Texas FHA Lender
FHA Mortgage Options with Max Leaman Mortgage
Your Texas FHA lender, The Leaman Team, offers FHA loans throughout Texas and most other states as well. There is no cost to apply for an FHA loan with The Leaman Team. Call now – toll-free: (800) 301-3405 or email Team@MaxLeaman.com.
Austin FHA Lender – Frequently Asked Questions (FAQ)
What makes a mortgage an FHA loan?
The Federal Housing Administration (FHA) insures FHA loans. This is the most significant factor. There are additional loan guidelines specific to FHA loans.
What are the primary benefits of an FHA loan?
Most FHA borrowers seek the low down payment requirements of FHA mortgage loans. With as little as 3.5% down, and with greater flexibility in FHA loan guidelines – FHA loans are incredibly popular for residential home financing.* If you credit is lower than 740, FHA also provides extremely competitive mortgage rates and low fees with The Leaman Team. There is no cost to apply for an FHA loan with The Leaman Team. Call now – toll-free: (800) 301-3405 or email Team@MaxLeaman.com.
What are the downsides of an FHA mortgage?
We find the primary reason many clients do not get an FHA loan is FHA mortgages have a maximum loan amount. FHA loan limits do change with some regularity. FHA creates loan limits by county based on the average home prices throughout the United States.
Loan limits as of March 2012:
AUSTIN-ROUND ROCK, TX (MSA)
| One-Family | Two-Family | Three-Family | Four-Family |
| $288,750 | $369,650 | $446,800 | $555,300 |
DALLAS-PLANO-IRVING, TX METROPOLITAN DIVISION
| One-Family | Two-Family | Three-Family | Four-Family |
| $271,050 | $347,000 | $419,425 | $521,250 |
HOUSTON-SUGAR LAND-BAYTOWN, TX (MSA)
| One-Family | Two-Family | Three-Family | Four-Family |
| $271,050 | $347,000 | $419,425 | $521,250 |
SAN ANTONIO, TX (MSA)
| One-Family | Two-Family | Three-Family | Four-Family |
| $332,500 | $425,650 | $514,500 | $639,400 |
View FHA Loan Limits Throughout the United States.
Another drawback to an FHA loan is that the loan option requires a mortgage insurance premium payment that is nonrefundable. The premium is equal to 1% of the loan amount. The FHA mortgage insurance must be maintained for the greater of: 5 years or until the FHA loan amount is paid down to 80% of the sales price.
FHA loans are extremely popular loans for borrowers throughout the United States. With the low downpayment and great mortgage rates, you can own the home of your dreams now.
How do I qualify for an Austin FHA loan?
There is no cost to apply for an FHA loan with The Leaman Team. Call now – toll-free: (800) 301-3405 or email Team@MaxLeaman.com.
What credit scores are required to obtain an FHA loan?
The Leaman Team provides FHA loans for qualified borrowers with credit scores 620 and above.
- FHA Purchase = 620 Minimum Credit
- FHA Limited Cash-Out Refinance = 640 Minimum Credit
- FHA Streamline Refinance = 640 Minimum Credit
| Loan Amount: | $185,000 |
| Loan Term: | 360 Months |
| Interest Rate: | 3.75 |
| Annual Percentage Rate (APR): | 3.80 |
This notice is being provided to you for adequate notice given under this act.