FHA Mortgage Solutions
Homeownership is waiting for you!
Discover the Power of FHA Mortgage Loans
At RMS of Texas, we understand that buying a home is a significant milestone, and we're here to help you find the right financing option to make your dream a reality. FHA mortgage loans are a popular choice for many homebuyers, offering flexibility, competitive rates, and a range of options tailored to meet diverse financial needs. If your credit score is between 500-620, an FHA mortgage loan may be the perfect option.
Types of FHA Mortgage Loans
Fixed-Rate Mortgages: These loans offer a stable interest rate for the life of the loan, making them a great choice if you plan to stay in your home long-term. With consistent monthly payments, fixed-rate mortgages provide peace of mind and help with budgeting.
Adjustable-Rate Mortgages (ARMs): ARMs start with a lower, fixed interest rate for an initial period (such as 5, 7, or 10 years) and then adjust annually based on market conditions. This option is ideal if you plan to move or refinance before the adjustment period begins, potentially allowing for significant savings.
Conventional Jumbo Loans: If you're looking to purchase a high-value property that exceeds conforming loan limits, a jumbo loan can provide the financing you need. These loans are designed for borrowers with strong credit and higher income levels.
Interest-Only Loans: This type of loan allows you to pay only the interest for a set period, typically 5-10 years. This can be a good option if you expect to increase your income or plan to sell or refinance before the interest-only period ends.
Low Down Payment Options: Conventional loans also offer low down payment options, such as the 3% down payment loan. These are ideal for first-time homebuyers or those who want to keep more cash in hand for other expenses.
The FHA Loan Process
Pre-Approval: Start by getting pre-approved. This involves a review of your credit, income, assets, and debts to determine how much you can borrow.
Finding a Home: Work with a Realtor to find a home that fits your needs and budget.
Application: Once you’ve found your home, complete the mortgage application with the necessary documentation.
Processing and Underwriting: Your application and documents are reviewed, and an appraisal is conducted to assess the value of the home.
Closing: After approval, you’ll attend a closing meeting to sign the final documents and secure your mortgage.
Why Choose RMS of Texas for Your FHA Mortgage Needs?
Choosing the right mortgage lender can make all the difference in your home buying journey. At RMS of Texas, we’re committed to providing personalized service and guidance every step of the way. Here’s why you should choose us:
Competitive Rates and Terms: We offer some of the most competitive rates in the market, ensuring you get the best deal possible.
Expert Guidance: Our experienced team is here to help you navigate the mortgage process with confidence, answering any questions and providing tailored advice to suit your financial goals.
Fast, Efficient Service: We understand that timing is critical in the home buying process, so we prioritize speed and efficiency to help you close on your home as quickly as possible.
Customized Loan Options: Whether you’re a first-time homebuyer or a seasoned homeowner, we work with you to find a mortgage solution that fits your unique needs.
Get Started on Your Homeownership Journey Today
Ready to explore your options for a conventional mortgage? Contact us today to schedule a consultation with Robb and take the first step toward owning your dream home.
Robb Hamilton
NMLS# 358150
Broker License #2407110
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Homeowners must be 62 years of age or older and live in the home as their primary residence. Homes must meet FHA/HUD minimum property standards. Borrowers must maintain hazard and flood insurance premiums, property taxes, utilities and make any property repairs. Although there are no mandatory monthly principal and interest mortgage payments, interest accrues on the portion of the loan amount disbursed if no payments are made. Program rates, fees, terms and conditions are not available in all states and subject to change. At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds. Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees. The loan balance grows over time and interest is charged on the outstanding balance. The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home. Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
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