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FHA home loans in San Antonio Texas

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FHA home loans

What is an FHA Home Loan?

FHA loans are one of the most popular mortgage loans available today especially for first time home buyers.

Federal Housing Administration Loans, otherwise known as FHA, is a program that is run by the Department of Housing and Urban Development (HUD). FHA loans are home loans that are insured by the Federal Housing Administration (FHA)

One of the best things about FHA loans is that they require a low down payment (only 3.5%) verses Conventional home loans that have a minimum of 5%-20% down payment.

See the documents needed for a FHA Home Loan.

FHA loans in the San Antonio area

FHA insured mortgage offers many benefits and protections. There are many benefits to purchasing with an FHA loan. You can take advantage of a low-fixed rate and put very little, or in some cases, no money down. With an FHA purchase, less than perfect credit is not a problem. In fact, lower credit scores or no credit scores can be approved. You might have a past bankruptcy and still qualify for an FHA loan! Additionally, a down payment can be a gift. With lower PMI than conventional loans, now might be a good time to take advantage of the benefits of purchasing with an FHA loan.

Basic FHA Loan Qualifications

Basic qualification requirements for an FHA loan are:

  • 2 years of steady verifiable income
  • as little as 3.5 % down payment - which can be a gift from family

2018 FHA home loan limit chart for San Antonio

No. of Units FHA Mortgage Limits
1 - One-Family $359,950
2 - Two-Family $460,800
3 - Three-Family $557,000
4 - Four-Family $692,200

FHA Loan limit vary here in Texas dependent on what county that the property is in. The range for Texas is $294,515 - $386,400.
Here is a link to check your county.

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Bankruptcy or Prior Foreclosure

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage.

If at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have re-established good credit, or have chosen not to incur new credit obligations.

With a Prior Foreclosure, a borrower is generally not eligible for a new FHA-insured mortgage when, during the previous three years. If their previous principal residence or other real property was foreclosed, or has given a deed-in-lieu of foreclosure.

Are FHA Loans Assumable?

Yes. You can assume an existing FHA-insured loan or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan.

Also, assuming a loan can often result in a lower interest rate. The application process consists of a credit check - no property appraisal is required. The borrower must also demonstrate that he or she has enough income to support the mortgage loan. In this way, qualifying to assume is similar to the qualification requirements for a new mortgage loan. We are dedicated to making your FHA loan as effortless and hassle free as possible. We look forward to helping you save thousands on your FHA home mortgage.

Loan Terms for FHA Loans

FHA loans can be finance or amortized for the following terms:

  • 10 Year
  • 15 Year
  • 20 Year
  • 25 Year
  • 30 Year
  • With Odd terms allowed down to 240 months

FHA Occupancy Requirements

  • Must be your Primary Residence - must be owner occupied
  • Secondary or Vacation homes are not allowed
  • Investment property is not allowed
  • Condos must be FHA approved

Eligible and Ineligible Properties

Properties that are Eligible for FHA Home Loans are Single Family Homes, Duplexes, Tri-Plexes, Four-Plex, Warrantable Condo/PUD/Townhouses.

Properties that are Ineligible for FHA Home Loans are Non-warrantable Condo/PUD/Townhouses, Timeshare, Mixed Use, Mobile Home, Cooperative, Condo/PUD Hotel, Commercial Property, Working Farms, Properties that have been assumed and Life Estates.

Why choose Grove Mortgage for your FHA home loan?

Our headquarters is located in San Antonio, Texas and are a VA Approved lender and Licensed Mortgage Broker and have been providing mortgage throughout Texas since 2002.

We can help you accomplish your home purchase with expert service, fast closing and very low fees and proudly boasts an A+ rating from the Better Business Bureau.

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FHA Loans and Mortgage Insurance

Federal Housing Administration (FHA)-backed loans are a very popular loan because they allow a small down payment and attractive interest rates and attract a lot of first time home buyers. But the amount of mortgage insurance is usually costly as compared with VA Home Loans, USDA loans and FHA mortgage insurance premiums (MIP).

FHA loans still require an (UPMIP) Upfront Mortgage Insurance Premium (currently at 1.75% of the base loan amount) and have changed the Annual MIP Premium effective for case numbers assigned on or after January 26, 2015 in the Mortgagee Letter 2015-01

If you currently have and FHA loan and paying MIP every month, it may be time to see what other options may be available to possibly refinance and remove the MIP and lower your monthly payment. Please give us a call or get a Free Quote here online.

FHA Loan Annual MIP Premium for Term > 15 Years

Base Loan Amt. LTV Annual MIP
≤ $625,500 ≤ 95.00% 80 bps
≤ $625,500 > 95.00% 85 bps
> $625,500 ≤ 95.00% 100 bps
> $625,500 > 95.00% 105 bps

FHA Loan Annual MIP Premium for Term ≤ 15 Years

Base Loan Amt. LTV Annual MIP
≤ $625,500 ≤ 90.00% 45 bps
≤ $625,500 > 90.00% 70 bps
> $625,500 ≤ 78.00% 45 bps
> $625,500 78.01% - 90.00% 70 bps
> $625,500 > 90.00% 95 bps

Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.

210-656-1134

Find out how much you qualify for with No Cost, No Credit Check, and No Obligation!

Grove Mortgage Home Loans of San Antonio