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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 a great loan officer. I couldn't have asked for a better person. I had one loan officer that felt like she couldn't get me approved. Joan stepped in and was effective and very assertive. He made sure I got approved!
Joan is the first loan officer we worked with, however, we were lucky we found him as we saved so much time. Although house presented some handicaps, he took care of everything. He knows what to do after so many years of experince. If you are planning to buy a house, I advise to submit a loan application and soon will enjoy your new home!
Thank you Joan for your time and efforts!
Joan with Clear Lending is direct, honest and very helpful. We were very lucky to have him. He is very easy to communicate with. He gives you a clear view of your loan situation and then he helps and guides you in each and every step. Ours was not an easy transaction but he was there guiding us the whole time. We got our loan but even if it didn't go our way, I would gladly use him again and very proudly recommend him to anyone.