Corpus Christi FHA Home Loans

A house can be expensive if you don’t have stellar credit scores and history. Many Americans don’t have vast amounts of cash in the bank for a sizable down payment under conventional loans. 

The FHA (Federal Housing Administration) home loan program was created to help Americans achieve the dream of home ownership. If you want to obtain mortgage financing without putting down a significant amount or don’t have stellar credit, an FHA loan is something you need to consider. 

Fortunately, you’re in the right place. Capital Home Mortgage offers FHA loans in Corpus Christi, and we will work with you to obtain the financing you need. 

Here’s some quick information about FHA loans:

Corpus Christi FHA Loan Requirements

FHA loans require a credit score of 580 to qualify for a down payment of as low as 3.5%. If your credit score is 500, you may still be considered for the loan, provided you can make a down payment of at least 10% of the home purchase price. 

However, the 3.5% or 10% down payment is just the minimum requirement.

Before applying for a loan, try to settle all outstanding debts, including credit card dues, so that these will not impact your application. Avoid using your credit card during the application period. Gather income and employment documents such as certificates of employment and tax returns. These documents serve as proof of your ability to pay the loan.

Corpus Christi Loan Limits

Loan limits change yearly, so visit the FHA.gov website for updates or call today.

Types of FHA Loans in Corpus Christi

If you want to buy a brand new house, an FHA 203(b) loan is the appropriate loan product to choose. It is commonly called an FHA Home Purchase loan. However, this loan might not be suitable if you have an existing home that needs renovation. There are standard and limited FHA 203(k) loans depending on the scope of the renovation. 

FHA mortgage payments are fixed monthly, but you can get Section 245 loans where monthly payments are low initially but gradually increase over time. There is also an energy-efficient mortgage program (EEMP) if you want to buy an energy-efficient home or remodel your existing home to be energy efficient.

Get an FHA Loan in Corpus Christi 

At Capital Home Mortgage, we pride ourselves on providing a convenient and straightforward home loan process from start to finish. Speak with our experienced loan officers for more details about FHA loans. Get in touch by calling (361) 724-3166 and let us help you get your next FHA home loan in Corpus Christi.