Find FHA Loan Specialists in Bay City, TX
Compare fha loan specialists in Bay City. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Texas before hiring.
Showing 2 fha loan specialists in Bay City, TX
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An FHA loan specialist in Bay City, Texas helps homebuyers navigate Federal Housing Administration loans, which are popular in rural and coastal areas like Matagorda County. These specialists guide borrowers through Texas-specific requirements, such as property eligibility for flood zones and adherence to Texas Property Code Section 5.008 regarding seller disclosures. Working with a local specialist ensures you understand Bay Citys unique housing market and FHA guidelines.
What Does a FHA Loan Specialist in Bay City Cost?
Typical costs for an FHA loan specialist in Texas include an upfront mortgage insurance premium of 1.75 percent of the loan amount, plus annual mortgage insurance premiums ranging from 0.45 to 1.05 percent. Closing costs in Bay City often range from 2 to 5 percent of the purchase price, including appraisal fees around $500 to $700 and title insurance fees set by Texas law. Costs vary by case. 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 credit score is needed for an FHA loan in Bay City Texas?
FHA loans typically require a minimum credit score of 580 for a 3.5 percent down payment. Borrowers with scores between 500 and 579 may qualify with a 10 percent down payment. Texas law does not add extra credit requirements beyond FHA standards.
Are FHA loans available for homes in flood zones near Bay City?
Yes, FHA loans are available for homes in flood zones, but the property must have flood insurance as required by the National Flood Insurance Program. Bay City is near the Colorado River and Gulf Coast, so flood zone checks are common. The specialist will help verify flood zone status and insurance costs.
What is the FHA loan limit for Matagorda County Texas?
For 2024, the FHA loan limit for a single-family home in Matagorda County is $498,257. This amount is based on the countys median home price and is set by the Department of Housing and Urban Development. Limits may change annually.