FHA Mortgage Loans in Texas

In this modern-day and age, looking for that home that best suits your needs can prove to be quite a challenge. But it can be even more challenging when you’re trying to look for the right mortgage lender. There are numerous to choose from, especially here in the state of Texas, where numerous FHA loan lenders in Texas will be willing to offer you the best deal. But while they appear promising, it’s imperative that you’re aware not all FHA loans in Texas offer the same set of terms. More so, it’s equally important that you know only one will prove to be the most beneficial of them all. And if you’re burdened with attempting to find the right loan lender, then don’t keep frustrating yourself and call American Bancshares today!

With more than 20 years of experience gained through our unmatched services as well as their deep dedication to empowering communities, you can trust that our staff of professionals are the premier FHA mortgage lenders in Texas. If you wish to learn more about why you should hire us as well as what an FHA loan is, then continue reading below.

Why You Should Choose American Bancshares For an FHA Loan in Texas

We here at American Bancshares are recognized far and wide as one of the most highly established and reliable FHA loan lenders in Texas. For more than 20 years, our organization has empowered partners and assisted communities. And thanks to this, our work has extended far across the entire nation.

The entire structure of American Bancshares was created and designed by industry professionals who are deeply knowledgeable of today’s home financing market. Unlike banks, our organization offers mortgage products, meaning that all of our FHA loan lenders in Texas are licensed and well-versed in mortgage lending. Not only are they qualified to provide you with professional and ethical advice, but they’re also more than devoted to helping you find the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our deep drive to serve the community comes from our core values as an organization as a whole: commitment, integrity, and transparency. The majority of our staff members — including our senior management — have held a seat in all chairs of the mortgage industry, allowing us to gain insight into the industry from all perspectives. And thanks to this in-depth perspective paired with deep knowledge, we’re allowed to effectively and efficiently adapt to industry change while still providing you with super service and first-in-class customer services that we’re so widely known for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain an FHA loan in Texas that will help you acquire the property you seek to purchase.

FHA Loans in Texas

It’s widely believed that if you earn a low income and possess an even lower credit score, you can’t purchase a home. This, however, couldn’t be further from the truth. With a Federal Housing Administration (FHA) loan provided to you by an FHA-approved Texas mortgage lender, you can best believe that you’ll be able to purchase property easily when you’re financially disadvantaged.

FHA loans in Texas are created to help low-moderate income borrowers. They don’t require you to meet the standard criteria you will often see in conventional loans. Some examples of such lower-than-standard requirements include having a credit score that’s at least 580 and making a down payment as small as 3.5%. Even if you have a credit score that’s lower than 580 (between 500-579) you’re still able to qualify for FHA home loans in Texas as long as you’re able to make a 10% down payment.

Being FHA approved mortgage lenders in Texas, we are deeply driven to continuously improve the quality of communities. If you have a low credit score and need help in paying for the acquisition of property, feel free to call us.

FHA Loans Vs. Conventional Loans

FHA home loans in Texas are available to individuals with credit scores that are as low as 500. If you happen to have a credit score that falls between 500 and 579, you might be able to qualify for an FHA loan in Texas if you can afford a down payment of 10%. If you have a credit score of 580 or higher, you can get an FHA loan with a down payment that’s as little as 3.5%. Compared to a conventional loan, you’ll often need a credit score of at least 620 and make a down payment between 3% and 20%.

For an FHA loan in Texas (like any other mortgage loan), at least two years must have passed since the borrower experienced a bankruptcy event. You must also be at least three years removed from any mortgage foreclosure events and must also demonstrate that you’re working toward re-establishing good credit. If you are titled as a delinquent on your student loans and/or income taxes, you won’t have to qualify for FHA loans in Texas.

Types of FHA Loans

There are 5 types of FHA loans in Texas, they are:

  • Traditional Mortgage
      • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
      • If you are 62 years of age or older, then this FHA loan type might be right for you. This is a reverse mortgage that converts the equity of your home to cash while you still retain the title of your home. You’ll be able to choose how to withdraw the funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • This loan type factors in the cost of certain repairs and renovations into the loan. It allows you to borrow money for both property purchases and home improvements. This FHA loan in Texas will make a huge difference if you don’t have enough cash on hand after you make the down payment.
  • Energy Efficient Mortgage Program
      • With this mortgage loan, you’ll be granted extra funds to pay for energy-efficient home improvements that are intended to lower your utility bills.
  • Section 245(a) Loan
    • With a Graduated Payment Mortgage (GPM) this FHA loan in Texas will lower initial monthly payments that gradually increase, and a Growing-Equity Mortgage (GEM) has scheduled increases in monthly principal payments resulting in shorter loan terms.

Hire American Bancshares For Their FHA Loans in Texas

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA mortgage lenders in Texas, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. You can trust that with their deep knowledge and handiwork, you’ll become absolutely satisfied with their services. For any inquiries, you may call us at 1-833-937-2276 or visit us online to schedule a free consultation

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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