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Showing 3 fha loan specialists in Alvin, TX
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What Does a FHA Loan Specialist in Alvin Cost?
Typical costs for an FHA loan specialist in Texas include an origination fee of about 1 percent of the loan amount and third party fees for appraisal, credit report, and title services. These third party fees often range from 500 to 1500 dollars. Closing costs for an FHA loan in Texas generally total 2 to 5 percent of the home price. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What is the minimum credit score for an FHA loan in Alvin Texas?
The minimum credit score for an FHA loan is typically 580 with a 3.5 percent down payment. Borrowers with a score between 500 and 579 may still qualify but need a 10 percent down payment. Each lender may set its own requirements above the FHA minimum.
Can I use an FHA loan to buy a home in Alvin Texas if I have a previous bankruptcy?
Yes, you can use an FHA loan after a bankruptcy. You must wait at least two years from the discharge date of a Chapter 7 bankruptcy. For a Chapter 13 bankruptcy, you may qualify during the repayment plan if you have made timely payments for at least one year and get court approval.
Does an FHA loan require mortgage insurance in Texas?
Yes, all FHA loans require mortgage insurance. You pay an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium that varies from 0.45 percent to 1.05 percent depending on the loan term and loan-to-value ratio. This insurance protects the lender if you default.