99.5% FHA Financing Program (Only available in Texas)

Available for borrowers with Credit Scores down to 580!

The program allows up to 99.5% financing and is designed to help low to moderate income borrowers realize the dream of home ownership. This is achieved with a 2-part package:

1) A fixed interest rate on a 30-year FHA loan 96.5% of the sales price or appraised value (whichever is lower).
2) Assistance with down payment and/or closing costs via a low, fixed-rate second loan 3% of sales price or appraised value (whichever is lower). The 3% second mortgage may be used for any of the following:
• Down payment (most common)
• Closing costs
• Rate adjustments
• Up-front mortgage insurance premium

Highlights:

• The program is not limited to first-time home buyers.
• Gift funds allowed from immediate family members only.
• Seller can contribute up to 6% of the purchase price towards buyer closing costs

FHA Programs
Available to borrowers with Credit scores down to 560!
FHA loans are ideal for first-time home buyers and insured by the Federal Housing Administration. Down payments can be in the form of gifts, grants or subordinate financing. These loans offer either fixed or adjustable interest rates, with 30-year repayment terms. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD).

Highlights:
• Only 3.5% down required for qualified borrowers with credit scores down to 580.
• Only 10% down required for qualified borrowers with credit scores down to 560.
• Gift funds can be used for down payment
• Sellers can contribute up to 6% of purchase price towards buyers closing costs