All Government Programs
First-Time Buyer, Rural and Veterans Programs
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To improve your credit scores...
Starting with only...
530 Credit Scores!!!
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We will help you.
Contact us to analyze your options.
Don't worry and submit your information
We will help you.
Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
Foreign National Program without:
Residency, Social Security or Income in the US
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.
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.
Joan is an awesome loan officer! Not only has he helped me but also my family and friends I referred him. He literally is available any time you have questions or need him. He makes the home buying/refinance process very stress free. With his professionalism and expertise, he finds a way to get you the house of your dreams. I highly recommend him!
Joan makes you feel you are his only customer. And he doesn't seem to sleep either. Always speaks with kind works with us. Thank you again Joan.
July 28th.... A very important day for someone at age 44. A huge change that was much needed but none the less, very difficult. After living in my previous home for 15 years and being with someone for 25 years, I found myself back at my Mom’s house and starting over. After wallowing in my sadness for a while, I decided to start looking for a new home for my young adult children, dogs and myself. Thankfully, a cousin had given me a number to a realtor that led me to Joan with Clear Lending. With all the difficult changes I also was in for a fight when it came to applying for a mortgage. Being naive to the process, Joan was very patient and helpful. Even when I felt hopeless, he reminded me constantly it would be okay and it was part of the process, I'm not sure but I think maybe a part of him was starting to see the difficulty I was facing. But one night, I received the best phone call in the world!! I was clear to move forward and close on my home. I thank God every day for putting the right people in my path to help in my new chapter of life. Thank you Joan and Clear Lending for working so hard on my approval for my mortgage.