GET APPROVED FOR AN FHA MORTGAGE TODAY!

Are you a first-time home buyer? Is your credit less than perfect? Do you have a steady job history, but don't have huge down payment saved for a home purchase? If so, an FHA mortage could be right for you. At Austin Texas FHA Loan at Urban Austin Mortage, we specialize in FHA loans for people like you. We assist each home buyer, step-by-step, staying in constant communication to answer all your FHA loan questions.

At Austin Texas FHA Loans at Urban Austin Mortage, we offer competitive closing costs and unequaled customer service! Our can-do attitude is what separates us from the other FHA loan lenders! We make the process of home buying simple and as stress free as possible. We've listed some of the options available in FHA-insured mortgages below. There are many factors to consider when choosing a home loan, and we are here to help you with any questions or concerns that you might have about buying a home in Austin or Central Texas. Let your Austin Texas FHA home loan experts assist you in finding the right FHA loan at the best interest rate.

TYPES OF FHA LOANS

FHA Fixed Rate Loan
The most popular FHA loan program is the fixed rate mortgage for one to four family residences. FHA fixed rate mortgages are available for either 15 year or 30 year terms. All FHA loans can be paid off with no prepayment penalty. FHA loans can be assumed but the buyer is subject to loan qualifying.

FHA HUD Financing
This type of financing is designed specifically for the purchase of FHA foreclosed properties. These homes offer down payments as low as $100 in addition to up to $2,500 in closing cost assistance directly from the Department of Housing and Urban Development. Financing for these homes will range in terms of 10 to 30 years, and offer a small repair escrow for any needed repairs found by an independent inspector.

FHA Buy Down Loan
An FHA buy down loan is a fixed rate mortgage that allows home buyers to pay a fee of $1,000 to reduce their interest rate for one year. If the market rate on FHA loans is 5 percent, for example, a home buyer could pay an additional $1,000 to have that rate reduced to 4 percent for the first year of the loan.

Adjustable Loan (ARM)
Similar to an FHA buy down loan, an adjustable loan offers a home buyer reduced interest for the first three to five years without paying a penalty. The difference is that the rate will continue to increase by up to 5 percentage points after the initial lower rate, meaning that home buyers could pay a much higher amount in interest charges and fees once the initial period ends.