FHA Loans – Dallas

FHA loans are among Stonebriar Mortgage’s major areas of concentration. We have the ability to make the process of receiving an FHA loan for a residence in Dallas as simple as possible!

The U.S. Housing and Urban Development department (HUD) specifically has a branch known as the Federal Housing Administration (FHA), which was started in 1934. The FHA possesses an assortment of different loan programs that resonate with buyers of many different circumstances.

FHA loans are indeed insured by the FHA. This has made these loans become extremely beneficiary for ambitious borrowers in their attempts to get funding from lenders. The lenders themselves are covered by a mortgage insurance requirement, which protects them from potential losses should a borrower default on their mortgage. 

Credit requirements under FHA loans are somewhat more lenient than other loans. Another cause for this program’s popularity is its ability to confine down-payment expenses and closing costs for borrowers. 

Those who have not owned a home within the past three years qualify as first-time home-buyers, who can see their down-payment requirements be as low as 3.5% of the buying total of a property. 

It is advised that borrowers be alert for existing loan limits that apply to FHA loans. Loan limits depend on the property’s location, specifically by county. With Stonebriar Mortgage excelling in the Dallas area, the loan limits for Collin County, Dallas County, Denton County, Kaufman County and Rockwall County are pertaining to our services.

Here are those counties’ loan limits:

County     Single     Duplex      Tri-plex   Four-plex 
Collin     $310,500 $397,500 $480,450 $597,100
Dallas     $310,500 $397,500 $480,450 $597,100
Denton     $310,500 $397,500 $480,450 $597,100
Kaufman     $310,500 $397,500 $480,450 $597,100
Rockwall $310,500 $397,500 $480,450 $597,100

FHA loans really are an organization of relative loan programs that each appeal buyers of various types. Featured loan programs include:

•    Fixed-Rate FHA
•    Adjustable-Rate (ARM)
•    FHA Secure Refinance Loan
•    Graduate Repayment Mortgage
•    Growing Equity Mortgage
•    FHA Reverse Mortgage
•    Energy Efficient Mortgage
•    FHA Condominium Loan

Newlyweds and those who recently graduated from college usually enjoy the benefits of the fixed-rate FHA loan. This program is meant for those who would like to purchase a home, but do not currently possess sufficient finances to do so on their own.

The adjustable-rate mortgage, commonly referred to as ARM, was created for families who fall in the low-to-moderate-income category that want to become homeowners. The FHA secure refinance loan is a solid program for homeowners when financial problems arise from the increase of interest rates.

Some home-buyers are considered in the low-to-moderate income category now, yet are in line to receive a substantial raise in their wages in the come five or 10 years. For them, the graduate payment mortgage is a program they can benefit from.

A program that highlights lower payments early in the term with installments slightly increasing as time progresses is the growing equity mortgage.

FHA reverse mortgages are tremendous alternatives for homeowners who are 62 years old and up. This program permits a property’s equity to be transformed into credit and income.

Through the energy efficient mortgage, borrowers are given funding to assist in their quest to lower monthly utility bill expenses. This loan program also involves the incorporation of energy-efficient rehabilitation expenses into a mortgage.

Borrowers who are in the low-to-moderate income range can secure a condominium via the FHA condo loan. Assistance for those who are uprooted from their housing due to their apartments being converted to condominiums is also available in this program. 

Stonebriar Mortgage can gladly be a supreme resource in the process of acquiring any FHA loan. Call us today at (214) 669-3307.