FHA loans are great because they allow first-time buyers to purchase homes with little to no money down. However, getting approved for an FHA loan isn’t always easy. In fact, many lenders won’t let you apply for an FHA loan unless you already own a home. This makes it difficult for first-time buyers to buy a home.Canopy Mortage, LLC was founded by two former bankers who wanted to change this industry. So, we made it our mission to streamline the process of buying a home. We understand that buying a home is stressful, especially if you don’t have much experience doing it. That’s why we’re here to help. Whether you’re looking to refinance your current home or buy a new property, we’re here to help you every step of the way.
Our goal is to make the entire process easier and faster for you. We’re dedicated to providing exceptional customer service and helping you find the best financing option for your situation.
So, if you’re ready to get prequalified for an FHA loan in Baytown TX, contact us today!
Benefits of FHA Loans
An FHA loan is a type of government-insured mortgage that gives borrowers the ability to buy a home with a lower down payment and easier credit qualifications than other loans.
Thanks to your lower down payment and more flexible loan qualifications, you may be able to become a homeowner sooner with an FHA loan than you could with other mortgages. To give you an idea of how an FHA loan might benefit you, let’s take a look at some of the ways they differ from other types of loans:
- Lower Down Payment: The minimum down payment for an FHA home loan is just 3.5% of the purchase price of the home – significantly less than you’d need for a conventional loan (often around 20%) or for a home-equity line of credit (usually at least 10%
- Easier Credit Qualifications: To qualify for an FHA home loan, you typically need to meet the following requirements: a credit score of at least 580. Some lenders may be able to offer you an FHA loan with a credit score as low as 500; that loan would have a 10% down payment requirement.
- Lower Debt-to-Income Ratios: You typically need less income to qualify for an FHA home loan than you do for a conventional mortgage, so you might be able to qualify for a higher loan amount. In fact, some lenders may be able to offer you as much as $679,650 in financing – about $20,000 more than the maximum for a conventional loan.
The Process of FHA Financing
When you decide to buy a house using an FHA loan, you’ll be working with a mortgage lender who can offer options from a variety of lenders – including banks, credit unions and online lenders – to help you compare rates and choose the best one for you.
Once you’ve selected a lender, you’ll need to fill out an application and provide any required documentation before the lender will approve your loan. The lender will then provide you with a preapproval letter that you can use to make an offer on a home.
Once you find a house that you want to purchase, your real estate agent will help you write an offer that’s contingent on getting approved for a loan. The seller will likely accept your offer, knowing that you have a preapproval letter from your lender. After you accept the seller’s counteroffer, you’ll have a certain amount of time to secure funding and close on the house. After closing, you’ll move into your new home!
How to Apply
Applying for an FHA Loan is easy! An FHA home loan is essentially the same as any other mortgage, except that it’s insured by the federal government in case you can’t pay your mortgage.
To get started, just contact us today so we can answer any questions you have and walk you through the steps you’ll need. You can also apply online in under 30 seconds.
Baytown TX FHA Loans
- Baytown is a city located in the metropolitan statistical area of Houston–The Woodlands–Sugar Land.
- Baytown is in the Galveston Bay Area, where water borders the area on 3 sides and the grasslands are temperate.
- The climate of Baytown is humid subtropical, where rainfall averages 53 inches and brings heat from the deserts of Mexico.
- The Native American makeup of Baytown is 0.6%, while the Hispanics/Latinos account for 43.4%.
- Baytown connects La Porte with the Fred Hartman Bridge.
- The Baytown area includes Goose Creek Oil Field which was built by the Humble Oil and Refining Company.
- The total area of Baytown is 37.99 sq mi, with land making up 36.91, and water making up 1.08 sq mi.
- The area code of 281 and the zip code of 77520 belongs to the city of Baytown.
- The average household income for Baytown is $48,191.
- Baytown has an educational system that is primarily served by Goose Creek Consolidated Independent School District.