FHA Loan Austin

Texas FHA MortgageEstablished in 1934, The Federal Housing Administration (FHA) insures loans allowing our New American Funding team to offer customers a much better deal on their mortgage loans. Some of the following benefits are connected with FHA loans:

  • Qualified borrowers receive low down payments
  • Closing costs are low
  • Greater competitive interest rates than other loans
  • Easier for borrowers to qualify than conventional loan programs

What FHA loan programs does New American Funding offer?

New American Funding provides three different programs for qualified borrowers. Our team will guide customers in selecting the perfect FHA program that is right for them and their needs as a future homeowner.
New American Funding offers the following FHA loan programs for clients:

FHA Purchase/Refinance Program

The FHA Purchase/Refinance program is offered to qualified borrowers across the Nation. There has been an overall rise in loan limits despite FHA Loan limits varying across counties. With New American Funding’s Purchase/Refinance program, borrowers can finance the majority of the purchase price, and are required to only put down 3.5%. Some of the benefits that accompany this program are as follows:

  • Debt ratios higher than conventional mortgages are acceptable for qualified borrowers
  • Allows lower FICO scores
  • No limits on income are set

FHA 203k Streamline Purchase/Refinance
New American Funding offers their FHA 203k Streamline Purchase/Refinance program, which allows qualified borrowers to finance up to $35,000 on replacements or home repairs. Some improvements include, but are not limited to:

  • Flooring
  • Major Appliances
  • HVAC units
  • Paint for both interior and exterior
  • Doors
  • Windows
  • Countertops
  • Handicap access improvements

FHA $100 Down

Is it possible for borrowers to qualify for a down payment as low as $100? Yes, New American Funding offers its FHA $100 Down program which allows borrowers to become eligible for a $100 down payment. Borrowers must complete the following in order to qualify:

  1. Borrowers must first be authorized for an FHA Loan – contact a New American Funding loan officer today at (5112) 797-5580 for steps on how to qualify
  2. Then, borrowers should find an HUD-owned home to purchase
  3. Upon locating the HUD-owned home, borrowers should aim to use the home as a primary residence (owner-occupied)
  4. Lastly, in order to meet the program requirements, full price must be offered for the property

Contact a New American Funding Loan Officer for further information if you have any questions concerning your loan process. To reach New American Funding Austin-Round Rock, use the contact form on this page.