The FHA loan program is one of the most popular borrowing options for homebuyers in Dallas, Texas, and for good reason. These mortgages are insured by the Federal Housing Administration, and with that protection, lenders are able to offer financing with as little as 3.5 percent down – even to borrowers with less-than-stellar credit scores.

Because of the relatively easy qualification and low down payment requirements, FHA mortgages make homeownership possible for people who are financially disadvantaged. However, the lending program isn’t limited to low-income borrowers and those with bad credit – any Dallas resident can apply for FHA home financing, and for many in the north Texas area, FHA loans are a solid option.

FHA mortgages not only feature interest rates that are frequently at or below the market average, but this type of home loan also has more flexibility on debt-to-income ratio. And, the FHA allows applicants who have gone through a foreclosure and those who have bankruptcy on record to qualify for a home loan. Hearing all of that, it’s easy to see why so many Dallas homebuyers opt for FHA financing.

Is that the right route for you to take? Perhaps, but exploring all of the home loan programs open to Texas borrowers is the best way to find a financing solution that fits your situation. For an easier time with that task – and, if you like, assistance in finding a great deal on a FHA loan – turn to PRMI Dallas. We’ll do whatever we can to make your dreams of homeownership come true. Give us a call today!