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What You Should Know About FHA Loans

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What You Should Know About FHA Loans

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  1. What You Should Know About FHA LOANS Affordable closing costs and low down payments are the key features of loans offered by Federal Housing Administration (FHA). These loans are insured by the U.S. Department of Housing and Urban Development (HUD). Things To Know: Only 3.5% down payment is required with a credit score of 580. FHA allows sellers, builders, and lenders to pay 6% of total closing costs required during the process. Inquiry $ With a credit score of 500-579, a down payment of 10% is required. Borrowers need to pay two types of insurance premiums - Upfront Insurance Premium & Annual Insurance Premium (paid monthly). FHA Loans Are Best For: Borrowers who have a low credit rating (Subject to FHA guidelines). People who cannot afford higher down payments. Borrowers who have a high debt-to-income ratio. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 5325 Saratoga Blvd., Ste. 225 Corpus Christi, TX 78413 361-994-3978 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 2422 E. Main St. Gatesville, TX 76528 254-248-0029 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 www.fcmloans4u.com .

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