Living in the Lone Star State is a great choice when it comes to purchasing a home. Many first-time homebuyers are turning to FHA loans in Texas to save some big money, and time, on their mortgage.
An FHA loan is great for those not wanting to put down a large down payment and those who have less-than-perfect credit scores. Continue reading to see how a Texas FHA loan could be the right option for you.
Texas has got a lot of people living in it, over 27 million people to be exact. That means a lot of people are purchasing homes, and a lot of people are overwhelmed when it comes to choosing a mortgage. An FHA loan in Texas is one option many residents are choosing, and as of April 2019, the total value of FHA loans in the state of Texas was over $1.4 billion!
The maximum Texas FHA loan limit varies from location to location, to account for higher cost of real estate, and is adjusted yearly. The baseline limit in Texas is $472,030, but is going to be higher in areas such as Houston and Austin. Check the link below for a full list of FHA loan limits in Texas for 2023.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.