Here’s How the Best FHA Lenders in Houston Help the First-Time Homebuyers

Buying a home is a daunting task and mortgages ease the financial woes. Of course, you cannot avail the mortgage if you do not get hold of a lender. Hence, it is safe to say that lenders are unsung heroes making your lives beyond your expectations. If you are going to buy a house, the FHA-backed loans are the best to consider. Such mortgages have small down payment and lenient guidelines; hence, FHA loan makes a great choice. However, an FHA lender in Houston can make the process less complicated.

The loan terms are pretty difficult for the borrowers to grasp. Moreover, they are not familiar with how to get pre-approved or deal with bankruptcy history. Only if you can get the help of the best FHA lenders in Houston, there is a great shot to lead a happy life. Now, you can rely on a set of professionals who are not directly linked to the banks. Usually, banks or similar institutions provide conventional mortgages that do not suit every type of customer. If the borrower does not have credit score of more than 700, the person can benefit from the FHA loan. So, go through the following reasons and learn how the FHA lender helps in the process.

  • To Understand the Qualification Requirements

The fact that your credit score is 500 cannot give you the green signal right way. Yes, the FHA loans are less stringent than the conventional loans but there are a few criteria to follow. When you have been turned down for conventional financing, you are likely to feel clueless. At this time, only the FHA lender can find what is lacking in the profile except for the credit score. If the credit score needs to be improved, you can seek help from the lenders. Apart from this, the lender can show the borrower how to show proof of tax returns or get through the appraisal.

  • To Deal with the Complex Process

The loan process has become complicated because the borrowers need to go through a waiting period for bankruptcy. Or, there are certain schemes to pass if there is a history of foreclosure. For a regular borrower, the daunting process is complex enough to dampen his/her spirit. Conversely, the lender has simplified and streamlined the whole process at the same time. With years of experience in processing FHA loan applications, the lender can get through the entire process easily. This also reduces stress and the fear of missing deadlines.

  • To Get Low Down Payment if Required

For a first-time loan seeker, it becomes hard to find out the ideal down payment percentage depending on the profile. The conventional loans have a minimum of 20% down payment but the FHA loans have less stringent guidelines. If you are in a difficult situation, 3.5% down payment may be the right choice. Of course, the lender can help you identify the right option.

It can be said that the FHA lenders can simplify the loan process and the borrowers can build their dream house easily. So, resort to the professionals and get much-needed help!

Author Bio: Joan Gallardo, a Senior Loan Officer, with 20+ years of experience, here writes on 2 questions to ask the best mortgage lender in Houston when you are about to choose one of the first time home buyer programs in Houston.

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