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FHA Lender Pasadena TX

There’s nothing worse than having a bad credit score. It makes it harder to qualify for loans, and it can even affect your ability to rent an apartment or buy a car.

But even though you may feel like you’ve hit rock bottom, there’s still hope. Canopy Mortage, LLC wants to help you turn your financial situation around by providing fast approval and quick closing times.

Our team of mortgage professionals is dedicated to helping homeowners across Pasadena, TX improve their finances. Whether you’re looking to refinance your current mortgage or purchase a new property, we can help you find the financing option that works best for you.

And because we understand that every homeowner is different, we’ll work closely with you throughout the entire application process. So instead of being stuck waiting weeks for your paperwork to go through, you can rest assured knowing that we’ll be working with you until you close on your dream home.

So if you’re ready to get back on track financially, contact Canopy Mortage, LLC today!

How Exactly Does a FHA Loan Work?

A Federal Housing Administration loan is a mortgage loan that is insured by the Federal Housing Administration. FHA loans are popular especially among first time home buyers because down payment requirements are low and the approval process is faster than traditional loans. To qualify for an FHA-insured loan, the borrower must meet certain requirements that guarantee the loan will be paid back.


The borrower must have a FICO credit score of at least 580 to qualify for an FHA-insured mortgage. This is significantly higher than the minimum required score of 620 for most conventional mortgages. However, borrowers with lower credit scores can still qualify for an FHA loan but will need a compensating factor such as a cash down payment or a higher interest rate to compensate for the higher risk the lender is taking in issuing the loan. The minimum down payment for an FHA-insured mortgage is 3.5% at the time of this writing.

Down Payments

The borrower must provide a down payment of at least 3.5% of the purchase price of the home. The down payment can come from personal savings, a gift from a family member or employer, or a gift from a government agency.

In some cases a higher amount may be required depending on the borrower’s credit history. All borrowers must also pay a mortgage insurance premium which is added to the loan amount.

The FICO score is calculated based on several factors from the applicant’s credit report including payment history, current debt levels, length of credit history and types of credit used.

Income Requirements

A debt to income ratio is simply the amount of monthly debt payments compared to the amount of monthly income. The borrower must have sufficient income to qualify. Most borrowers have an income-to-debt ratio of 28/36 or higher to qualify for an FHA loan. However, borrowers with an income-to-debt ratio of 31/41 can also qualify.

Pasadena TX FHA Loans

  • Pasadena is a city located in south Houston TX.
  • Channelview, Webster, Galena Park and Pearland TX are a few cities that are within 15 miles of the center of Pasadena.
  • Pasadena TX is southeast of Houston and the northern part of Harris County, Texas.
  • Pasadena has zip codes 77501-77508, 77059, 77502 with area codes of 713, 281, 346, and 832.
  • Pasadena, Texas is bordered by the Houston Ship Channel, which is near Buffalo Bayou and the San Jacinto River.
  • Neighborhoods within Pasadena include Clear Lake City (Pasadena) and El Jardin del Mar.
  • The George Bush Intercontinental Airport is located just 15 miles north of Pasadena.
  • The Pasadena Independent School District is one of the top employers in the city. San Jacinto College is college located in Pasadena that also employs several residents in the area.
  • The Pasadena Volunteer Fire Department is a diverse department that helps residents.
  • The Karankawa and Atakapan tribes were the earliest inhabitants of the area now called “Pasadena”.
  • The Houston ship channel runs along the northern edge of Pasadena, and connects the Gulf of Mexico to the rest of the world via waterways.
  • Pasadena is home to several museums including the Pasadena Historical Museum, the Bay Area Museum and the Armand Bayou Nature Center.
  • The NASA Johnson Space Center was established near the city of Pasadena in 1963.