Yes, if you qualify.

Is an FHA loan is always the best program?

No, There is a time, the FHA loan was one of the few ways to a mortgage with a small down payment and a good rate. Now there are other loans, which in some cases offer better terms. A good lender can help you, options and choose the program that is best for your needs.

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Texas residents can get more information at my Houston FHA Mortgage website or call us at 281-537-7800.