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Low Credit Home Loan Programs:

Get Home Loans for Bad Credit at Most Attractive Interest Rates

Government

FHA home loans come with the most attractive interest rates since the loan is insured by the FHA. The qualification requirements are simple and flexible.

 

Get Home Loans for Bad Credit in Houston at Most Attractive Interest Rates 

FHA home loan program is one of the most popular mortgage programs in the United States. At Clear Lending we help you get FHA (Federal Housing Administration) loans from the top lenders at the best interest rates.

FHA is a government agency under the U.S. Department of Housing and Urban Development which insures this loan program. It is mainly aimed at offering people with low income to borrow money for property ownership. As a borrower you would need to pay mortgage insurance to protect the interest of the lenders in case of defaults.

FHA home loans come with the most attractive interest rates since the loan is insured by the FHA. The qualification requirements are simple and flexible and we at Clear Lending are committed to helping our clients get the best loan program

Things You Must Know About the FHA Loan Program:

1. Low Credit Score – FHA is one of the best home loans for low credit score in Houston. If you have a Credit Score of 580 or higher you would be able to get mortgage with mere 3.5 percent down payment. For borrowers with credit scores between 530 and 579 at least 10 percent down payment is mandatory.

People below Credit Score of 530 are generally ineligible for FHA loans; however FHA does offer some concessions for applicants without credit history who are categorized under “nontraditional credit history” or “insufficient credit” who meet other requirements. However such applications are treated on case by case basis and our mortgage experts will educate you on your eligibility with home loans for bad credit in Houston .

2. Down Payment Source – There are no major restrictions on the source of your down payment. Apart from your own savings FHA also allows you to use other sources such as grant from a local or state down payment assistance program or a family member’s gift.

3. Closing Costs – Here too FHA offers you certain flexibility. Under the FHA loan program a home seller, lender or builder can share the burden of the borrower's closing costs. These include title expenses, origination charges, reserve requirements and other charges. Also you have the opportunity to include the closing costs with your mortgage and request the lender to increase the interest rate on the loan.

4. FHA Approved Lender – FHA acts merely an insurer and not a lender and hence makes it mandatory for you to seek loan from an FHA approved lender (and not directly from FHA). The rate of interest and costs of the program vary between lenders and we at Clear Lending will guide you to the best lender offering you the cheapest interest rates.

5. Banks vs. Mortgage Brokers – Applying for FHA loans involves lot of research as banks and lenders follow varying underwriting standards with the costs and services also varying. Add to it the fact that you will have to provide new credit record each time working with Mortgage Brokers offers you many advantages. They just require one credit report which helps you retain high Credit Scores (multiple applications reduce Credit Score) and help you get the loan at the best interest rates.

6. Mortgage Insurance – Two types of mortgage insurance premiums have been made mandatory by the FHA. First you must pay an upfront premium @ 1.75 percent of the loan amount. You must pay this when you get the loan and this can also be financed as a part of the loan amount. Second you must pay an annual premium which has to be paid monthly. This however varies depending on the borrowed amount, term of the loan and initial LTV (loan-to-value ratio)

Annual premiums Payable for FHA Loans:

 

If you want to purchase your dream home, wait no longer and know the amount you are Pre-Approved for.

At Clear Lending we are driven by the goal to help customers considering purchase or refinancing of an existing FHA loan program. All that you need to do is fill you the details in our simple yet secure encrypted Pre-Approval Form online and we shall review it and get back to you with the best options.

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:

  • Martha Idalia • November 06, 2015

    Thank you for your professionalism and quick thorough response in working with my loan. Always very clear. Great experience, thank you!

  • Jorge Olivera • January 27, 2016

    Thank you so much Joan for all the hard work you put into getting me and my family our mortgage approval. We had a very pleasant experience with your team, very professional and prompt to help. Thank you much!

  • Vincent Bullen • July 10, 2017

    It was a pleasure to work with Joan and Elena at Clear Lending Mortgage. They guided us through the process step by step and were always available to answer questions. They worked with our situation, and made it possible for us to purchase our first home. I would recommend them without reservation.

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