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FHA Loan Program:

First Time Home Buyer Government Loan Program with low down payments and interest rates

Government

FHA Loan Programs with low cash to close requirements, low credit scores starting at 530 scores and debt ratios over 50% make them the program of choice for first time home buyers. We offer low low rates. Apply Online.

 

Clear Lending offers FHA mortgage programs (Federal Housing Administration) that might be right for you.

FHA mortgage loans are among the most popular loan products because of affordable down payment and less stringent lending standards.

FHA loans are insured by the Federal Housing Administration, a government agency within the US Department of Housing and Urban Development. Borrowers with FHA loans for mortgage insurance protecting the lender from loss in case borrowers default on the loan.

Secure Crediting with FHA Loans for Bad Credit

Why do people get FHA loans? Thanks to that insurance, FHA lenders for bad credit in Houston provide services at very attractive interest rates, with more flexible qualification requirements. Clear Lending FHA loan has best interest rates in Houston.

FHA loans for bad credit:

1. Less than perfect credit:

A borrower only needs a credit score of 580 or higher to get a mortgage with 3.5 percent down payment. Those with credit scores between 530 and 579 must make down payments of at least 10 percent.
People with credit scores under 530 are generally ineligible for FHA loans. The FHA will make allowances under certain circumstances for applicants who have no credit history or "nontraditional credit history or insufficient credit" if they meet requirements. Ask us if you qualify. Clear Lending offers FHA loans for bad credit in Houston as well.

2. Sources of Down Payment:

FHA borrowers can use their own savings to make the down payment. But other sources of cash include a gift from a family member, or a grant from a state or local government down payment assistance program.

3. Closing Costs:

The FHA allows home sellers, builders and lenders to pay some of the borrower's closing costs, such as origination charges, title expenses, escrow reserve requirements or other charges.

Borrowers can ask lenders to charge a higher interest rate on the loan to cover most or all closing costs.

Get today's lowest mortgages rates ...

4. Lender must be FHA approved:

Because the FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs - even on the same FHA loan. Clear Lending is an FHA lender for bad credit as well.

5. Banks vs. Mortgage Brokers:

Costs, services and underwriting standards will vary among bank and lenders. In addition, applying with each bank requires a new credit report or credit inquiries. Because applying multiple times at Banks may lower credit scores and because Mortgage Brokers offer greater Lender variety with only one credit inquiry, it may be advantageous to work with mortgage brokers. It assures Borrowers preserving Their highest  credit scores get lower interest possibly helping rates.

6. Mortgage Insurance:

FHA loans: The upfront premium is 1.75 percent of the loan amount - $ 1,750 for a $ 100,000 loan. This upfront premium is paid when the borrower gets the loan. It can be financed as part of the loan amount.
The second is called the annual premium, although it is paid monthly. It varies based on the length of the loan, the amount borrowed and the initial loan-to-value ratio, or LTV.

Annual premiums for FHA loans:

15-year loan, down payment (or equity) of less than 10 percent: 0.7 percent
15-year loan, down payment (or equity) of 10 percent or more: 0.45 percent
30-year loan, down payment (or equity) of less than 5 percent: 0.85 percent
30-year loan, down payment (or equity) of 5 percent or more: 0.8 percent 


Do not wait any longer and find out how much you can get Pre-Approved for.

FHA mortgage loan, Clear Lending can help you. Simply complete our secure and encrypted  Pre-Approval Form  online and we will contact you right away to review best options for you.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.


Customers Reviews:

  • Glenda Alvarez • May 05, 2015

    Joan I really appreciate all the patience you had with us. You gave us hope after we had a bad experience with our bank making sure our loan was first approved before looking for a house. This really brought our hopes up. You made sure houses we went to see met our expectations. Then no matter how late at night or early in the morning you would answer all our calls. Even when we signed the contract on the house you would still keep in touch with us and made sure everything was good. I will be referring you everyone I know and our next home purchase is going to be with you. Thank you so much Joan.

  • Beatriz Gonzalez • September 08, 2015

    Buenísimo Loan Officer!!!!!!! SUPER RECOMENDADO, gracias por hacer lo imposible posible; gracias por todo tu tiempo, apoyo y consejos. Excelente persona siempre tratando de ayudar y hacer más fácil el proceso. Siempre al pendiente y tratando de encontrar la mejor opción. La verdad nunca pensé que nos prestaran el dinero para comprar la casa y Joan lo consiguió!!!!!! Gracias por todas tus atenciones. Saludos Beatriz Gonzalez.


  • Julio Gomez • October 09, 2016

    It was great to have Clear Lending support to achieve my objectives. My Family and I contacted Clear Lending from Indonesia for primary home mortgage. All the process was completed remotely by email and Whatsapp. Upon getting the credit approval, we chose our new home and closed the purchase successfully and timely. My Family and I are very lucky to count on you and we wish to thank you for a fantastic services and for your guidance and advise.

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