(FHA Loans) It’s a Piece of Cake

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Experience You Can Count On

Wright Mortgage is a excellent mortgage company for realtors searching for dependable mortgage professional in the Houston area. We have partnered with over many of the largest mortgage lenders and banks in the country. Working with these lenders on the wholesale channel, gives us the ability to offer our clients a wide range of products at wholesale rates that other mortgage lenders or retail banks and lenders in Houston just cannot touch.

With 15 years of experience in the mortgage business, I can help find
solutions to your client’s financing issues. For instance, if your client have a poor credit rating and looking for an affordable mortgage, Wright Mortgage will know which lenders offer affordable finance to those with a tarnished credit history and can therefore approach the right lenders right away. Rest assured, Wright Mortgage can deliver the fastest loan turnarounds and the great interest rates in the industry, beating the banks.

Main advantage of FHA home loan
The main advantage of FHA home loans is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA will allow the borrower who has had a few “credit problems” or those without a credit history to buy a home. FHA will require a reasonable explanation of these derogatory items, but will approach a person’s credit history with common sense credit underwriting. Conventional financing, on the other hand, relies heavily upon credit scoring.

Why FHA and not Conventional?
•Better Interest Rates: FHA loan rates are generally very competitive, typically within a .05 percent of conventional rates charged to the well-qualified borrower.
•Liberal Credit History: Borrowers can be approved with little or no credit history, as long as there is no negative credit history on their report.
•Lower Down payment: Traditional loans require a minimum of between 5 and 10 percent down, while FHA requires as little as 3 percent down. Low down payments allow people to buy homes and start building equity sooner.
•Lender Credit to help your clients PAY some of their closing cost!

Today’s lending environment can be challenging with many guidelines to follow, some of which can change fairly often. Aside from offering a wide array of products and services, a major part of Wright Mortgage’s task is being a problem solver. We know how to navigate the waters, ensure the least stressful process as possible and ultimately getting your loan approved.
It’s a Piece of Cake!

Family Owned* Locally Operated* We Close The WRIGHT Loans!

FHA LOANS

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other   words, the FHA guarantees that a lender won’t have to write off a loan   if the borrower defaults – the FHA will pay.
FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.

FHA loans offer a few other bells and whistles:

3.5% down payment required on purchase Easier to use gifts for down payment and closing costs No prepayment penalty Financing  for home improvement using  FHA 203k programs

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits.  However, there are limits on how much you can borrow. In general, you’re limited to median home prices in your area.  To find the limits in your region, visit HUD’s Website. To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. You don’t need perfect credit but you will need to have a credit score of at least 580.

IS IT TIME TO BUY THAT DREAM(HOME)

Consumers are a little too nervous to take advantage, even though the combination of low rates and low prices would seem to make this the best time to buy a home. Anyone who’s taking out a mortgage now has never had better rates in their entire life. Interest rates, for instance, will affect your monthly payment as you saw in the section on costs associated with buying a home. When rates are low, you’ll pay less. When rates are high, your payment will be higher. Economic factors such as inflation, cost of living and market conditions, affect interest rates. Buying real estate in volatile economic times, a bad market or the wrong time frame could cost you everything. Not only are seasons important to consider when buying real estate, but seller circumstances and motivation are also significant factors. Become informed and understand what to look for so you will know when is the best time to buy real estate.

Home prices have declined to a level that’s more in line with household incomes than at any time in the past several years. Residential real estate prices were artificially inflated because of wider access to easy-to-qualify loans that had features making affordability of payments, even if only for a year or two, seem attractive. So home buyers only looked at the payment, not the loan features or the price of the property. The idea was that home prices would continue to rise, and the borrowers would at some time refinance the loan or sell the house to recoup the equity and buy a different property. If you are anxious to get moving, be patient. You have a few things to do first:

  • Go to open houses – get the lay of the land
  • Talk to Wright Mortgage to get pre-approved
  • Interview agents (You may want to find an agent at the same time as you look for a mortgage broker – a good agent can recommend reputable brokers and help you make sense of the terms of the loan)
  • Review credit report and scores with mortgage broker to determine if any repairs are needed

IS IT TIME TO BUY THAT DREAM(HOME)

Consumers are a little too nervous to take advantage, even though the combination of low rates and low prices would seem to make this the best time to buy a home. Anyone who’s taking out a mortgage now has never had better rates in their entire life. Interest rates, for instance, will affect your monthly payment as you saw in the section on costs associated with buying a home. When rates are low, you’ll pay less. When rates are high, your payment will be higher. Economic factors such as inflation, cost of living and market conditions, affect interest rates. Buying real estate in volatile economic times, a bad market or the wrong time frame could cost you everything. Not only are seasons important to consider when buying real estate, but seller circumstances and motivation are also significant factors. Become informed and understand what to look for so you will know when is the best time to buy real estate.

Home prices have declined to a level that’s more in line with household incomes than at any time in the past several years. Residential real estate prices were artificially inflated because of wider access to easy-to-qualify loans that had features making affordability of payments, even if only for a year or two, seem attractive. So home buyers only looked at the payment, not the loan features or the price of the property. The idea was that home prices would continue to rise, and the borrowers would at some time refinance the loan or sell the house to recoup the equity and buy a different property. If you are anxious to get moving, be patient. You have a few things to do first:

  • Go to open houses – get the lay of the land
  • Talk to Wright Mortgage to get pre-approved
  • Interview agents (You may want to find an agent at the same time as you look for a mortgage broker – a good agent can recommend reputable brokers and help you make sense of the terms of the loan)
  • Review credit report and scores with mortgage broker to determine if any repairs are needed

(FHA Loans) It’s a Piece of Cake‏

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Website
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Experince You Can Count On

Wright Mortgage is a excellent mortgage company for realtors searching for dependable mortgage professional in the Houston area. We have partnered with over many of the largest mortgage lenders and banks in the country. Working with these lenders on the wholesale channel, gives us the ability to offer our clients a wide range of products at wholesale rates that other mortgage lenders or retail banks and lenders in Houston just cannot touch.

With 15 years of experience in the mortgage business, I can help find
solutions to your client’s financing issues.
For instance, if your client have a poor credit rating and looking for an affordable mortgage, Wright Mortgage will know which lenders offer affordable finance to those with a tarnished credit history and can therefore approach the right lenders right away. Rest assured, Wright Mortgage can deliver the fastest loan turnarounds and the great interest rates in the industry, beating the banks.

Main advantage of FHA home loan

The main advantage of FHA home loans is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA will allow the borrower who has had a few “credit problems” or those without a credit history to buy a home. FHA will require a reasonable explanation of these derogatory items, but will approach a person’s credit history with common sense credit underwriting. Conventional financing, on the other hand, relies heavily upon credit scoring.

Why FHA and not Conventional?

  • Better Interest Rates: FHA loan rates are generally very competitive, typically within a .05 percent of conventional rates charged to the well-qualified borrower.
  • Liberal Credit History: Borrowers can be approved with little or no credit history, as long as there is no negative credit history on their report.
  • Lower Downpayment: Traditional loans require a minimum of between 5 and 10 percent down, while FHA requires as little as 3 percent down. Low downpayments allow people to buy homes and start building equity sooner.
  • Lender Credit to help your clients PAY some of their closing cost!

Today’s lending environment can be challenging with many guidelines to follow, some of which can change fairly often. Aside from offering a wide array of products and services, a major part of Wright Mortgage’s task is being a problem solver. We know how to navigate the waters, ensure the least stressful process as possible and ultimately getting your loan approved.
It’s a Piece of Cake!

Family Owned* Locally Operated* We Close The WRIGHT Loans!