FHA Loans

Considering an FHA Loan in Austin?

If you're a first-time homebuyer, a Federal Housing Administration (FHA) Loan could be your best home loan option. Luckily, finding and securing an FHA loan in Austin is simple and can get you in the door of the home of your dreams.

With Big Life Austin's help, you can be on the road to a new home in no time with the help of our qualified team.

What Is an FHA Loan?

First introduced into the mortgage lending field in 1934, FHA loans were the federal government's attempt to standardize banking guidelines for guaranteed loans with government backing.

Before the introduction of the FHA loans, guidelines for lending were hard to parse and left many wanting homeowners out of the market due to significant down payment requirements and a long of list of criteria for approval.

Decades later, FHA loans are a popular option for homeowners in the Austin, Texas marketplace because they can help individuals with little cash flow or little to no credit history. With an FHA loan, banks can offer homeowners in Austin a down payment as low as 3.5 percent and competitive interest rates.

What Can an FHA Loan Offer Me?

An FHA loan in Austin TX can help homeowners with lower incomes or little history of homeownership get into the home of their dreams without worrying about coming up with a sizeable down payment.

An Austin FHA loan will help you simplify the process of finding a home by smoothly applying for the government program and streamlining the mortgage process.

As well as allowing homeowners not to need to put down a significant down payment on the home, FHA loans also include the added benefits of:

  • Limiting seller-paid closing fees to 6 percent
  • Allowing underwriting criteria that are more flexible
  • Requiring lower credit scores for homeowners at competitive interest rates.

An FHA loan in Austin can also provide great benefits like no penalties for prepayment, an easy-to-navigate qualification process, and options for buying manufactured homes.

For more information on the criteria to apply for an FHA loan in Austin, click here.

Finding the Right FHA Loan in Austin TX

If you are looking for a loan option that will get you in the home of your dreams in Austin with low credit and little cash flow, consider an FHA loan.

The low barriers to entry make FHA loans great for first-time homebuyers or families without significant income to put down on a home.

Big Life Austin's expert professionals can help you find the FHA home loan that works best for you, with the intent of getting you set up and in a home as fast as we can. For home buyers in the Austin market, FHA loan options are an easy way for you to obtain an affordable mortgage that won't bust your bank account.

For more information on how Big Life Austin can help you, contact us today.