The last thing you want to deal with when you’re going through a difficult financial situation is having to wait weeks or months for an FHA loan. That’s why Canopy Mortage, LLC was founded… to provide fast approvals and quick closings.
Our goal is to make getting approved for an FHA Home Loan easier than ever, so that you can move forward with your life sooner rather than later.
Our mortgage specialists are dedicated to helping you every step of the way, so you can rest easy knowing that you’re always being taken care of by professionals who truly understand your situation.
So if you’re looking for a lender who understands your situation and wants to help you get approved, look no further than Canopy Mortage, LLC!
How Exactly Does a FHA Loan Work?
The Federal Housing Administration (FHA) insures home mortgages for qualified buyers. This means the FHA will pay your mortgage if you default on your payments. With a down payment of only 3.5 %, an FHA loan may be for you. The approval process is streamlined and can be completed in as little as 30 days.
With FHA loans, credit scores as low as a mid-600’s may qualify you for a loan. FHA loans have low down payment requirements and mortgage insurance costs that are lower than standard home loans. However, borrowers might disqualify based on a low credit score. Many borrowers with low credit scores think that they can’t afford a home loan. However, loans from the Federal Housing Administration (FHA) have relaxed credit requirements. For example, many borrowers with low credit scores may qualify. Borrowers with a credit score below a mid-600’s may qualify with a down payment of at least 10 percent.
The minimum down payment for an FHA mortgage is 3.5% of the purchase price or appraised value whichever is less. FHA allows higher down payment amounts for borrowers who meet certain requirements. For example, if the borrower has at least two years of continuous employment
Are FHA-Insured Loans for First-Time Home Buyers?
No. FHA-insured loans are for existing homeowners who want to make improvements to their homes or refinance their existing mortgages. These loans do not require a down payment, but they do require mortgage insurance to protect the lender against default by the borrower.
The FHA only requires that you show that you can repay the mortgage. You must be able to document your income, as well as show your current pay stubs or W-2 forms. Some lenders may also require recent tax returns and other documents to verify your income and assets.
Sugar Land TX FHA Loans
- Sugar Land, Texas is located in northeast Fort Bend County in the state of Texas and is bordered by Houston Texas to the northeast.
- Sugar Land has an area total 42.90 sq. mi in total, with 40.47 sq mi for land, and 2.44 sq mi for water.
- Sugar Land is near George Bush Intercontinental Airport, the closest international and non-international airport.
- Sugar Land has a population of is 111,026.
- Sugar Land contains the busiest streets which are the Southwest Freeway, Texas 6, and Sweetwater Boulevard.
- First Colony Mall is part of Sugar Land’s region, south of Interstate 69.
- Fort Bend Independent School District (Fort Bend ISD) is the school district for the city of Sugar Land.
- Sugar Land Regional Airport, later called Sugar Land Municipal Airport, is the fourth largest airport in the Houston area.
- George Bush Intercontinental Airport (IAH) is 40 miles northeast of Sugar Land, and William P. Hobby Airport (HOU) is 27 miles (43 km) east.
- The western part of Sugar Land was fully incorporated into the city limits by 2017.
- Sugar Land’s climate is humid subtropical due to precipitation, and has temperate grassland.
- The southern part of Sugar Land has the largest economic and entertainment activities, where most residents enjoy hanging out.
- Sugar Land listed CVR Energy as the city’s Fortune 500 company.
- Sugar Land is located west of Missouri City.
- Sugar Land’s household Income of $115,000.
- Sugar Land is the home of the Sugar Land Space Cowboys and the Sugar Land Skeeters.