FHA Loans

FHA Loans

Serving Frisco, McKinney, North Dallas, and its surrounding areas, we proudly offer FHA Home Loan programs designed to make homeownership more accessible with flexible terms and options. Whether you're looking for a fixed-rate mortgage or an adjustable-rate mortgage (ARM), we have a solution that fits your needs. FHA loans have several advantages, especially for first-time homebuyers or those with less-than-perfect credit. Contact us today to get help on choosing your perfect loan option.

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Critical Benefits of FHA Loans:

  • Credit Scores as Low as 580: You may qualify even with a lower credit score.
  • Generous Gift Funds: FHA loans allow a significant portion of your down payment from gifts.
  • Flexible Debt-to-Income (DTI) Requirements: Easier qualification than traditional mortgages.
  • Low Down Payment Options: You can buy a home with as little as 3.5% down or refinance up to 97% of your home's value.
  • No Prepayment Penalties: Pay off your loan early without penalties, saving on interest.

How FHA Loans Work

FHA loans are government-backed but offered through private, FHA-approved lenders like James Hoglen. When you take out an FHA loan, you'll make monthly payments that are split between the principal and interest. Early in the loan term, most of your payment goes toward interest. Still, over time, a more significant portion is applied to the principal, helping you repay your loan faster.

One of the benefits of an FHA loan is the ability to pay more than the required monthly payment. Any additional payments go directly toward reducing the principal, which helps you pay down your loan faster and pay less interest over time.

 

FHA loans are designed to be more accessible than traditional mortgages. With lower down payment requirements (as low as 3.5%) and the possibility of qualifying with lower credit scores, they provide an excellent opportunity for homeownership. Additionally, since the government backs these loans, lenders consider them less risky, allowing for more favorable interest rates.

At James Hoglen, we're here to help you determine if an FHA loan is the right option for you. If you have questions or are ready to take the next step, call us today at (214) 336-5840 or email james@jameshoglen.com. We're here to guide you every step of the way!

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