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FHA Loan Program:

First Time Home Buyer Loan Program in Houston with low down payments and interest rates

Government

First Time Home Buyer Loan Program in Houston with low cash to close requirements, low credit scores starting at 500 scores and debt ratios over 50% make them the program of choice for first time home buyers. We offer low low rates. Apply Online.

 

Are you in the market to purchase a home in Texas? Is this your first time buying a home? If you answered yes to both questions, Clear Lending offers mortgage loan programs from the Federal Housing Administration, also known as FHA Mortgage Loan Programs, specially designed for first time home buyers.

The First Time Home Buyer Loan Programs are in Houston amongst the most popular mortgage loan products because of its affordable down payment, by far its less stringent lending standards as in the case of VA Loans and above all because of its lowest minimum credit score requirements. FHA mortgage loans are insured by the Federal Housing Administration, a government agency within the US Department of Housing and Urban Development. Borrowers who purchase their homes with FHA loans will need to pay mortgage insurance to protect the mortgage lender from loss in case borrowers’ loan default. Thanks to this insurance, FHA mortgage lenders for low credit scores in Houston provide mortgage home loans still for bad credit scores at very attractive interest rates, with more flexible qualification requirements and thus making it easier access to home ownership.

Secure the purchase of your home with FHA Home Loans for Bad Credit.

Why do borrowers buying a home prefer First Time Home Buyer Loan Programs in Houston over Conventional Loan Programs? Because borrowers buying a home with Clear Lending FHA loan programs will always have higher chances to close a mortgage loan with the best interest rates in Houston.

FHA mortgage home loans for poor credit scores:

1. Less than perfect credit:
FICO scores or Fair Isaac Corporation credit score rating system ranges from 300 to 850 and the higher is the score, the better. FHA mortgage loans offered at Clear Lending allow a borrower to buy a home with poor credit scores. Actually anyone with a credit score of 580 or higher will be able to get a mortgage with only 3.5 percent down payment. In addition those borrowers with credit scores between 500 and 579 will need to make down payments of at least 10 percent.

People with credit scores under 500 are generally ineligible for FHA loans. Notwithstanding borrowers without credit history, FHA will make specific allowances for applicants who are able to provide twelve-month worth of alternative credit history from three different accounts also known as "nontraditional credit history". The Federal Housing Administration allows mortgage credit after analyzing whether alternative credit payment histories reveal applicants ability and intent to repay loans. Ask us if you qualify. Clear Lending offers FHA loans for bad credit in Houston as well.

2. Sources of Down Payment:
Applicants buying a home with an FHA mortgage loan program in Houston have several options to source funds for down payment. The vast majority of borrowers use their own savings to make their down payment. However, other sources of funds include gifts from family members or grants from a state or local government offering down payment assistance programs. Those borrowers who will need a family gift as their down payment it is imperative they consult first with their loan officer as all gifts require certain paper trail in order to be acceptable. Unfortunately many applicants applying for a mortgage loan who have received gifts before applying end up finding out their gift source is not acceptable to Federal Housing Administration.

3. Closing Costs:
The Federal Housing Administration allows home sellers, builders and lenders to pay some of the borrower's closing costs, such as origination charges, title expenses, escrow reserve requirements or other charges. Borrowers can ask lenders to charge a higher interest rate on their loan to cover most or all closing costs.

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4. Mortgage Lender must be FHA approved:
Because the FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved mortgage lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs - even on the same FHA loan. Clear Lending is an FHA lender for bad credit as well.

5. Banks vs. Mortgage Brokers:
Costs, services and underwriting standards will vary among bank and lenders. In addition, applying with each bank requires a new credit report or credit inquiries. Because applying multiple times at Banks may lower credit scores and because Mortgage Brokers offer greater Lender variety with only one credit inquiry, it may be advantageous to work with mortgage brokers. It assures Borrowers preserving Their highest credit scores get lower interest possibly helping rates.

6. Mortgage Insurance:
FHA loans: The upfront premium is 1.75 percent of the loan amount - $1,750 for a $ 100,000 loan. This upfront premium is paid when the borrower gets the loan. It can be financed as part of the loan amount.
The second is called the annual premium, although it is paid monthly. It varies based on the length of the loan, the amount borrowed and the initial loan-to-value ratio, or LTV.

Annual premiums for FHA loans:

15-year loan, down payment (or equity) of less than 10 percent: 0.7 percent
15-year loan, down payment (or equity) of 10 percent or more: 0.45 percent
30-year loan, down payment (or equity) of less than 5 percent: 0.85 percent
30-year loan, down payment (or equity) of 5 percent or more: 0.8 percent

Do not wait any longer and find out how much you can get Pre-Approved for.

If you are in need of First Time Home Buyer Loan Program in Houston, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.

Customers Reviews:

  • Carolyn De Leon • December 22, 2016

    Good afternoon Joan, thank you so much for all your hard work and patience during this journey. I know it was not easy but we made it. I hope God continues to use you to help make other people's dreams come true. You and your team have been a blessing to my family. Have a Merry Christmas and a most wonderful and prosperous New Year!!!!! Once again, Thank you and Best Regards Carolyn De Leon

  • Migdia Uribe • March 04, 2019

    FROM GOOGLE: We are first time home owners, thanks to Joan and his team at Clear Lending. I may add his assistant Patricia A. was very pleasant to work with and very attentive. Our house hunting journey was painless, smooth, and actually quick. How quick… in 29 days we went from looking at 10 houses (in one day), we were serious about buying a house. Joan provided potential houses for us in the area we wanted and we did our homework in reviewing and narrowing it down to 10. From looking at different houses to the closing date, I can stay Joan was very much hands on through the whole process. My husband dealt with Joan primarily, but I could see how Joan was there for us. When we had questions at any given time, we could asked, he was always available and responsive. As first time home buyers we had lots of questions and Joan didn’t minimize our questions. Joan is very knowledgeable in his line of work, I can honestly say that. He always kept us informed of what was going on behind the scenes, so we felt at ease. Thanks to Joan, we were able to obtain a good low mortgage rate. Obtain a HOUSE, we are happy and thankful to call our own! My husband actually found Clear Lending online and we couldn’t believe the reviews, it sounded too good to be true. Take it from us, it’s true, we have experienced ourselves. We are thankful to Joan for his dedication, sincerity, knowledge, and guidance. Joan was truly a blessing for us. We would truly recommend Joan and his team at Clear Lending. God bless you Joan. Migdia

  • Guillermo Canseco • January 12, 2015

    Estimado Sr. Gallardo buenos días,

    Hay pocas cosas que se comparen con el comprar una casa. Para mi y mi familia esto es un sueño y ustedes fueron una parte esencial de esto, en verdad no encuentro palabras para agradecerles su apoyo, profesionalismo y su paciencia. Creo que una de las mejores formas de decir gracias es con referencias y creanme que dudo que haya un servicio comparable al que ustedes brindan, por lo que los recomendaré a cuanta persona encuentre buscando una casa.

    De corazón, muchas gracias a todos...

    Lo mejor para ustedes y sus familias en este 2015.

    Un abrazo

    Guillermo Canseco

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