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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 programs are one of the most popular first time home buyer loans 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 first time home buyer loans. 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 First Time Home Buyer Loan Program:

1. Low Credit Score – FHA first time home buyer loans are 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 first time home buyer 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:

  • Rosa Iraheta • March 28, 2018

    Joan has help many of my clients to get their loans, he is very professionals and helpful, and always available for any questions that me or my clients had during the loan process. One of my client was in DACA program and Joan help him to get his loan. I will recommend Joan and his team . Thanks you

  • Sohail Ahmed • October 03, 2016

    Thanks Joan for helping me refinance my house at such an excellent interest rate. For anyone reading this I want to let you know Joan has worked very hard even calling me 10:00 pm to push me get him documents needed for a final approval. I am very happy you Joan worked my loan and actually we will talk soon for my new coming home. Thanks again Joan.  

  • Natalia y Juan Ochoa • August 27, 2013

    Buenas noches Joan,

    Espero que este mensaje lo encuentre bien. Le escribo para darle las gracias por su ayuda y apoyo durante el proceso del préstamo de nuestra casa, aprecio su servicio y interés ante la situación y mas que todo su eficiencia y profesionalismo para realizarlo.

    De nuevo mil gracias por ser parte de este momento tan importante para nosotros . Le deseamos la mejor de la suerte a usted y a su empresa.

    Esperamos seguir en contacto para un futuro.

    Un cordial saludo,

    Natalia y Juan

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