About Brad Cullipher Mortgage Group in Austin TX
We are a full-service lending company that offers loan refinancing, home mortgages, and specialty loans. Our staff of mortgage and loan experts work hard to deliver the custom loan package unique to your needs. Brad Cullipher Mortgage Group will always put you first in our time and in what your mortgage deserves.
To see if an FHA loan is right for you, fill out our quick form to get pre-approved in just minutes. One of our home loan experts will get back to you immediately to discuss your options and to see if you qualify for an FHA loan today! Can’t wait? Give us a call.
About Austin FHA Loans
FHA loans are a popular type of loan that is insured by the United States’ Federal Housing Administration, or FHA. These loans are common because they are typically easier to qualify for with less-than-perfect credit and require only a 3.5% down payment.
Austin FHA loans are ideal for first time home buyers, home buyers with not-so-perfect credit, those interested in remodeling an existing home, or those who do not want to make a hefty down payment up front.
The FHA 203b Loan Program
The FHA 203b is one of the best loan options around. They are wonderful for flexibility, including 15 and 30-year options. Also, the interest rates are not set by the FHA, but the lender and borrower instead. This gives you more control over your loan.
Also, the FHA 203b has better credit requirements. You are allowed to have a lower amount of credit, coupled with a 3.5% down payment available for your mortgage. Again, the FHA does not supply the money. While the borrower and the lender set the rate, the FHA will be the one that approves your purchase loan.
Additionally, Texas county loan limits vary per region. The amount can greatly vary, resulting in better benefits in one county versus another. These amounts are designed to maximize benefits for you and minimize risk for the holder of the loan.
While you have the loan, the FHA will keep tabs on your payment schedule. If you keep paying your loan on time, you will be okay. Additionally, lenders will be protected from any missed payments from any defaulting homeowners.