Loan Requirements for FHA Lenders in Houston

Posted by Clear Lending on July 26th, 2017

For home buyers with bad credit in Houston, applying for a FHA loan might be the best option for you. There are many FHA lenders for bad credit in Houston that are authorized to issue this loan. But before we can get into that, it’s important to understand that this loan is only insured by the Federal Housing Administration but are issued by authorized FHA lenders for bad credit in Houston. These FHA lenders for bad credit in Houston are authorized to:

• Process loan application
• Take loan application
• Underwrite and close the loan

FHA loan requirements in Houston

Though FHA loans are one of the easiest loans to apply for, making it a popular choice amongst the home buyers, there are certain requirements that need to be met first before your loan application is approved.

• A steady employment history or working for the same employer for the past 2 years.
• Valid social security number along with being a residence of the United States.
• Be of a legal age to sign mortgage (age varies from state to state).
• A minimum down payment of 3.5% is required (can be in the form of a gift by a family member).
• The property must be a primary residence for the borrower.
• Property appraisal from a FHA approved appraiser.
• Needs to be out of bankruptcy for 2 years and should have re-established good credit.

Author Bio:

Joan Gallardo with his 18+ years of experience as Senior Loan Officer is a wealth of knowledge dealing with FHA lenders for bad credit in Houston. Through his articles, you can get to know various about the various requirements that are set by FHA lenders for bad credit in Houston along with information on applying for different FHA loans, eligibility criteria and benefits.