Federal Housing Administration loans—commonly called FHA loans—are one of the best vehicles for new home buyers. They offer several benefits to those who have never purchased a home before, including opportunities to get approved with a credit score as low as 580, and a very low down payment, or no down payment at all.
PRMI’s custom FHA loan options allow you to get closer to home ownership with a tailored solution that meets your needs.
DOWN PAYMENT ASSISTANCE PROGRAMS MAKE IT POSSIBLE TO BUY A HOME WITH $0 DOWN PAYMENT NEEDED
Down payments can be one of the biggest obstacles in purchasing a new home. Many conventional loans require down payments as high as 10% to 20% of the purchase price—that is tens of thousands of dollars based on the average price of a new home today. If you have the cash available for a down payment, that’s great, but if you don’t, an FHA loan can give you the help you need to get into that first home.
We partner with housing agencies in Texas to help new homeowners get money toward a down payment in the form of a grant or bond. Not everyone will be approved for these programs, so give us a call to learn more and find out which ones you can qualify for based on your credit score, financial history, and more.