FHA Loans

Mortgage Specialists in partnership with 4Trust and Gateway Mortgage brokers FHA loans in every city and county in Texas. Both of these mortgage banks are approved by HUD to originate FHA loans. Call a Mortgage Specialist L.L.C. FHA loan specialist with any questions. Please refer back to my home page for more information on this or any other loan programs.


Basic FHA Loan Requirements

  • Low Down Payment of 3.5%
  • Up to 95% Cash-Out Refinance
  • FHA Streamline Refinance   (No appraisal required)
  • Flexible credit scoring  (more lenient)
  • NO Maximum Income Limits
  • Gift Funds:   Allowed for the entire 3% down payment  (family member, employer, gov't agency)
  • Gift Funds:  Closing Costs and Prepaids  (family member, employer, gov't agency)
  • 6% Seller Contributions  (closing costs)
  • Down Payment Assistant (DPA) Programs allowed
  • NO Cash Reserves Required
  • Non-Occupant "Co-Borrower"  (income used to qualify)
  • 31% Front end ratio & 43% Back end ratio  (flexible)
  • Collections do not need to be paid  (LOX) needed
  • 3 Non Traditional Tradelines OK for credit history  (utilities, phone, etc.)
  • Gap in Employment OK
  • Self Employed 1-2 Yrs OK
  • Permanent Resident Alien OK
  • NO pre-payment penalty
  • FICO Scores to 580

FHA Loan Facts


HUD guarantees "eligible" loan applicants the ability to obtain mortgages with little or no money down. FHA loans can be fully assumable. Loan limits apply depending upon where the property is located in Florida.

FHA loans feature low down payments and flexible guidelines to make it easier to qualify! FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the home. Please keep in mind that the loan will be based on the purchase price or the appraised value, whatever is the lesser amount.

FHA stands for the Federal Housing Administration. FHA was created in 1934 to help Americans realize the dream of Homeownership. FHA was absorbed into HUD in the 1960s and is now known as HUD-FHA.   

The advantages of a HUD-FHA insured mortgage product to a homebuyer are many fold. A homebuyer may apply for a HUD-FHA insured mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurance permits lenders to make mortgages for first time homebuyers without risk. 

There are no income limits or credit scoring with an HUD-FHA insured mortgage, so most anyone can qualify as long as they have a reasonable credit history and can afford the monthly mortgage payments.

You can also combine FHA mortgage programs with many first time homebuyer grants or down payment assistance programs offered by other agencies. 

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller can pay for most of the “traditional” closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gift funds.

Our Real Estate Services are free of charge to the homebuyer. The seller of the property pays our fee and we represent your fiduciary interests in the entire transaction. Our Mortgage Services are at the best rates and fees in the area because of our one stop shopping concept. Call today at 817-690-9296 for more information.

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