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FHA Loan Program:

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

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First Time Home Buyer Loan Program in Houston with low cash to close requirements, low credit scores starting at 500 scores and debt ratios over 50% make them the program of choice for first time home buyers. We offer low low rates. Apply Online.

 

If you are in the market to purchase a home, Clear Lending offers FHA mortgage programs (Federal Housing Administration) ideal for first time homebuyers.

First Time Home Buyer Loan Programs in Houston are amongst the most popular loan products because of its affordable down payment, by far less stringent lending standards as in the case of VA Loans and its lowest minimum credit score requirements. 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 will need to pay mortgage insurance to protect the mortgage lender from loss in case borrowers default on the loan. Thanks to that insurance, FHA lenders for bad credit in Houston provide mortgage loans for poor credit scores at very attractive interest rates, with more flexible qualification requirements and thus making it easier home ownership.

Secure the purchase of your home with FHA Home Loans for Bad Credit

Why do First Time Home Buyer Loan Programs in Houston are preferred over conventional loans? Because borrowers buying a home with a Clear Lending FHA loan will always have higher chances to close a mortgage loan with the best interest rates in Houston.

FHA loans for bad credit:

1. Less than perfect credit:
FICO scores or Fair Isaac Corporation range from 300 to 850. And the higher, the better. With FHA mortgage loans a borrower only needs a credit score of 580 or higher to get a mortgage with 3.5 percent down payment. Then those borrowers with credit scores between 500 and 579 must make down payments of at least 10 percent.
People with credit scores under 500 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 poor 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. Mortgage 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 mortgage 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.

First Time Home Buyer Loan Program in Houston, 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:

  • Rosa Iraheta • March 28, 2018

    Joan has help many of my clients to get their loans, he is very professionals and helpful, and always available for any questions that me or my clients had during the loan process. One of my client was in DACA program and Joan help him to get his loan. I will recommend Joan and his team . Thanks you

  • Blanca y Esteban Martinez • January 31, 2014

    Dear Joan,

    You and your team have been a blessing for our closing. Your integrity, efficiency and expertise support during our buying process has made an excellent and pleasant experience on closing. There are many people that makes good business, but you are doing GOOD, while doing business. God bless you and thank you so much!!

    Blessings,

    Blanca

  • Oscar y Yecenia Rangel • January 31, 2014

    Estimado JOAN:

    Por medio de la presente, queremos enfatizar nuestro agradecimiento por tu trabajo, colaboración, profesionalismo y dedicación a nuestra petición de crédito para la compra de nuestra casa, créelo y lo enfatizo que estamos tan agradecidos por tu ayuda. Que dios te llene de bendiciones siempre, y que sigas ayudando a las personas como nosotros, mil gracias.

    Atte. Oscar y Yecenia Rangel.

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