Capital Home Mortgage Dallas

Dallas FHA Home Loans

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Dallas FHA Mortgage Lender

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 if you have 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 as proof of 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 2022, there are two different sets of loan limits depending on where you live. The FHA’s low-cost area range starts at $420,680 and goes up to around $809,150. Meanwhile, high-cost areas have a higher ceiling, ranging from $970,800 to $1,875,275.

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), renovation loan or Section 203(k), an energy-efficient mortgage program (EEMP), and growing equity mortgage or Section 245.

  • 203(b) – The most common FHA loan is the 203(b), or an FHA Purchase Loan, 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. There are two variants under this loan: the Limited 203(k) and the 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 for 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!

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

Why Dallas is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Dallas Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Dallas Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Dallas FHA Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Dallas FHA Purchase Loan

FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)
FHA Purchase Home Lender
FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)

Dallas FHA Refinance Loan

FHA offers a streamline refinance program that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation.  The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property. (Not Allowed in Texas)
  • Streamline – Rate and Term Only
    • No Appraisal
    • No Income Verification
  • Full Documentation
    • Rate and Term
    • Closing Costs Can be Rolled In
    • Lower Credit Scores Allowed
      • 580 with 3.5% Down Payment
      • 500 with 10% Down Payment
    • Manufactured Housing OK (Subject to Restrictions)
FHA Home Refinance Lender

FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property. (Not Allowed in Texas)

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Dallas FHA 203K Loan

Not Sure? Take a Look at Other Dallas Mortgage Programs

Dallas Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Dallas Mortgage Company Reviews

What is a Dallas FHA Mortgage Loan?

FHA stands for “Federal Housing Administration” which is part of HUD ”Housing and Urban Development”.Established in 1934 and prompted by the great depression FHA had one goal: to make homeownership affordable. A great step in our nation’s history as the majority of Americans were renters, not having large down payments that traditional banks required.It is important to understand that FHA doesn’t lend money.  FHA instead provides lenders a guarantee that covers the lenders from loss in the event of a foreclosure. It simple terms FHA insures the portion of the loan that a buyer would have would normally had to put down to qualify for a traditional loan, allowing for small down payments to purchase.  All FHA loans require mortgage insurance.  The mortgage insurance comes in an upfront fee, which can be financed into the loan and a monthly fee made through the mortgage payment.  These installments from the payments support the guarantee fund and makes FHA loans possible.  This fee is fixed for the term of the loan and is the same regardless of credit. 

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