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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.


PROGRAM UPDATE DUE TO CORONAVIRUS COVID-19:  Due to recent pandemic events affecting the stability of our lives, creating uncertainty in our financial markets and thus impacting its liquidity negatively, some programs may need time pending a resolution before they are fully available. Feel free to proceed with your application regardless of your credit scores, and we will do our absolute best to update you and give options on how to proceed with your loan process to a successful closing. Thanks.

The following program only applies to the purchase of a primary residence.    

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

Have you recently been denied a mortgage loan over credit scores? Has your loan been 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 provides 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 home buyer loans in the United States to purchase a home. If you are in the market to buy a home, Clear Lending can assist you in getting an FHA mortgage loan at the best interest rates.

FHA is a government agency under the U.S. Department of Housing and Urban Development, which ensures first time home buyer loans 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 FHA insures the loan. The qualification requirements are flexible and straightforward, 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 a 10 percent down payment is mandatory.

Homebuyers under 500 credit scores are generally not eligible for FHA mortgage loans. FHA offers some concessions for applicants without credit history categorized under "nontraditional credit history" or "poor credit scores" and who meet other requirements. However, such mortgage loan applications are treated on a 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 significant restrictions on the source of your down payment. Besides your savings, FHA also allows using other sources such as grants from a local or state down payment assistance programs or family gifts to facilitate homeownership.

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 add the closing costs with your mortgage and request the lender to increase the loan's interest rate.

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 through approved lenders such as Clear Lending lenders. We maintain a licensing relationship with the best lenders securing our applicants' requests to be supported. 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 Texas, offering you the absolute 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 its services are also changing. Add to it the fact that you will have to provide new credit records 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, the term of the loan and initial LTV (loan-to-value ratio)

Annual premiums Payable for FHA Loans:

Chargeable @ 0.7% for a 15-year loan with a down payment of less than 10%
Chargeable @ 0.45% for 15-year loan with down payment of 10 % or more.
Chargeable @ 0.85% for a 30-year loan with a 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 find out the amount you are Pre-Approved.

At Clear Lending, we help our customers in need of an FHA Home Loan Program to purchase a home or refinancing an existing FHA loan program. Please simply 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:

  • Jeff Cokenour • October 19, 2018

    FROM GOOGLE: Joan was incredible and helped me get my VA jumbo loan to purchase my property. From finding the right property to walking me through every step of the loan and closing process, Joan provided superior service. I highly recommend him!!!

  • Carolyn De Leon • December 22, 2016

    Good afternoon Joan, thank you so much for all your hard work and patience during this journey. I know it was not easy but we made it. I hope God continues to use you to help make other people's dreams come true. You and your team have been a blessing to my family. Have a Merry Christmas and a most wonderful and prosperous New Year!!!!! Once again, Thank you and Best Regards Carolyn De Leon

  • Armeris Tamayo • December 20, 2019

    Hello to all those people who follow closely Clear lending Houston tx. First, tell them not to be afraid to make a decision and approach to seeking information. I know that for many they think that buying a house is a big problem or a tedious process, I also thought the same thing but I can not tell you that since I arrived at the clear lending office where I was well received, I already knew that I was part of the big family that is clear lending for good attention the positive environment and where you breathe airs of achievement. I can also tell you that the professionalism and knowledge of these people make this long process less heavy and more enjoyable. When there are people who know what they are doing, they make the processes easier, I say so because not only is it I want such a house or another. I tell them that no, throughout this process it is where you start to find what you want, you learn from several tips that are provided by a great agent that is Joan thanks to his knowledge and his advice I managed to get the house that I did not think to have. Regardless of thinking about my budget and my possibilities, your help was very important for my final decision, achieving this great dream.

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