Taking out an FHA loan, or a mortgage that’s insured by the Federal Housing Administration, can be a smart way to buy a home. FHA financing has much to offer qualified Brownsville borrowers, and PRMI is proud to be an FHA-qualified local loan originator.
The FHA mortgage program puts homeownership within reach of those who might otherwise miss out on the opportunity. The qualification requirements are more relaxed, as FHA financing is designed to help low- and middle-income home buyers who lack the resources for a substantial down payment. That said, FHA loans often come with competitive interest rates and terms that are favorable – which can make these mortgages an attractive option even for Texans with higher incomes.
FHA financing also offers several other benefits. The lower minimum credit score is one – you can qualify for a mortgage without a near-perfect score. What’s more, the FHA mortgage program allows borrowers to buy a home with a down payment as low as 3.5 percent. Add in the fact that there’s more flexibility on debt-to-income ratio with FHA-backed loans, and you can see why so many home buyers opt for this form of financing.
At PRMI, our mortgage professionals have years of experience helping people find favorable home financing solutions. Get in touch with our team, and we’ll help you decide if applying for an FHA loan is in your best interests. Contact us today!