When you buy a home, you usually have two goals in mind: you want to find a place that meets your needs, and you want to pay as little money as possible. Unfortunately, these two goals often conflict with each other. For example, maybe you really love the neighborhood in Missouri City TX, but you’d rather live somewhere else because the rent is cheaper. Or maybe you’re looking for a new job, but you don’t want to move far away.Canopy Mortage, LLC understands this struggle. That’s why we strive to make buying a home easy for anyone, regardless of their situation. Whether you’re looking to purchase a single-family home, condo or townhome, we can help you achieve both of your goals.
FHA Mortgage Insurance
When the borrower makes a down payment of less than 20% of the purchase price, the mortgage insurance premium is financed into the loan and paid by the borrower monthly for the life of the loan. Upfront Mortgage Insurance Premiums are needed with FHA loans because the government insures the lender against loss if a borrower defaults on the loan. Borrowers are required to pay mortgage insurance if they make a down payment of less than 20% of the purchase price of the home. They pay it each month until their equity in the home reaches at least 22% of the original purchase price of the home. At that point, they no longer have to pay monthly mortgage insurance, but they must pay an annual premium to continue having the insurance protection.
FHA Credit Score Requirements
One of the best things about getting an FHA loan is that even borrowers with lower credit scores can qualify as long as they have a steady income and can afford the monthly mortgage payments. The lender will look at your overall debt-to-income ratio when evaluating your creditworthiness, but if you don’t have a high enough credit score to qualify for a conventional mortgage, you’ll still probably be able to get an FHA loan as long as you can show that you have a steady income that will allow you to pay your mortgage on time each month. This flexibility gives borrowers with bad credit an opportunity to get approved for a mortgage that they can actually afford and that will let them purchase a home they can afford as well.
Is an FHA Loan Right For You?
If you’re deciding whether or not an FHA loan makes sense for you, it’s important to weigh the pros and cons. With lower down payments, lower interest rates, and less stringent credit requirements, an FHA loan can be a good option for some home buyers.
Our process starts by getting to know you and understanding your financial situation. Then, we use that information to determine whether or not you qualify for a loan. Once we’ve determined that you do, we’ll put together a customized package of loans that meet your needs and fit within your budget.
And once you’ve found a property that works for you, we’ll handle every step of the transaction, including helping you secure financing, negotiating closing costs and managing the paperwork. So you can rest assured knowing that you won’t have to worry about anything except finding a place to call home!
If you’re interested in learning more about how we can help you achieve your goals, contact us today!
Missouri City FHA Loans
- Missouri City is a city in Fort Bend County, Texas, United States.
- The population of Missouri City was 21,533 at the 2010 census.
- Missouri City makes up part of the Houston–Sugar Land–Baytown metropolitan area.
- Places of worship in Missouri city include Abundant Life Christian Center, Antioch Missionary Baptist Church, First Baptist Church of Sugarland Road, First United Methodist Church of Missouri City, Grace Bible Church of the Woodlands-Missouri City Campus, and Lake Olympia Presbyterian Church.
- Missouri City is bordered by the city of Stafford to the north and northwest; by the cities of Katy and Sugar Land to the south; by the city of Richmond to the west; and by the Brazos River to the east.
- Missouri City attracts many young families because of its excellent school systems as several private schools such as First Baptist School.
- Missouri City is bordered to the north by the city of Stafford; to the east and southeast by the city of Richmond; to the south by the cities of Katy and Sugar Land; and to the west by the city of Rosenberg.
- Missouri City has three main shopping areas mainly along Highway 6 (inland), Highway 90 (inland), and Highway 6.
- The main retail district of Missouri City is in westside area along Highway I-10 West between Louetta Road and Wilcrest Drive.