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FHA loans in Dallas, Texas

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FHA loan purchase

FHA loans have been helping people become homeowners since 1934.

FHA loans are one of the most popular mortgage loans available today especially for first time homebuyers.

The Federal Housing Administration (FHA) - which is part of Department of Housing and Urban Development (HUD) - insures the loan, so your lender can offer you a better deal.

FHA loans are issued by a private lender and insured by the FHA. The U.S. government, through the FHA, provides a guarantee to lenders.

FHA Loans offer many benefits including

  • Low down payments
  • Low closing costs
  • Easy credit qualifying
  • down payment can be a gift

FHA Loans are popular especially among first time home buyers because they allow down payments of 3.5%

FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.

FHA Streamline Refinance

Homeowners with existing FHA mortgages may be eligible for an FHA Streamline Refinance.

This program provides an opportunity to get better mortgage terms then their current FHA mortgage.

The FHA Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. "Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction.

The basic requirements of a Dallas FHA Streamline refinance are

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced must be current (not delinquent).
  • The refinance results in a net tangible benefit to the borrower.

With an FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term, which is a higher percentage than a conventional loan.

The FHA streamline refinance loan types

  • Refinance into a lower rate and payment
  • Convert you FHA ARM into a fixed rate
  • Convert you 203(k) rehab loan into a 203(b) FHA loan
  • Shorten your loan term

FHA Streamline Refinances have many advantages

  • FHA Streamlines don’t require an appraisal.
  • FHA Streamlines don’t require proof of income or assets
  • FHA loans never carry a pre-payment penalty
  • Owe more on your loan than the house is worth? No problem, you can still refinance.
  • FHA Streamline Refinance allows you to skip your next month’s mortgage payment!
  • Very limited documentation to help you qualify

Getting approved for a mortgage is simple


Contact your Dallas, Texas area FHA home loan specialist at 210-656-1134

2018 FHA home loan limits

Chart for Dallas, Fort Worth and Arlington Texas


No. of Units FHA Mortgage Limits
1 - One-Family $386,400
2 - Two-Family $494,650
3 - Three-Family $579,900
4 - Four-Family $743,100

FHA Loan limits vary here in Texas dependent on what county that the property is in. The range for Texas is $294,515 - $386,400. Here is a link to check your county.

Loan Terms for FHA Loans

FHA loans can be finance or amortized for the following terms:

  • 10 Year
  • 15 Year
  • 20 Year
  • 25 Year
  • 30 Year
  • With Odd terms allowed down to 240 months

FHA Occupancy Requirements

  • Must be your Primary Residence - must be owner occupied
  • Secondary or Vacation homes are not allowed
  • Investment property is not allowed
  • Condos must be FHA approved

Eligable and Ineligible Properties

Properties that are Eligable for FHA Home Loans are Single Family Homes, Duplexs, Tri-Plexes, Four-Plex, Warrantable Condo/PUD/Townhouses.

Properties that are Ineligible for FHA Home Loans are Non-warrantable Condo/PUD/Townhouses, Timeshare, Mixed Use, Mobile Home, Cooperative, Condo/PUD Hotel, Commercial Property, Working Farms, Properties that have been assumed and Life Estates.

FHA Loans and Mortgage Insurance

Federal Housing Administration (FHA)-backed loans are a very poupular loan because they allow a small down payment and attractive interest rates and attract alot of first time homebuyers. But the amount of mortgage insurance is usually costly as compared with VA Home Loans, USDA loans and FHA mortgage insurance premiums (MIP).

FHA loans still require an (UPMIP) Upfront Mortgage Insurance Premium (currently at 1.75% of the base loan amount) and have changed the Annual MIP Premium effective for case numbers assigned on or after January 26, 2015 in the Mortgagee Letter 2015-01

If you currently have and FHA loan and paying MIP every month, it may be time to see what other options may be avaliable to possibly refinance and remove the MIP and lower your monthly payment. Please give us a call or get a Free Quote here online.

Getting approved for a mortgage is simple


Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Dallas, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Contact your Dallas, Texas area FHA home loan specialist at 210-656-1134.

Grove Mortgage Home Loans of Dallas