Homeownership comes with rewards, and long term commitment to the responsibilities attached to owning home. Lenders will not just give you a huge loan right away. The creditor will evaluate you’re financial health and assess whether or not you’re prepared for the biggest loan that you’ll probably make. There are factors that can affect your mortgage approval. There’s a lot you can do to get your application approved and move forward with buying your dream home in Houston. The following tips will help you avoid the heartaches of getting rejected for a mortgage.
These are just the basic eligibility for FHA Loan Requirements in Texas. There may be additional requirements depending on the type of home loan and the lender you choose to work with as you apply for mortgage.
The minimum down payment is 3.5% of the appraised value or purchase price. Your down payment doesn’t have to come from your own pocket money. Approved sources and family member can contribute and this must be properly documented.
Borrowers must have a credit score of 500 or higher. For 3.5% down payment, you must have a score of 580 or higher.
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