Department of Housing and Urban Development HUD
federal agency responsible for national policy and programs
that address America’s housing needs. The Federal Housing Authority
FHA which is part of the (HUD) plays a major role in supporting
homeownership by underwriting homeownership for lowerand moderate
income families. FHA assists first-time home buyers and others
who might not be able to meet down payment requirements for
conventional loans by providing mortgage insurance to private
lenders, addie mac home loan. Everyone, who has a satisfactory
credit record, enough cash to close the loan, and sufficient
steady income to make monthly mortgage payments can be approved
for an FHA-insured mortgage. To get a FHA insured loan, all
you need to do is apply to, addie mac home loan.
FHA-insured loans are available in urban and rural areas
for single family homes, for 2-unit, 3-unit, and 4-unit properties,
and for condominiums in Texas. Interest rates on FHA loans
are generally market rates, while down payment requirements
are lower than for conventional loans. Down payments can be
as low as 3 percent, and closing costs can be wrapped into
the home mortgage.
With an FHA-insured mortgage, you can make extra payments
toward the principal when you make your regularly monthly
payment. By making extra payments, you can repay the loan
faster and save on interest. You can also pay off the entire
balance of your FHA-insured mortgage at any time in Texas.
Section 203(b) is the most frequently used FHA program. You
may use this program to purchase a new or existing one- to
four-family homes, including manufactured homes, in both urban
and rural areas. A section 203(b) fixed mortgage may be repaid
in monthly payments over 10, 15, 20, 25, or 30 years.
Section 234(c) provides mortgage insurance for buyers who
wish to purchase a unit in a condominium project. The condominium
may consist of more than one building, such as a group of
row apartments, high-rise buildings, townhouses, or any combination
of these structures. Any condominium project must be approved
In some cases, (HUD) insures loans (section 237 loans) for
people who have had credit trouble and do not meet standard
credit requirements to buy low cost homes mortgage loans.
(FHA) also insures loans for home improvements — 203(k)
loans. Section 203(k) mortgages allow you to purchase or refinance
and rehabilitate a home at least 1 year old. A portion of
the loan proceeds are used to pay off the existing mortgage,
and the remaining funds are placed in an escrow account and
released as rehabilitation is completed. The improvements
financed with Section 203(k) mortgage proceeds must comply
with (HUD’s)Minimum Property Standards and all local codes
and ordinances in texas.
Rehab a Home with (HUD’s) 203(k) Programs Detailed description
and eligibility requirements. 203(k) Program Description.
All the programs operate through (FHA) which submit borrower’s
applications thru addie mac home loan, addie mac texas.
The first step in getting started is to fill out our loan
application here on-line for more information and we will
have a live person phone you to visit about your loan request.
Please fill out the short form application, thank you.