FHA Loan Research Paper
An FHA loan in Texas is one of the easier loans to get when purchasing a new home. The requirements and down payment amounts are lower than some other loan options that are available. To get an FHA loan, you need to have a median FICO score (credit score) of 580 and 3.5% of the loan for a down payment.
Don’t have 3.5% saved up in your checking account or savings account? What do you do you don’t have 3.5% of the loan for a down payment? You can get a donor to gift you the money. If you have a family member or friend, who is willing to gift you the money for the down payment without the expectation of the money being repaid, you can have them fill out an FHA gift letter when they give you the down payment money.
There are three keys to getting an FHA loan in Texas: steady employment record, …show more content…
Yu need to pay your bills on time. If you have credit cards, you need to pay more than the minimum payment each month. In addition, it is best if you don’t open a bunch of new loans or credit cards in the last several months. While having available credit card funds is a positive, opening new credit cards requires a credit check and those checks can lower your credit score.
Understand Your Budget
The last key to applying for an FHA loan in Texas is having a firm grasp on ow much money you spend on your bills each month, what your frivolous spending looks like, and evaluate how much you can afford each month in a mortgage payment. You need to consider additional expenses such as water, electric, gas, property taxes, home upkeep, and other necessities. Once you estimate how much all those expenses add up to and substract it from your available monthly resources, you will be left with how much you can spend on a mortgage. Remember your debt to income ratio must be below 43% when selecting a house to purchase.
Contact Signature Lending Services
Don’t have 3.5% saved up in your checking account or savings account? What do you do you don’t have 3.5% of the loan for a down payment? You can get a donor to gift you the money. If you have a family member or friend, who is willing to gift you the money for the down payment without the expectation of the money being repaid, you can have them fill out an FHA gift letter when they give you the down payment money.
There are three keys to getting an FHA loan in Texas: steady employment record, …show more content…
Yu need to pay your bills on time. If you have credit cards, you need to pay more than the minimum payment each month. In addition, it is best if you don’t open a bunch of new loans or credit cards in the last several months. While having available credit card funds is a positive, opening new credit cards requires a credit check and those checks can lower your credit score.
Understand Your Budget
The last key to applying for an FHA loan in Texas is having a firm grasp on ow much money you spend on your bills each month, what your frivolous spending looks like, and evaluate how much you can afford each month in a mortgage payment. You need to consider additional expenses such as water, electric, gas, property taxes, home upkeep, and other necessities. Once you estimate how much all those expenses add up to and substract it from your available monthly resources, you will be left with how much you can spend on a mortgage. Remember your debt to income ratio must be below 43% when selecting a house to purchase.
Contact Signature Lending Services