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First-Time Buyer, Rural and Veterans Programs
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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
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.
Are you in the market to purchase a home in Texas? Is this your first time buying a home? If you answered yes to both questions, Clear Lending offers mortgage loan programs from the Federal Housing Administration, also known as FHA Mortgage Loan Programs, specially designed for first time home buyers.
The First Time Home Buyer Loan Programs are in Houston amongst the most popular mortgage loan products because of its affordable down payment, by far its less stringent lending standards as in the case of VA Loans and above all because of its lowest minimum credit score requirements. FHA mortgage loans are insured by the Federal Housing Administration, a government agency within the US Department of Housing and Urban Development. Borrowers who purchase their homes with FHA loans will need to pay mortgage insurance to protect the mortgage lender from loss in case borrowers’ loan default. Thanks to this insurance, FHA mortgage lenders for low credit scores in Houston provide mortgage home loans still for bad credit scores at very attractive interest rates, with more flexible qualification requirements and thus making it easier access to home ownership.
Secure the purchase of your home with FHA Home Loans for Bad Credit.
Why do borrowers buying a home prefer First Time Home Buyer Loan Programs in Houston over Conventional Loan Programs? Because borrowers buying a home with Clear Lending FHA loan programs will always have higher chances to close a mortgage loan with the best interest rates in Houston.
FHA mortgage home loans for poor credit scores:
1. Less than perfect credit:
FICO scores or Fair Isaac Corporation credit score rating system ranges from 300 to 850 and the higher is the score, the better. FHA mortgage loans offered at Clear Lending allow a borrower to buy a home with poor credit scores. Actually anyone with a credit score of 580 or higher will be able to get a mortgage with only 3.5 percent down payment. In addition those borrowers with credit scores between 500 and 579 will need to make down payments of at least 10 percent.
People with credit scores under 500 are generally ineligible for FHA loans. Notwithstanding borrowers without credit history, FHA will make specific allowances for applicants who are able to provide twelve-month worth of alternative credit history from three different accounts also known as "nontraditional credit history". The Federal Housing Administration allows mortgage credit after analyzing whether alternative credit payment histories reveal applicants ability and intent to repay loans. Ask us if you qualify. Clear Lending offers FHA loans for bad credit in Houston as well.
2. Sources of Down Payment:
Applicants buying a home with an FHA mortgage loan program in Houston have several options to source funds for down payment. The vast majority of borrowers use their own savings to make their down payment. However, other sources of funds include gifts from family members or grants from a state or local government offering down payment assistance programs. Those borrowers who will need a family gift as their down payment it is imperative they consult first with their loan officer as all gifts require certain paper trail in order to be acceptable. Unfortunately many applicants applying for a mortgage loan who have received gifts before applying end up finding out their gift source is not acceptable to Federal Housing Administration.
3. Closing Costs:
The Federal Housing Administration 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 their loan to cover most or all closing costs.
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.
If you are in need of 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.
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!
Thanks Joan for you amazing work with our home loan. I still can’t believe I purchased a house for $174,000 and went to closing with $769 besides my $1000 earnest money deposit. I submitted an application online on 10/5/2016 after I read online about VA Programs Clear Lending offered. Next day Joan Gallardo called me and after his applications dept. completed an Pre-Approval, he told me from the start not to worry that he would be able to take care of me. And boy he did! He even negotiated on behalf of my agent with listing agent getting me a large seller contribution. This guy is very knowledgeable and I truly recommend him. Joan my wife and I cannot thank you enough all hard work you have done and no need to say I will refer you my friends. Actually I already sent you my boss. Take good care of Jorge! Thanks Joan.
No tengo palabras para agradecerles todo lo que han hecho por nosotros, mi Esposa y yo estamos muy felices de que nos ayudaron a realizar nuestro sueño de comprar la casa que tanto esperamos. Este fue un gran trabajo de ustedes, cuando todo parecia muy complicado, siempre encontraron la solucion, siempre nos dieron mucho aliento para continuar, y nunca nos dejaron solos. Joan, gracias por conseguirnos locked rate de 3.875% cuando habiamos iniciado con 4.25%. Gracias por tomar nuestras llamadas y responder nuestras dudas a toda hora, siempre con la major actitud. Los recomendamos 100%. Gracias por hacer lo imposible posible, los voy a recomendar con todos mis amigos.
Un abrazo! Fausto