An FHA loan (referred to as 203b) is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance (very expensive) which protects the lender from a loss if the borrower defaults on the loan. FHA loans are popular with mortgage borrowers because of lower down payment requirements and less stringent lending standards.
FHA 3.5% downpayment..... Seller can pay your closing costs!.....
LOW LOW Interest Rates!!
When it's time for you to sell... your FHA mortgage is ASSUMABLE!!!....
This is really good... cause your LOW interest rate is passed on to
the buyer that assumes your mortgage!!!... SEE Lenny for details!
Central Texas FHA maximum loan amounts:
Appraiser-required repairs up to $5,000 and all closing costs
and pre-paid expenses may be financed!