What is an FHA Loan?

There are many different types of home mortgage loans available to choose from, however FHA loans have greatly increased in popularity over the years, due to its easier qualification requirements, low down payment options and backing by the Federal Housing Administration.

FHA mortgage loans were designed to make home ownership easier to obtain for the general population. The requirements for FHA loan eligibility are often times more loose than a traditional conforming loan, and with insurance against default by the FHA, lenders feel at ease knowing that the loan will be paid for.

An FHA loan might be a good idea for you if you have no credit, are a first time home buyer or have a few bumps in your distant credit history. It’s also one of the only options for those who need to use gift funds for their down payment or need a low down payment.

Getting an FHA Loan in Texas

If you are shopping around for a home purchase loan, or want to refinance your current home loan, Venta Mortgage is an FHA lender in Texas. We offer FHA mortgage loans for home purchase and refinance. There are also FHA loans that are not as popular but also available, such as an FHA streamline refinance which allows a borrower already in an FHA loan to lower their monthly payments by lowering their original mortgage interest rate as well as skip up to 2 payments. There is also an FHA203k loan that can be used for purchase or refinance that allows including major repairs to the home within the loan. As your premier Midland mortgage company, Venta Mortgage can walk you through the process of obtaining an FHA home loan or FHA refinance. Feel free to contact us today to get started.