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Showing 2 fha loan specialists in Salado, TX
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The Wood Group of Fairway Independent Mortgage Corp.
40 S Main St Ste C, Salado, TX 76571
(254) 933-9500
woodgroupsalado.com
What Does a FHA Loan Specialist in Salado Cost?
Typical costs for an FHA loan in Texas include an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the loan amount and an annual mortgage insurance premium (MIP) of 0.55 to 0.85 percent depending on the loan term and down payment. Closing costs generally range from 2 to 5 percent of the loan amount. These costs vary by lender and your specific financial situation. 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 are the FHA loan limits for Salado Texas?
For 2025 FHA loan limits in Bell County the single-family home limit is $498,257. This amount can change annually based on the median home price in the area. A specialist can confirm the current limit for your specific loan scenario.
What credit score do I need for an FHA loan in Texas?
FHA loans typically require a minimum credit score of 580 for a 3.5 percent down payment. With a score between 500 and 579 you may still qualify but you will need a 10 percent down payment. Each lender may have its own overlay requirements.
Are there Texas-specific rules for FHA loans?
Yes Texas has specific homestead laws that affect FHA loans. For example Texas law limits the amount of equity you can cash out on a refinance to 80 percent of the home value. Also Texas requires a 12-month waiting period after a Chapter 7 bankruptcy before you can get an FHA loan.