Texas residents have an array of choices when it comes to home loan options. 传统的, 联邦房屋管理局(FHA), and Department of Veterans Affairs (VA) loans can all help potential borrowers obtain the money they need to purchase a home.
Each type of loan has different requirements, 规定, 和限制, so let’s take a closer look at VA and FHA loans and their limits in Texas:
A 联邦房屋管理局(FHA) loan is insured by the federal government and granted through an approved lender. A division of the US Department of Housing and Urban Development, the FHA backs mortgages issued by private lenders. These types of loans are often used by individuals with lower credit scores or short credit histories.
联邦住房管理局抵押贷款 loan limits in Texas are typically based on current housing costs and the type of home the borrower wishes to purchase. 自2021年起, 德州联邦住房管理局的贷款限额 varies by county and ranges anywhere from $356,362 to $416,300 for a single family home; $456,275 to $516,750 for a two-family structure; and $551,500 to $624,三户住宅600美元.
A potential borrower seeking a Texas FHA loan should meet the following requirements:
1. MIP: Collected monthly as part of the loan repayment
2. UFMIP: Paid at closing and combined with the final loan amount
第二种形式的联邦住房管理局贷款,A 有限公司203(k)抵押贷款, can be used to make repairs, renovations, or upgrades to a residence. A 203(k) loan can even be used to make improvements prior to the sale of a residence.
借款人寻求 有限的203 (k) 贷款不能超过35美元,000, and any upgrades cannot require any type of extensive architectural or engineering work. 获得有限的203(k)贷款, a borrower must have a credit score of at least 620 and repairs must typically be completed within six months, although it is possible to ask for a deadline extension.
A 有限的203 (k) loan can be used to pay for the following repairs or updates:
Department of Veterans Affairs (VA) loans 提供方便, 为服务人员提供负担得起的方式, 退伍军人, 以及符合条件的配偶购买房屋. 成立于1944年 退伍军人事务部住房贷款计划 allows the VA to insure and guarantee debt obligations for residential, 业务, 或者私人贷款机构发放的农业贷款. More than 25 million VA loans have been granted to active members of the military, 退伍军人, 以及他们的配偶.
To qualify, military service members must meet the allotted 资格期限. Although it’s not required, selecting a lender who specializes in VA loans can be helpful.
To obtain a VA loan, potential applicants must find a lender that issues VA-supported loans. 一旦他们完成了这一步, they can obtain a certificate of eligibility, which proves that they meet specific standards and allows them to receive benefits.
A certificate of eligibility can be granted through a lender portal or through the 退伍军人事务部网站. Surviving spouses of military members and some service members can also obtain this document by requesting it through the mail.
Once applicants have their certificate of eligibility, they can prequalify for a VA loan by visiting an eligible financial organization with their current employment status, 收入, 信用记录, 和更多的. This step can identify any potential issues the borrower may face during the application process.
VA and FHA loans are ideal ways for Texas residents to purchase homes, so long as they qualify and understand the state’s loan limits. To learn more about how VA loans or FHA loans can help you find your dream home, 今天就联系德州科技信用合作社.