FHA Mortgage Loans

Why Choose an FHA Mortgage?

The Affordable Homeownership Mortgage

FHA mortgage loans1 are a good option for home buyers who may have trouble coming up with a large down payment. They offer fixed interest rates and down payment options starting as low as 3.5 percent of the home price. Mortgage insurance is required. Available for borrowers with credit scores of 620 and up.

Make Homeownership A Reality

Most home buyers use the proceeds from selling their previous home as a down payment, but FHA loans can help home buyers who do not have the down payment typically required for a mortgage loan. In fact, your down payment can even be gifted funds, which is not allowed for conventional mortgages. 

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FAQ - FHA Mortgages

With conventional mortgages, lenders prefer to have a 20% down payment on the loan. But since these mortgages are backed by the Federal Housing Administration, lenders can prudently offer loans with a smaller down payment amount without taking on too much risk for the lending institution.

Yes. Home buyers have to be at least 18 years of age and they must live in the home. The home has to be appraised by an FHA approved appraiser. Some first-time borrowers will be able to put as little as 3.5% down with a credit score of at least 620. There are other requirements, so we encourage you to talk to a mortgage specialist to determine if can qualify.

Yes. Though many loan types do not allow the down payment to be gifted, FHA loans provide for the money to be given by a relative, an employer or labor union, a close friend, a charitable organization, a governmental agency or public entity. Any giver must meet FHA standards.

Pay stubs or W2s for at least two years, the addresses where you’ve lived for two years, information about current loans and checking and savings accounts. Our mortgage specialists can guide you through the process of the application. You will also have to pay for a credit check.

Because of the low down payment, these mortgages require you to pay mortgage insurance. Also, historically the interest rates on FHA loans were higher than conventional loans. But that is not always the case.

1. NMLS #576560 Credit Union of Texas provides mortgage loans through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703. CUTX home loan programs are only available in Texas. Loans are subject to credit approval, CUTX's lending policies, and property approval. 2. ARM loans are variable rate loans; interest rates and payments may increase after closing.