FHA INSURED LOAN (Federal Housing Administration)
A loan specifically made to help out *1st time* home buyers. FHA home loans are a viable option for many Texas first time home buyers, & might even provide more options than a conventional loan. A 3.5% down payment is required on all FHA loans. Borrowers can go as high as 57% debt-to-income ratio. FHA Loans also allows up to 6% seller’s contribution towards the buyer’s closing costs and prepaid items.
FHA may be a good fit for you if....
You are a first time home buyer.
You have less than perfect credit.
Your debt-to-income ration is less than ideal.
If you've declared bankruptcy in the past.
If you'll need a co-signer.
A credit score of a middle FICO score of 580 to qualify.*Keep in mind a home appraiser must qualify your desired home to meet a certain criteria.
These are funded by private sector financial institutions/individuals. Texas Conventional Mortgages are likely the best home loan for borrowers with excellent credit and can afford to make a substantial down payment. They tend to be more stringent on qualification requirements. A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.
Conventional Loan might be an option for you if...
Credit Score is at least 620 middle FICO.
Your Debt-to-Income ratio is 45% or lower.
Make a down payment, minimum is usually 5%-20% of the purchase price.
Serving the following areas: San Antonio, Live Oak, Shavano Park, Stone Oak, Hill Country Village, Hollywood Park
Plus the following subdivisions: Helotes, Shavano Park, Fair Oaks Ranch, Alamo Heights, Castle Hills, Terrell Hills, Hill Country Village, Schertz, Cibolo, Garden Ridge, Hollywood Park, Bulverde, Boerne, Leon Valley, Olmos Park, Balcones Heights, Live Oak, Universal City, Converse, Stone Oak, Rogers Ranch, Wildhorse, Sonoma Ranch, Alamo Ranch, Westover Hills, Iron Horse Canyon
BENEFITS OF BUYING VS. RENTING A HOME
It is much more lucrative to buy a home rather than paying someone else rent. Depending on the actual home you decide to buy, your monthly house payment could be higher, the same as, or lower than the rent you're paying depending upon the loan amount and the type of loan you may qualify for. Buying a home may also help you avoid the ups and downs of the rental market.
You could be spending $1000/mo. in rent money (your money, gone forever) or paying $1000/mo. as a mortgage payment (your money, your home, an investment).
You are capable of buying your own home even if you don't have cash on hand. It all comes down to the loan companies, keep your credit score in mind - the better your score the lower interest rate. There are MANY different types of loans, so do your research and find your best option! I’m here to walk you through the process, if you have any questions or need clarification, feel free to message me.
Your Perfect Partner for Your New View on Life!
You Deserve Nothing Less than the Best !
San Antonio, TX 78205