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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.

 

Low Credit Score Home Loan Programs: Get Home Loans for Bad Credit at Most Attractive Interest Rates

Have you recently been denied for a mortgage loan over credit scores? Denied over late payments older than 12 months still showing on credit or maybe over debt-to-income ratios? If the answer to these questions is yes, Clear Lending offers Home Loans for Bad Credit in Houston at best interest rates. Furthermore, Clear Lending also offers possible solutions for cases were debt-to-income ratios were slightly higher than needed.

Federal Housing Administration (FHA) home mortgage loan programs are one of the most popular first-time homebuyer loans in the United States to purchase a home. If you are in the market to buy a home, Clear Lending can assist you get FHA mortgage loan at the best interest rates.

FHA is a government agency under the U.S. Department of Housing and Urban Development which insures first time home buyer loans. It is mainly aimed at offering low income home buyers to borrow money for property ownership. As a borrower you would need to pay mortgage insurance to protect the interest of the mortgage lenders in case of default.

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 First Time Home Buyer Loan Program:

1. Low Credit Score:
First time home buyer loans are one of the best home loans for low FICO credit scores in Houston because of its minimum credit score requirements. If you have a Credit Score of 580 or higher you would be able to get a mortgage with just 3.5 percent down payment. For borrowers with credit scores between 500 and 579 at least 10 percent down payment is mandatory.

Home buyers under 500 credit scores are generally not eligible for FHA mortgage loans. FHA offers some concessions for applicants without credit history who are categorized under “nontraditional credit history” or “poor credit scores” and who meet other requirements. However such mortgage loan 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. Besides your savings, FHA also allows to use other sources such as grants from a local or state down payment assistance programs or family gifts to facilitate home ownership.

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:
The Federal Housing Administration is an insurer and not a lender. Therefore an applicant in need of an FHA mortgage loan program will need to apply thru approved lenders such as Clear Lending lenders. We maintain a license relationship with the best lenders securing our applicants request to be approved. The mortgage loan interest rate and its closing costs may vary between lenders. At Clear Lending, we will guide you to the best interest rate in Houston and in Texas offering you the absolutely best deal.

5. Banks vs. Mortgage Brokers:
Applying for an FHA First Time Home Buyer Mortgage Loan Program involves a lot of research. Banks and lenders follow varying underwriting standards with closing costs and/or its 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:

Chargeable @ 0.7% for 15-year loan with down payment of less than 10%
Chargeable @ 0.45% for 15-year loan with down payment of 10 % or more.
Chargeable @ 0.85% for 30-year loan with down payment of less than 5%
Chargeable @ 0.8% for 30-year loan with down payment of 5% or more.

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 to help customers considering purchase a home in need of an FHA Home Loan Program or refinancing an existing FHA loan program. Please simple complete our 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:

  • Soraya Guzman • October 04, 2018

    My experience with Joan and the clear lending team has been amazing! Joan helped us greatly, with poor credit and a job loss he was able to get us a loan! He looked out for us when choosing a home he didn’t try to push us to buy a house and always did his research. He explained every step, made sure we understood, and was there at every hour to answer any questions we had. Even after the purchase he has followed up to make sure we have no issues with our home.If you’re looking to buy a house I definitely recommend Joan and the team!

  • Roy & Denita Hawkins • July 19, 2017

    Joan and Clear Lending were a blessing for our family! Prior to working with Joan, I ran into one brick wall after another with financial institutions that simply judged me based on a "credit score" without taking into account any contributing factors beyond my control. Fortunately for us, we met Joan. He was able to do something that up until that point seemed impossible...approval for a home purchase! He worked long hours and showed great patience. We have been in our new home purchase a little over two months and we owe Joan a great deal of credit. I recommend anyone who is interested in purchasing a home to give Joan a call before you give up. If it can be done he is the guy to make it happen! I have already referred a family member and they are excited. Thanks, Joan!

  • Rebecca Rose • November 04, 2015

    If you want a hard working loan officer Joan Gallardo is the one. Joan worked on our loan day and night plus he was always available whenever we had questions. I learned a lot from him about residential loans in the process. Thanks Joan!

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