FHA Loans in Texas: Who Qualifies and How It Works

The short answer

An FHA loan is a government-insured mortgage built for buyers who want a lower down payment and more flexible credit guidelines. It is popular with first-time buyers, though you do not have to be one.

The basics

• Down payment: as low as 3.5% for borrowers who meet the credit guidelines.
• Credit: FHA guidelines are generally more flexible than conventional, and lenders may add their own requirements.
• Mortgage insurance: FHA loans include an upfront premium and an annual premium, which we will show you in the payment up front.
• Home use: the home must be your primary residence and meet FHA property standards.

Is FHA right for you?

FHA can be a great fit if your down payment is modest or your credit is still building. If you have a bigger down payment and strong credit, a conventional loan may cost less over time. That is exactly why we compare both.

Frequently asked questions

Can I get an FHA loan in Plano or Frisco?

Yes, as long as the home meets FHA requirements and the price fits within the FHA loan limit for the county.

Can I refinance out of FHA later?

Many borrowers do once their equity or credit improves. We can map out that plan from day one.

Call (469) 414-5554 to see if FHA fits.

By Kelly Welton, Mortgage Broker (NMLS #314183), Mohave Mortgage Texas Branch. Mohave Mortgage NMLS #1830581 · Texas Branch NMLS #2690682 · Equal Housing Opportunity. General information only, not a commitment to lend or financial advice. Programs, rates and guidelines vary and change.