KEY POINTERS TO KNOW OF FHA MORTGAGE

What is FHA Mortgage?

In today’s world, many cannot simply think of settling down by owning a house. In there comes the FHA to rescue. Federal Housing Administration or FHA is a branch of the Department of Housing and Urban Development of United States. These are usually government based mortgages and are fully insured by the Federal Housing Administration. In case of financial crisis, the FHA Mortgage Texas borrowers pay the insurance of the mortgages to the borrower which in turn protects the lender from any loss if the borrowers get defaulted on the loan. For the first-time home buyers, the FHA Mortgage is very popular and demanding.

Eligibility criteria for FHA Mortgage

• The main eligibility criteria for the FHA Mortgage is the credit score and the down payments.
• Only a down payment of 3.5 % and a minimum FICO score of 580 is required to qualify for the FHA Mortgage.
• A valid Social Security number is required for the borrower.
• The borrower should be a lawful resident of the US and should also attaint the required age to sign the mortgage papers.
• The borrower should have a minimum of two years’ work relationship with the same employer.
• The new FHA Mortgage Austin loans are available only for the primary residence.
• Minimum of two years the borrower should not be bankrupt.

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