Dallas FHA Home Loans

Many people dream of owning a home, but with marginal credit and limited down payment capital, it can be daunting to get a home loan. Fortunately, the Federal Housing Administration (FHA) mortgage program makes homeownership more accessible for Americans. 

Here’s what you need to know about our Dallas FHA home loans at Capital Home Mortgage.

Dallas FHA Loan Requirements

FHA loans offer a more relaxed approach to mortgage financing than conventional mortgages. You can get an FHA loan with credit scores between 500 and 579, but it will require at least a 10% down payment. If your score is 580 or higher, you may qualify with a downpayment as low as 3.5%.

The documents you submit to prove your ability to pay a loan will be reviewed thoroughly before approval. With credit history being a significant factor in home ownership, it can be difficult for those with marginal or limited credit to get a loan. 

That’s why it’s crucial to ensure that all outstanding debts, including credit card dues and other financial obligations, such as taxes, are settled before applying for this mortgage.

Dallas FHA Loan Limits

To get an FHA loan in Dallas, you’ll need to meet the requirements set forth by the Federal Housing Administration. One is the maximum loan limit that your lender can give you.

For 2024, there are two different loan limits depending on where you live. The FHA’s low-cost area range starts at $563,500 and goes up to around $1,083,650. Meanwhile, high-cost areas have a higher ceiling of $1,149,825.

The FHA website provides the most up-to-date information on limits, and we’re happy to walk you through the set limits for this year. 

Types Of FHA Loans in Dallas

Depending on your circumstances, the FHA offers several different kinds of loans. At Capital Home Mortgage, we offer four types: the standard FHA loan or Section 203(b), a renovation loan or Section 203(k), an energy-efficient mortgage program (EEMP), and a growing equity mortgage or Section 245.

• 203(b) – The most common FHA loan is the 203(b), or an FHA Purchase Loan, which is best for first-time homebuyers who may not have much saved up for a down payment.

• 203(k) – An FHA 203(k) is perfect for those who want to purchase a home that needs repairs, allowing you to finance both the purchase and rehabilitation of the property all in one loan. This loan has two variants: Limited 203(k) and Standard 203(k).

• EEMP – An Energy Efficient Mortgage Program (EEMP) is your go-to mortgage if you want to make energy-efficient improvements to your home. This loan could be anything from solar paneling to a new roof or windows.

• Section 245 – The FHA Section 245 mortgage is designed to help those with a growing income. If your income has increased or is expected to rise, this FHA loan will work perfectly for you since it allows you to adjust your monthly payments to match your new salary.

Apply for an FHA Loan in Dallas

Capital Home Mortgage is here to make your dream of homeownership come true. We have FHA loan programs tailored to each borrower’s needs. We make all the decisions in the loan process, meaning no unnecessary waiting or going through multiple people who don’t know what they’re doing! We offer competitive interest rates, too!

Call us today at (214) 372-0015 to discuss your Dallas FHA home loan.